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In collaboration with the Composable Foundation, Picasso Network has announced the integration of the Inter-Blockchain communication protocol with ethereum.
He ethereum-ibc-launch-sequence-we-have-deployed-to-mainnet-00fc513bd181″ data-type=”link” data-id=”https://medium.com/picasso-network/ethereum-ibc-launch-sequence-we-have-deployed-to-mainnet-00fc513bd181″ target=”_blank” rel=”noopener”>integration allows assets and data to be transferred between ethereum (eth) and the Cosmos ecosystem, facilitating cross-chain interoperability.
“By connecting ethereum with Cosmos through twitter.com/IBCProtocol” data-type=”link” data-id=”https://twitter.com/IBCProtocol” target=”_blank” rel=”noopener”>IBC and by designating Osmosis as the primary liquidity hub, we are setting the stage for a new chapter in DeFi,” said Henry Love, CEO of the Composable Foundation.
The effort aims to improve the security of bridging operations and expand the possibilities for liquidity and innovation through blockchain networks, which aligns with the team's goals for 2021.
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Osmosis has been selected as the primary destination for ethereum assets within the Cosmos ecosystem. The choice is based on its role in the Cosmos (ATOM) network as a defi hub, its liquidity pools, defi offerings, and its contribution to IBC volume, which includes facilitating over $30 billion in trading volume.
Aaron Kong, Growth and Strategy Lead at Osmosis Labs, highlighted the importance of this integration to user experience and functionality within the defi ecosystem.
The integration aims to promote IBC Everywhere, leveraging the capabilities of the IBC protocol for secure and reliable cross-chain communication. The selection of this approach aims to improve the security of centralized bridging solutions and encourage collaboration between the ethereum and Cosmos ecosystems.
In January, the Cosmos Hub community voted to set the ATOM token's minimum inflation rate to 0% to preserve the value of ATOM by mitigating seller pressure and security overpayments. The vote was approved with almost 95% support.
Previously, the community had capped annual ATOM inflation at 10% to maintain its value, which affected staking profitability. Despite reduced staking returns, validators remained profitable and were able to adjust transaction fees to cover costs.
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