Gravity Bridge now powers cross-chain transfers for the Cosmos/Ethereum ecosystem » CryptoNinjas

Recently, the Cosmos blockchain ecological community disclosed the deployment of the Cosmos Gravity Bridge, which will empower everyone IBC (Inter-Chain Communication) is based on Cosmos SDK The chain accepts and uses Ethereum/EVM based and allows Cosmos based tokens to be represented in popular Ethereum wallets and AMMs (Automated Market Makers).

The Cosmos Gravity Bridge combines a gas reduction strategy similar to the Ethereum L2 network with a decentralized, permissionless bridge that connects the Cosmos and Ethereum ecosystems and allows assets to be forwarded from Ethereum to the target chain via IBC.

Althea Networks developed the Gravity Bridge to facilitate transactions on its distributed internet infrastructure platform, supported development, contributed over 70,000 lines of open source code, performed audits and rigorous testing. The bridge recently launched its mainnet and started decentralized, with over 100 unique validators coming together to produce the first block.

“This opens up a lot of opportunities for cross-chain operations and cross-chain development, you can do things on Ethereum that would otherwise be impossible — you can connect a bridge to Ethereum through a bridge on IBC, leaving you inaccessible to only From Cosmos-based chains to the Ethereum ecosystem, but from Ethereum or EVM-based chains to the entire Cosmos ecosystem.”
– Justin Kilpatrick, CTO at Althea, co-founder and lead developer at Gravity Bridge

The first project to take advantage of this opportunity is Osmosis DEX, the preeminent decentralized exchange in the Cosmos ecosystem. The integration of the Cosmos Gravity Bridge enables the Osmosis DEX to provide its users with a familiar platform to connect Ethereum (EVM)-based tokens into the wider Cosmos ecosystem, facilitating an influx of capital and unique new features, and New growth opportunities for both the Cosmos and Ethereum ecosystems. Ethereum (ETH) and the Ethereum-based stablecoin USDC are the first tokens available, with more planned for integration.

Source link

You May Also Like

Leave a Reply

Your email address will not be published.