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- The Cosmos blockchain ecosystem has announced the launch of the Cosmos Gravity Bridge, which will allow any Cosmos SDK-based chains to accept and use Ethereum/EVM-based tokens.
- The Cosmos Gravity Bridge combines gas-saving methods similar to those used in Ethereum L2 networks with a decentralized, permissionless bridge that connects the Cosmos and Ethereum ecosystems and allows assets to be sent from Ethereum to a destination chain via IBC.
- The first startup to take advantage of this possibility is Osmosis DEX, the Cosmos ecosystem’s leading decentralized exchange.
The Cosmos blockchain ecosystem has announced the launch of the Cosmos Gravity Bridge, which will allow any Cosmos SDK-based chains to accept and use Ethereum/EVM-based tokens and will allow Tokens based on Cosmos- will be supported by major Ethereum wallets and AMMs (automated market makers).
Gravity Bridge was created by Althea Networks to help with transactions for their distributed internet infrastructure platform, and the company backed the project by providing over 70,000 lines of open-source code, doing audits, and putting it through rigorous testing. The bridge’s mainnet was just launched with a decentralized start, with over 100 distinct validators coming together to create the first block.
About Gravity Bridge
Gravity Bridge is a blockchain designed specifically for bridging assets between the Ethereum and Cosmos ecosystems. It is impartial and decentralized.
The Gravity Bridge, which uses a complete validator set to secure the bridge, is likely the world’s most decentralized blockchain bridge. Gravity Bridge, the result of two years of work and over 70,000 lines of code, is now operational and available to any blockchains or developers wishing to bridge ETH/EVM coins in the Cosmos ecosystem.
Osmosis DEX
The first startup to take advantage of this possibility is Osmosis DEX, the Cosmos ecosystem’s leading decentralized exchange.
The integration of the Cosmos Gravity Bridge allows the Osmosis DEX to provide its users with a familiar platform for connecting Ethereum (EVM)-based tokens to the larger Cosmos ecosystem, allowing for an influx of capital and unique new features, as well as new growth opportunities for both the Cosmos and Ethereum ecosystems.
The first tokens to be integrated are Ethereum (ETH) and the Ethereum-based stablecoin USDC, with more on the way.
Future objective
Osmosis, according to Aggarwal, is attempting to grab volume for the Terra stablecoin, UST. He pointed out that the Curve Finance UST-3 pool has only $24 million in liquidity, but the OSMO/UST pool on Osmosis alone has $160 million.
“I believe we’re well-positioned to grab this market, and there are new stablecoins coming to Cosmos as well,” Aggarwal added.”Developing that stablecoin market between Cosmos and Ethereum will be important for TVL.”
- Integrations with other Ethereum Virtual Machine-enabled chains are also planned, and the team wants to facilitate cross-chain trade of non-fungible tokens (NFTs) in the near future.
- OSMO, the OSMO token from Osmosis, is up 1.3 percent on the day to $9.56.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
