The Cosmos ecosystem has recently fallen into a dilemma. According to industry observations, several projects have either ceased operations or entered maintenance phases—Penumbra and Osmosis are typical examples, while Noble has directly chosen to leave this ecosystem. The reasons behind this situation are worth noting: ICF has allocated more resources to enhance the value of ATOM itself, resulting in user and market enthusiasm dropping to historic lows.

In this challenging environment, new projects like Namada are under significant pressure. The high costs of self-developed technology stacks, the sustainability of validator operations, and the severe lack of user demand have all become obstacles. More realistically, if privacy services are to be provided for assets on Ethereum or Solana chains, Cosmos's current technical approach no longer seems to be the most ideal choice. The ecosystem is reflecting internally, and the market is watching cautiously.