Wu reported that Anoma co-founder Christopher Goes (cwgoes) stated that the Cosmos ecosystem is currently almost "dead": many projects have shut down or shifted to maintenance (such as Penumbra, Osmosis), some projects are leaving Cosmos (such as Noble); ICF funding focus has shifted to the value capture of ATOM itself, with user and market interest dropping to historic lows. He said this environment puts greater pressure on projects like Namada, which face challenges such as high-cost self-developed tech stacks, validator sustainability, and insufficient user demand. If they want to serve privacy for Ethereum or Solana assets, the existing Cosmos technical path is no longer optimal.