A while ago, I saw one of Anoma's co-founders openly say that the Cosmos ecosystem is "pretty much dead." At first glance, it was a bit of a blow. But upon reflection, it's not entirely surprising — recently, scrolling through Twitter, Discord, and various chat groups, I can indeed feel the growing sense of fatigue spreading through the ecosystem.

Speaking of which, I myself am quite an old player in Cosmos. Back in 2019, I went all-in on Atom, and later staked thousands of dollars worth of TIA on-chain. Now, the market is roughly at the same level. It's a bit frustrating, but it's also the reality of the market.

The examples the founder gave really hit the nail on the head: the Penumbra project is basically stalled, with public activity and updates becoming increasingly scarce; Osmosis has clearly shifted to a maintenance mode, with core resources long diverted elsewhere — this has been circulating in the community for a while; Noble is even more obvious — although they still nominally use IBC, their focus has shifted clearly toward building an asset issuance platform, with much less connection to the native Cosmos ecosystem.

Looking further ahead, it’s even more disheartening. Stride shut down, Kujira has caused many users to lose confidence, Evmos's popularity has plummeted, Shade and Feather have turned to Base, Demex moved to Monad, and Akash is considering migration… Some projects have gone completely silent, others are changing tracks. This pace really makes you think about how much appeal the Cosmos IBC ecosystem still has left.