Crypto Market

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

Written by James Smith

Not too long ago, the group of the Cosmos blockchain ecosystem disclosed the deployment of the Cosmos Gravity Bridge, which can empower all IBC (inter-blockchain communication) Cosmos SDK-based chains to obtain and make the most of Ethereum/EVM-based and permits for Cosmos-based tokens to be represented in standard Ethereum wallets and AMMs (automated market makers).

Cosmos Gravity Bridge combines fuel decreasing methods much like Ethereum L2 networks with a decentralized, permissionless bridge that connects the Cosmos and Ethereum ecosystems and permits property to be forwarded from Ethereum to a vacation spot chain by way of IBC.

Althea Networks, which developed Gravity Bridge to facilitate transactions for its distributed web infrastructure platform, supported the event, contributing over 70,000 traces of open-source code, performing audits, and rigorous testing. The bridge just lately launched its mainnet, with a decentralized begin and over 100 distinctive validators got here collectively to provide the primary block.

“This opens up a number of alternatives for cross-chain operations and cross-chain improvement, the place you are able to do issues on Ethereum that aren’t in any other case attainable — you’ll be able to chain a bridge to Ethereum with a bridge over IBC, supplying you with entry not solely to the Ethereum ecosystem from a Cosmos-based chain however your entire Cosmos ecosystem from an Ethereum or EVM-based chain.”
– Justin Kilpatrick, Althea CTO, Co-Founder, & Lead Developer of Gravity Bridge

The primary mission to make the most of this chance is Osmosis DEX, the preeminent decentralized change within the Cosmos ecosystem. Integrating the Cosmos Gravity Bridge permits Osmosis DEX to offer its customers with a well-known platform to bridge Ethereum-based (EVM) tokens into the broader Cosmos ecosystem, catalyzing an inflow of capital and distinctive new functionalities, in addition to alternatives for brand new development in each the Cosmos and Ethereum ecosystems. Ethereum (ETH) and the Ethereum-based stablecoin USDC are the primary tokens to be obtainable, with many extra scheduled for integration.

Source link

About the author

James Smith

Leave a Comment