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A Quick Overview of the Juno Network
JUNO is a specialized blockchain that allows interoperability between blockchains. It is built upon the Cosmos ecosystem.
TL; DR
- Juno is built as a decentralized platform, no one owns it, but rather it serves the interest of a group of individuals with the same interests. Juno never made a sale, neither seed, private or public sale.
- 47% of JUNO's initial supply went to ATOM stakes for the community's continuous development.
- As a layer-one blockchain, Juno is relatively cheaper, about 35,000 times less than layer-two blockchains.
- Its smart contracts functionality is built on the COSMWASM framework. The COSMWASM framework helps in interoperability across all networks in the Cosmos ecosystem.
- Currently, Juno houses about 50 dApps and 2,000 DAOs, while still providing exquisite blockchain functionality such as gaming, decentralized finance (DeFi), non-fungible tokens (NFTs), etc.
What is the Juno Network?
Juno Network is the maiden Cosmos ecosystem blockchain, enabling seamless application developments and interaction. It is designed to permit dApps and smart contract implementation through custom languages. It also allows token transfers from one blockchain to another effortlessly.
The Juno network provides a censorless and permissionless platform for developers to develop and efficiently launch smart contracts using established frameworks and compiler languages such as Rust & Go. COSMWASM, a typical battle-tested contract module utilized by Juno, enables dApps to be compiled on robust and secure multi-chain smart contracts.
JUNO intends to be the first to adopt COSMWASM technology. COSMWASM is a smart contract-enabling avenue incorporating WebAssembly (WASM) virtual machine into the COSMOS-SDK (COSM). WASM plays as an intermediate language allowing developers to program and launch smart contracts in many different programming languages.
JUNO is a Decentralized Autonomous Organization
The JUNO network is a system with no central head, which is also trustless. The governing body constitutes a community of validators, delegators, and developers. This set of persons makes decisions that influence the present and future trajectories of the blockchain.
Also, a holder of the Juno native token is eligible to participate in the decision-making process and governance.
The ecosystem rules, regulations, and codes of conduct are clearly defined as a smart contract, and each is spontaneously carried out upon meeting the predefined criteria set therein.
Juno is an unrestrained public blockchain built with the COSMOS software development kit (SDK), allowing its developers to deploy smart contracts using the COSMWASM. With the COSMWASM, dApps can easily be compiled regardless of the programming language. These deployed dApps can communicate between other blockchains that are IBC (inter-blockchain) protocol enabled. JUNO currently occupies 10% of the total IBC protocol-enabled blockchains in the cosmos ecosystem.
The Juno Team
As it is known, Juno developed gradually from the Cosmos ecosystem. It is a movement started by a community-driven initiative with the backing of developers, validators & delegators from the Cosmos ecosystem. The objectives of this movement are to ensure complete decentralization of the smart contract deployment, improve scalability and allow for interoperability between blockchains. They also aim to preserve the reliability of the Cosmos ecosystem and efficiently offload smart contract deployment within the ecosystem.
More than hundreds of contributors are working to achieve these set-out goals.
Some members of the core-1 Web3 infrastructure deployment are:
- ANDREA DI MICHEL- DIMI (stakefish)
- WOLFCONTRACT (SG-1)
- Blockcreators
- JAKE HARTNELL (Stargaze.Zone)
- JACK ZAMPOLIN (Strangelove Ventures)
$JUNO: Juno Tokenomics
Like most crypto projects would have their coins utilized within the ecosystem and also find applications such as being traded or swapped for other cryptocurrencies or tokens on designated platforms, Juno's native token is the $JUNO.
On the Juno network, the token has various use cases, which include;
- Securing the Proof of Stake network
- As an entry into on-chain governance
- Gas fee for smart contracts interoperability deployment.
- As Collateral in various smart contract use-cases
- Work tokens to capture value from dApps built on the Juno Network.
Below are some essential facts about the Juno economy;
- It currently has a Market Cap of $165,361,714
- A 24 Hour Trading Vol of $1,529,841
- Fully Diluted Valuation of $485,007,517
- A Circulating Supply of 63,266,843
- And a Total Supply of 91,666,187
- With a Max Supply of 185,562,268
JUNO Governance
In the Juno community, JUNO holders are entitled to a vote in the on-chain governance consensus system.
This type of governance allows easy implementation of changes on the Juno system.The changes proposed by developers through code updates are either rejected or accepted by node votes.
The on-chain governance is a transparent consensus.
JunoSwap; AMM DEX LiquidSwapping
On JunoSwap, the decentralized exchange for the Juno blockchain, Juno token holders can swap, transfer, and participate in liquidity pools like in other exchanges.
JunoSwap DAO controls and influences the development of the JunoSwap DEX. Its native token, RAW, was adopted as the incentivizing token for liquidity pools.
The Tokens available for swapping and transfer are mainly the cosmos ecosystem tokens. Some of the standard tokens include but are not limited to; ATOM, SCRT, CRO, OSMO, RUNE, ANKR, and RAW.
JUNOSWAP is still in its BETA phase and would provide more liquidity pool pairs as it grows and develops.
Staking Juno
On Juno, you can also stake its native tokens. Firstly, you would have to transfer your Juno tokens to a Keplr wallet, then stake on Omniflix. The staked tokens are delegated to a validator.
Below is a list of validators and their respective rewards
- Cosmostation
Reward: 40.06%
Balance: 8.48%
Users: 33,724
- stakefish
Reward: 40.06%
Balance: 3.13%
Users: 7,874
- Stakecito
Reward: 40.06%
Balance: 1.76%
Users: 7,807
- Frens
Reward 40.06%
Balance 1.73%
Users 15,685
- Oni
Reward: 40.06%
Balance: 1.56%
Users: 1,576
- Golden Ratio Staking
Reward: 40.06%
Balance: 1.22%
Users: 2,890
- Chorus One
Reward: 40.06%
Balance: 0.98%
Users: 1,199
- Lavender.Five Nodes
Reward: 40.06%
Balance: 0.98%
Users: 3,886
- WhisperNode
Reward: 40.06%
Balance: 0.5%
Users: 1,715
Benefits of staking
- Providing security to the Network — by staking, a user is eligible to play a vital role by contributing to the security of the network ecosystem and cast votes in favor of a delegation in light of the Network's governance.
- Rewards sake — users could earn extra tokens when they stake with a validator.
Staking rewards
Rewards are generated for every block after successful stakings. Stakers can claim rewards anytime through their Keplr wallet or other supported wallets.
Given the high inflation rate, stakers are currently earning 100% on APR. There are also opportunities for stakers to earn airdrops at every commencement of new projects on the Juno ecosystem.
The two ways by which staking is rewarded are;
- Transaction fees — for every transaction fee collected on the NetworkNetwork, they are distributed proportionally across all staked JUNO.
- Newly distributed JUNO — JUNO obtained or created as a result of inflation are distributed to JUNO stakers in each block for the first 12 years.
Final thought:
For the cons and the lagging of the current smart contract deployment protocols and blockchains, Juno as a layer 1 smart contract network aims to improve scalability, reduce the cost for deploying smart contracts and their executions, provide a platform-for-all for developers to develop and deploy smart contract quickly, and secure decentralized applications (dApps) efficiently. It also seeks to create a connection node between blockchains; the interoperability of blockchains.
While it is acceptable to cast doubt on Juno Network, if it would live up to its claims of smart contracts with effective deployment, scalability, and interoperability, Aptos is a different choice you could rely on. Aptos was developed to give solutions for the deployment of smart contracts and the scalability of blockchains. It aims to build the most secure and scalable Layer 1 blockchain, while also improving transaction processing time by employing parallel execution, which would involve operations of numerous concurrent chains simultaneously.
With Pontem, Aptos is partnering to develop secure open-source solutions using the Aptos Blockchain technology.
About Pontem
Pontem is a product studio dedicated to global financial inclusion through blockchain technology. We collaborate with Aptos to create foundational dApps and other infrastructure that enables the adoption of their L1, such as development tooling, EVMs, AMMs, and more.
