Core Viewpoint - The Cosmos ecosystem is currently facing significant challenges, with many projects either shutting down or shifting to maintenance mode, leading to a decline in user and market interest to historical lows [1] Group 1: Project Status - Several projects within the Cosmos ecosystem, such as Penumbra and Osmosis, have either closed or are in maintenance mode [1] - Some projects, like Noble, are leaving the Cosmos ecosystem altogether [1] Group 2: Financial and Market Dynamics - The ICF (Interchain Foundation) is shifting its funding focus towards capturing the value of ATOM itself [1] - User engagement and market interest in the Cosmos ecosystem have dropped to historical lows [1] Group 3: Challenges for New Projects - New projects like Namada are facing increased pressure due to high costs associated with self-developed technology stacks, sustainability of validators, and insufficient user demand [1] - The current technological path of Cosmos is no longer optimal for serving privacy needs of assets from Ethereum or Solana [1]