[Cross-Post] Article originally published on Picasso Network’s blog on April 3, 2024.
High-level Summary:
- Picasso Network announces integration between IBC (Inter-Blockchain Communication Protocol) and Ethereum, enabling secure cross-chain interoperability.
- This Ethereum-IBC integration allows for seamless asset and data transfers between Ethereum and Cosmos.
- Osmosis, the Cosmos DeFi Hub, will serve as the primary destination for Ethereum assets and liquidity within the Cosmos ecosystem.
- Osmosis was selected due to its role as a flagship DeFi hub in the Cosmos, leading the ecosystem in IBC volume, and facilitating $30B+ in trading volume to date.
- This strategic decision leverages Osmosis’s robust and flexible liquidity pools and innovative DeFi offerings, providing Ethereum users with novel access to Cosmos’s thriving DeFi landscape — and vice versa.
- This integration increases interoperability, and facilitates the growth of cross-chain DeFi.
- “IBC Everywhere”: IBC is battle-tested and widely considered to be one of- if not the most- secure bridging protocols. Extending IBC to new ecosystems offers security improvements over centralized bridge providers, while opening up a brand new world of integrations between some of the deepest liquidity reserves and most promising projects in the Ethereum and Cosmos ecosystems.
Picasso Establishes Connection Between Ethereum and IBC, Selects Osmosis as Primary IBC Liquidity and DeFi Hub
Picasso Network has announced the successful integration of the Inter-Blockchain Communication (IBC) protocol with Ethereum, marking a significant milestone in cross-chain interoperability. This pioneering move enables seamless asset and data transfer between the Ethereum network and connected IBC ecosystems, with Osmosis selected as the primary destination for liquidity and DeFi hub in the Cosmos ecosystem.
Composable Foundation, the project team behind Picasso Network, was the first entity to extend the Inter-Blockchain Communication (IBC) protocol beyond the Cosmos ecosystem. This pioneering initiative marks a significant leap forward in bridging isolated blockchain ecosystems, enabling seamless asset and data transfer between Cosmos and Ethereum. By bridging major blockchain ecosystems, Picasso Network facilitates a new era of liquidity, innovation, and accessibility for users and developers alike.
Osmosis To Serve as Primary Liquidity Destination and DeFi Hub for Ethereum Assets in the Cosmos
Osmosis, the leading appchain and DeFi hub in the Cosmos ecosystem, has been chosen as the primary liquidity destination. This strategic decision leverages Osmosis’s robust and flexible liquidity pools and innovative DeFi offerings, providing Ethereum users with novel access to Cosmos’s thriving DeFi landscape — and vice versa. The integration not only enhances the liquidity of both ecosystems but also opens up new avenues for yield generation, cross-chain trading, and decentralized financial products that were previously unachievable.
“As the first team to successfully connect Cosmos to Ethereum via IBC, we have achieved a pioneering breakthrough in cross-chain interoperability, fulfilling the biggest milestone of our promise we made in 2021 to bring the highest level of security to bridging. By connecting Ethereum with Cosmos through IBC and designating Osmosis as the primary liquidity hub, we are setting the stage for a new chapter in DeFi, one where users enjoy greater freedom, flexibility, and opportunities across blockchain borders, enabling innovation and liquidity previously not possible, without trusting any third party .” — Henry Love, Executive Director, Composable Foundation
“The shared vision is to allow for a unified and secure cross-chain DeFi ecosystem, and connecting Cosmos with Ethereum is both a significant technical milestone and a UX and functionality improvement for users. ” — Aaron Kong, Growth and Strategy Contributor, Osmosis
IBC Everywhere
IBC’s decentralized design enhances security by enabling native verification of transactions, thereby removing centralized points of failure and distributing trust, which makes cross-chain communications and asset transfers more resistant to attacks and less prone to manipulation, preserving the integrity of interconnected blockchain ecosystems.
This decentralized approach underpins a superior tech stack for interoperability, allowing for seamless, direct interactions between connected blockchains, eliminating the reliance on centralized entities, and reducing the risk of censorship and control. Interoperability through IBC enables a scalable and adaptable environment for DeFi and other applications, fostering their growth and integration within a secure, decentralized, and interconnected framework.
The successful deployment of IBC between Ethereum and Cosmos through Picasso Network (by Composable Foundation), is a significant leap forward in achieving the vision of a fully interoperable blockchain space. It underscores the industry’s collective efforts toward building a more open, inclusive, and innovative financial future.
One step closer to bringing IBC everywhere.
DISCLAIMER
Third-party content is shared for informational purposes only. These are experimental technologies. This article does not constitute investment advice.
Read the original article on Picasso Network’s blog 