Upcoming Cosmos IBC Projects to check out
Cosmos envisions a world of blockchains that can interact and transact with each other despite their fundamental differences. The ultimate objective is to become an “Internet of Blockchains”, where transactions are processed quickly without sacrificing the sovereignty of each blockchain.
Seamless blockchain interoperability will be the core of the digital economy in the future. Users should be able to deploy projects, make secure payments and communicate across multiple blockchains. With Cosmos IBC leading the way, we can widen the scope of cryptocurrency use and also accelerate blockchain adoption.
With that said, let’s look at a few upcoming IBC projects and see what they offer.
1. Agoric
Agoric is a Proof-of-Stake chain utilizing secure JavaScript smart contracts to rapidly build and deploy dAppsi. Agoric emphasizes ease of use as well as interoperability with their idea of “Build fast, earn fast”.
Agoric has built a dual token model into the platform, creating $BLD and $RUN. $BLD is the staking and governance token used to secure and develop the network while $RUN is the stable local currency used to pay fees to run the network.
Agoric aims to secure the future of global economic cooperation, achieving this by providing the millions of JavaScript developers not yet in the blockchain industry a secure and composable platform to work with.
2. Umee
Umee is a Cross-chain DeFi protocol for interconnecting different blockchains. It facilitates the activity between broader cross-chain DeFi markets where assets on one blockchain could be used to interact with assets on another blockchain.
Umee will be the first cross-chain borrowing and lending platform between Cosmos and Ethereum ecosystems. This allows the platform to onboard TVL and enables users to lend or stake assets native to one blockchain as collateral in order to borrow different native assets on the same or another blockchain.
3. Celestia
Celestia is a pluggable consensus and data availability layer, to enable anyone to quickly deploy a decentralized blockchain without the overhead of bootstrapping a new consensus network. It is the first-ever scale-out data availability-focused blockchain.
With Celestia, it provides the Cosmos ecosystem a more uniform level of security, with reduced reliance on social governance to deal with bad zones. Also, another benefit is reduced costs for applications that need a high amount of on-chain data.
4. Axelar
Axelar, an interoperability solution, provides a decentralized network and tools that help connect dApp builders with multiple blockchain ecosystems, applications, and users for frictionless cross-chain communication.
Users will have another way to access assets and applications from Bitcoin, Ethereum, and any other interconnected chains on Axelar through a single point of integration. Axelar’s technology stack allows decentralized applications connected to their network to seamlessly create decentralized trading pairs and liquidity pools. Powered by a decentralized open network of validators; anyone can join the network, use it, and build on it.
5. Tgrade
Tgrade is a DeFi blockchain application backed by Proof of Engagement (PoE) governance for regulated decentralized finance. Developers can use Tgrade to deploy DeFi products, such as pegs and automated market makers, using the robust CosmWasm engine.
Tgrade’s mission is to advance and secure the development of new financial instruments with smart contracts. This allows the DeFi world access to an open flow of liquidity from traditional finance and regulated markets through governance.
6. Sommelier
Sommelier aims to be a new coprocessor to expand the scale and scope of Ethereum DeFi transactions for all users on the Ethereum network.
Liquidity Providers (LPs) will be able to use Sommelier to author and execute complex, and automated financial transactions, such as portfolio rebalancing, limit orders, batched orders, as well as a host of other features that traders have come to expect from CeFi, but that are not currently available in DeFi.
7. Evmos
Evmos, the EVM hub of Cosmos, makes it easy for smart contract deployment and communication within the Cosmos ecosystem. Evmos is an application-agnostic chain that will be interoperable with the Ethereum Mainnet, EVM-compatible environments, and other BFT chains via IBC, making it easy for users and developers to easily move value between chains.
This will be one of the most important upcoming IBC connections as this will bridge Cosmos to Ethereum. The project is hoping to achieve full EVM compatibility for Cosmos by the end of the year. The development team behind the project, Tharsis, said it would focus on “making it easy for Ethereum Smart Contracts to deploy and communicate within the Cosmos.”
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