Is the Cosmos ecosystem in trouble?

According to insights from the Anoma co-founder, the Cosmos network is facing serious headwinds. Several flagship projects signal declining momentum—Penumbra has already shut operations, Osmosis shifted into maintenance mode and reallocated its development focus elsewhere, while Noble decided to exit the network entirely.

These moves paint a concerning picture for ATOM holders. When major protocols within an ecosystem start shutting down or pivoting away, it typically signals either fundamental protocol limitations, insufficient ecosystem incentives, or both. Osmosis keeping lights on in maintenance mode rather than actively building is particularly telling.

The question isn't whether Cosmos faces challenges—it clearly does. The real question is whether the ecosystem can reignite developer interest and attract new anchoring protocols before more projects follow suit. Right now, the trajectory looks troubling.