*obligatory not financial advice*
What is Stargaze?
Stargaze is a layer 1 blockchain whose main focus is to become a NFT marketplace within the Cosmos network.
The Cosmos Inter Blockchain Communication (IBC) protocol is a network of different blockchains that are highly interoperable with each other. The connection between the different blockchains in the network allows them to each have a strong focus on a single utility that all the other chains can also profit from.
For example, Terra LUNA is part of the IBC protocol and the stablecoins that you can mint there can be used in the entire Cosmos network and Osmosis is a blockchain that works as a DEX for the entire Cosmos network. This kind of singular focus allows each blockchain to be built to support their purpose better and makes the entire network more scalable since it’s not a single chain that is overloaded with all the transactions.
The Stargaze blockchain is a part of that network and enriches it with Non-Fungible Tokens. It will soon allow the creation, funding and trading of all kinds of NFTs.
The Launchpad can already be used and many new projects are offering their NFTs there for their initial sale. Like with most marketplaces, most NFTs you can buy there are lacking utility and most are glorified and overpriced jpegs. But there are also some that are trying to rightfully have some value by having utility within unique games. There are also NFT projects that collect the funds from the sale and let the buyers decide how they should spent or donate it. The marketplace where people will be able to trade the NFTs they got from the Launchpad, will go live in April 2022.
Since the Cosmos network is very flexible and allows all kinds of projects to connect their own chain, there could be many blockchains that have a focus for a certain NFT game or application and Stargaze could be an integral part of that since the different NFTs can be traded and minted there. Since the Cosmos network has a tradition of airdropping new tokens to stakers and users of related chains, it could happen that many other projects, that utilize any kind of NFT, airdrop some tokens to users of Stargaze. So, if you consider most current NFTs to be useless trash but believe that the tech behind them could have potential, then you should give the Stargaze chain a chance.
The blockchain has instantly gained a lot of popularity across the users of the Cosmos network when they performed a "fairdrop" where all wallets that staked at least 5 ATOM or 50 OSMO before Oct 11th 2021 received 2,453 STARS or 4,906 STARS if they staked both ATOM and OSMO. People that are claiming their airdrop have to do various tasks that introduce them to the blockchain and its NFTs. So far only 60% of the airdrop can be claimed because the last 2 tasks aren't available yet but will be by the end of April. You can still participate in the airdrop if you haven't already and you should do that soon if you are eligible because in a few months your number of claimable tokens will start to decay.
The STARS Coin
STARS are the native cryptocurrency of Stargaze. It is used to pay for transaction fees and to secure the blockchain with staking.
The coin had a genesis supply of 1 billion STARS and the inflation of new coins is reduced by 33% every year, which leads to an asymptotic max supply of 4 billion after about 5 years.
25% of the initial supply was airdropped to ATOM and OSMO stakers, 5% were given to early validators of the blockchain, 16% were sold to investors, 12.5% were reserved for the team and their advisors, another 21.5% were going to the Foundation and 20% were put in a community pool that is controlled by the stakers.
Stargaze has a unique way of distributing the inflation of new coins instead of just giving it to the stakers and validators. 35% of new coins are going to the stakers, 5% are going to the community pool, 15% are going to the developers and 45% are used to incentivize the creation and trade of NFTs. This is the default setting of the inflation, the stakers are able to change this and will be able to remove the developer allocation or change the amount the community pool or NFT users receive. The point of distributing new STARS that way is to reward all participants and not only existing coin holders.
The value of the coin depends on how many people use the marketplace and how many projects use Stargaze for their NFTs. The inflation is constantly shrinking and is used to reward everyone who participates in the Stargaze ecosystem in any way. Since it is part of the Cosmos IBC protocol, there is a lot of potential for the blockchain since many other chains can utilize it too and staking STARS could reward you with airdrops. However, most NFTs that we currently have are entirely useless and overpriced and their bubble could pop at any time. But if you think that the technology behind NFTs has potential, then maybe you should give Stargaze a chance.
There are currently no centralized exchanges that have STARS listed, but you can buy the coin on the Osmosis DEX. You can use a Kelpr Wallet to store your coins and interact with Stargaze as well as Osmosis.
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