In partnership with the Composable Foundation, Picasso Network has recently announced the successful integration of the Inter-Blockchain Communication protocol with Ethereum. This integration enables seamless transfer of assets and data between Ethereum (ETH) and the Cosmos ecosystem, promoting cross-chain interoperability.

Henry Love, Executive Director of the Composable Foundation, expressed excitement about this development, stating, “By connecting Ethereum with Cosmos through IBC and establishing Osmosis as the primary liquidity hub, we are paving the way for a new era in DeFi.” This initiative is geared towards enhancing the security of bridge operations and expanding liquidity and innovation possibilities across different blockchain networks, aligning with the team’s objectives for 2021.

Osmosis has been designated as the principal destination for Ethereum assets within the Cosmos ecosystem due to its pivotal role in the Cosmos (ATOM) network as a defi hub, extensive liquidity pools, defi offerings, and its contribution to the IBC trading volume, which has surpassed $30 billion. Aaron Kong, Growth & Strategy Lead at Osmosis Labs, emphasized the importance of this integration in enhancing user experience and functionality within the defi ecosystem.

The integration seeks to promote IBC Everywhere, leveraging the capabilities of the IBC protocol for secure cross-chain communication. This approach aims to enhance security compared to centralized bridge solutions and foster collaboration between the Ethereum and Cosmos ecosystems.

Earlier this year, the Cosmos Hub community voted to establish the ATOM token’s minimum inflation rate at 0% to safeguard ATOM’s value by mitigating seller pressure and security overpayments. This decision was supported by nearly 95% of the community.

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