It is crucial to unlock cross-chain communication and interoperability between different blockchains. Cosmos appears to be in a good position to make that happen through its IBC technology. Moreover, other various developments are coming soon to take note of.
Cosmos Is Paving The Way
Although many projects focus on bridging the gap between various blockchains, Cosmos seems to be the more advanced solution. The Inter-Blockchain Communication Protocol, or IBC, is one of the big developments to catalyze broader composability. IBC has a modular design and can facilitate communication between various ecosystems. That would apply to smart contracts, token transfers, data exchanges, and so forth.
For those unaware, the IBC technology is live and in use. In addition, the Cosmos Hub has forged a connection to various other networks. It is in most blockchains’ best interest to explore this opportunity and leverage the technology to its full potential. Connections include IRIS Hub, Akash, Fetch.ai, and more. In addition, several other blockchains, such as Band Chain, aim to enable support shortly.
However, there are many other developments for users and enthusiasts to look forward to. Cosmos is seemingly firing on all cylinders, and an ETH bridge through Gravity Dex is just one of the future projects to look forward to.
Osmosis Expands With UST
As the first IBC-native Cosmos interchain Automated Market Maker (AMM), Osmosis triggers plenty of excitement. Through this solution, traders can explore new trading options that would otherwise require centralized exchanges. In addition, the Osmosis team has confirmed it will expand its offering by adding support for TerraUSD, or UST, a stablecoin with a market cap of over $2.65 billion. More support for cross-chain currencies is always beneficial, particularly popular stablecoins like UST.
Juno Has Gone Live
The Juno project is an exciting addition, as it introduces interoperable smart contracts. It is built on the Cosmos SDK to benefit from high throughput and fast contract execution. Moreover, it is compatible with all networks in the broader Cosmos ecosystem through IBC. The network went live on October 1, 2021, and already spans over 150 validators and nearly two dozen developers.
Bitcoin Comes To Cosmos
The team behind the Axelar network is checking off crucial milestones on its roadmap. One such element is bringing Bitcoin to all Cosmos-interconnected blockchains. All of this occurs through the Cross-Chain Gateway Protocol, or CCGP, powered by Axelar. Bitcoin will, by default, come to Axelar and flow to other Cosmos-interconnection chains via IBS. As several DeFi protocols – including Osmosis – have the option to leverage BTC, there are many potential developments to look forward to.
Cosmoverse Lisbon Draws Near
Every self-respecting crypto asset has native conferences at least once per year. For Cosmos, the upcoming event is Cosmoverse Lisbon, which takes place on November 5-6, 2021. Numerous speakers have signed up already, including Sunny Aggarwal, Billy Rennekamp, Brent Xu, and others. It is a big event for everyone who is excited about the Cosmos ecosystem and the various projects leveraging its technology.
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