Picasso Network enhances cross-chain interoperability by integrating IBC with Ethereum
Picasso Network and the Composable Foundation have joined forces to integrate the Inter-Blockchain Communication (IBC) protocol with Ethereum, enabling the seamless transfer of assets and data between the two platforms. This integration paves the way for cross-chain interoperability within the Cosmos ecosystem, with Osmosis serving as the primary liquidity hub. Henry Love, Executive Director of the Composable Foundation, expressed his excitement about this collaboration, stating that it marks a new chapter in the world of decentralized finance (DeFi). The goal of this partnership is to enhance the security of bridge operations and expand liquidity and innovation across various blockchain networks. Osmosis, known for its role as a DeFi hub within the Cosmos network, has been chosen as the main destination for Ethereum assets due to its liquidity pools, DeFi offerings, and its contribution to the volume of IBC. Aaron Kong, Growth & Strategy Lead at Osmosis Labs, emphasized the significance of this integration in improving user experience and functionality within the DeFi ecosystem. The integration aims to promote IBC Everywhere, leveraging the secure and reliable cross-chain communication capabilities of the IBC protocol. By opting for this approach, the collaboration aims to enhance security compared to centralized bridge solutions and foster greater collaboration between the Ethereum and Cosmos ecosystems. In a previous vote, the Cosmos Hub community decided to set the minimum inflation rate of the ATOM token at 0% to preserve its value and address seller pressure and security overpayments. This decision, which received overwhelming support, followed a previous cap on ATOM’s annual inflation rate at 10% to maintain its value. Despite the impact on staking profitability, validators remained profitable and could adjust transaction fees to cover costs.
