Axelar Brings Bitcoin To All Cosmos Connected Chains On Testnet
Axelar is excited to release more details on its roadmap for bringing Bitcoin to Cosmos-interconnected chains, which is now live on the testnet. So how will the Axelar network facilitate the Bitcoin to Cosmos-ecosystem integration? Let’s break down the flow and give some insight into how it will work.
This integration will utilize the Cross-Chain Gateway Protocol (CGP) powered by the Axelar network to connect with external chains and IBC, the Cosmos-native interoperability protocol.
What is CGP and how does it work? From the Axelar whitepaper, here’s a summary of the protocol:
To bridge the blockchain ecosystems and enable applications to communicate frictionlessly across them, Axelar network’s validators collectively run an overlay of a byzantine consensus protocol and multi-party threshold protocols to facilitate cross-chain requests. Anyone can join the network, participate, and use it.
CGP is analogous to Border Gateway Protocol on the Internet. This protocol is used to connect multiple autonomous blockchain ecosystems and is responsible for routing across them. Blockchains do not need to “speak any custom language”, their platform developers do not need to make any custom changes on their chains, and their chains can be plugged into the global network easily.
So what will this new integration look like? Assets like Bitcoin in this case will first come to the Axelar network through CGP, and from there will flow to other cosmos-interconnected chains through IBC. Various DeFi protocols such as Terra-Defi, Osmosis, and others will be able to leverage Bitcoin in their platforms, add more trading pairs, and increase overall liquidity.
Axelar is a universal interoperability network and is excited to continue expanding its supported networks such as Bitcoin, Ethereum, Avalanche, Cosmos, and others.