Cosmos Hub Weekly #23

Last updated on Nov 6, 2026

The Hub’s community pool has switched to Injective-issued USDC. ATOM is live on Paxos Crypto Brokerage, and the next phase of the tokenomics debate is taking shape.

A governance vote sent 566,067 USDC on a round trip. The funds left the Cosmos Hub, passed through Noble, Osmosis and Injective, then returned to the same community pool that evening. They came back as USDC.inj, the version issued on Injective.

The pool’s migration is complete. Across the wider ecosystem, the October 30 snapshot still showed 87.28 million USDC.n to migrate. This edition of the Cosmos Hub Weekly, published November 5, explains where most of that balance sits and what else is moving on the Hub.

1. A vote gave the funds a route home

Proposal 1060 passed on November 3. It sent the community pool’s Noble-issued USDC to a 4-of-6 community multisig with a specific mandate: convert it to Injective-issued USDC and return it to the pool.

The signers had already tested the route with 1 USDC.n. Once the proposal passed, they used the Osmosis transmuter to convert the full amount in two swaps and returned the funds that evening. The vote authorized the move, the multisig carried it out, and the return transaction records the result. Proposal 1060 · Execution record

2. The January deadline depends on where your USDC sits

Think of USDC.n and USDC.inj as two versions of the same dollar-denominated asset with different home chains. The suffix tells you which version you hold, even after it has traveled to another chain through IBC.

Circle plans to pause the Noble USDC contract and its CCTP routes on January 12, 2027. Its snapshot covers balances on Noble itself. The Hub team advises holders with USDC.n on other chains to migrate before that date.

The largest balance awaiting migration on October 30 was on dYdX, at roughly 70.35 million USDC.n, or about 80% of the outstanding total. dYdX is adopting USDC.inj as its USDC standard. The Weekly describes its migration as work in progress.

The Weekly lists two routes: Skip:Go, whose guide covers USDC.n held on chains other than Noble, and the Osmosis transmuter, which offers a 1:1 swap with no pool fee while it has enough USDC.inj liquidity. Weekly migration figures and dates · Skip migration guide · Osmosis pool

3. Paxos opens a distribution channel for ATOM

Paxos Crypto Brokerage now supports ATOM for trading and custody. Fintechs and brokers using Paxos can make ATOM available to customers through the integration they already operate. Each platform still decides what it offers its customers.

The Hub funded the integration through Proposal 1054. That gives delegators and governance participants a concrete example of what community pool spending can buy: an additional channel through which platforms can offer ATOM. Paxos announcement · Proposal 1054

4. ATOM gets a public disclosure sheet

The Hub published a filing under Blockworks’ Token Transparency Framework. It covers topics such as ATOM’s initial distribution, governance, team funding and labeled treasury addresses.

The format gives readers a common set of questions to ask across networks. If you want to know who can make decisions, how development is funded or where treasury funds sit, the filing puts those disclosures in one place. Cosmos Hub filing on Blockworks

5. The ICF delegated 14.47 million ATOM to 50 validators

The Hub team reports that the Interchain Foundation’s Q3 delegations were executed and verified on-chain. The round included 597,794 ATOM delegated to InfStones to build and operate a staking API for institutions. The planned API covers operations such as delegation, redelegation, claiming rewards and reporting.

For validator operators, the next round has a practical checkpoint. Testnet participation from October through December will factor into the evaluation, with the next snapshot taken at the last block before January 1, 2027, at 00:00 UTC. ICF Q3 selection · Cosmos Hub testnet repository

6. Gaia’s governance fix reaches testnet

After the Gaia v29 upgrade, some governance queries started failing because the software could no longer decode 21 older parameter-change proposals. This affected reads such as listing proposals and retrieving certain tallies. Block production, voting and proposal execution continued to work.

Gaia v29.1.0-rc0 reached the provider testnet on November 3. The Weekly puts the mainnet upgrade proposal around November 10, with the upgrade targeted around November 18. Gaia release candidate · Hub Weekly schedule

7. The next ATOM tokenomics discussion has a timetable

Around November 20, the Hub team plans to publish the governance process and review dates alongside Gauntlet’s full report and the public tokenomics dashboard. The review is expected to run from early December into January, starting with tokenomics and ending with the roadmap, with one proposal per step. Cosmos Quarterly #2 · ATOM tokenomics dashboard

Proposal 1060 gave the community a clear way to judge execution: follow the funds and check that they made it home. The tokenomics debate starts with a different question. If you could ask the Hub to solve one problem with ATOM’s new tokenomics, what would it be?

FAQ — A quick trip around the Hub

Why did the USDC take the scenic route?

The community pool held Noble-issued USDC on the Hub. The multisig moved it through Noble and used the Osmosis pool for the swap, then brought the Injective-issued version back to the Hub.

My wallet says “USDC.” Is that enough to know which one I have?

Check the asset details and the chain where the balance sits. Wallet labels can look similar, but the asset’s origin matters for this migration. The Skip guide shows how to handle USDC.n held outside Noble.

Did Paxos flip a switch for every fintech customer?

Paxos added ATOM to its brokerage infrastructure. Each fintech or broker can decide whether to make ATOM available to its own customers.

The explorer can’t load an old proposal. Can I still vote?

Yes. The issue reported after Gaia v29 affected certain read queries. The Hub team reported that voting and proposal execution continued to work.

Has the Hub already approved new ATOM tokenomics?

The Weekly describes a review schedule. The report and dashboard will inform the discussion, and individual proposals will go through governance.

Sources and further reading

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