There’s a wave of enterprises eager to launch their own Layer 1s, each for different reasons. My mental model for the future architecture of Cosmos looks like this: - ICL @cosmos serves as steward of ATOM, driving value to the token by monetizing adoption of the Cosmos SDK and CometBFT. - Union @union_build takes over IBC development and becomes the natural successor to the protocol and interop tx fee value accrues to Union. - Noble @noble_xyz ensures day-one access to stablecoin liquidity for enterprises and institutions building new chains, with value accruing to Noble (first to equity holders, eventually to token holders). - Fairblock @0xfairblock provides institutional-grade compliance and confidentiality for stablecoin commerce and all enterprise chains, which can be exported via private bridging on Union.