Bridge to the City of Osmosis
Bridges are built in the real world to connect one island to another. Since the COSMOS eco system is the fastest growing blockchain eco system in all of crypto, it will be no different. Unfortunately, not every blockchain will enable Cosmos SDK just yet — so a away around that is to build the best bridge support to allow your vehicle to travel from Point A to Point B, so to speak.
Case in point is what Axelar Network already has established with several different blockchains. Above you will see: Terra, Ethereum, Avalanche, Fantom, Moonbeam, Polygon and hopefully soon Osmosis. A good way to think of each above blockchain diagram is six remote islands that are stranded with no way to speak or send resources to one another. However, with Axelar’s framework they now can all communicate and send resources to one another. To me, Axelar Network is a solid choice for Osmosis to be on the other end of Axelar’s bridge; as after all, it was built from the ground up utilizing the Cosmos SDK. Using Axelar will allow complete composability while allowing all these virtual bridges to connect with one another. The best thing is the end user doesn’t even realize this as they do not have to make a direct transaction on their chain — that is true Interoperability at its finest!
From what I understand about Axelar is a user can send non IBC assets like ETH from say Coinbase directly to Osmosis without a bridge interaction requirement. This is a game changer!
Currently, within IBC there are 38 separate sovereign blockchains that can communicate with one another; again, all due to the Standardized Cosmos SDK. A good way to envision the power of Cosmos SDK is think of it as a composability ‘universal language’ that everyone can speak, exchange data, barter with one another, essential do anything.
Have you ever traveled to a different country? Or heck, even a different part of the country you currently reside in and someone was speaking different languages? Wouldn’t you like to know what that person(s) are speaking about? Now, imagine if every person on the planet spoke the same language and there were no such language barriers; It is hard to measure, how much more productive and time efficient everyone/everything could be but I imagine as humans we would be further along.
With the good comes the bad. Have you ever heard the saying: that there are “too many cooks in the kitchen”?
Multiple bridges that bridge the gap between the rivers or oceans are needed; however, I don’t believe there needs to be multiple bridges that transfer the same vehicles in the same location. What do I mean by that? Well, lets take a look at Saber which is a part of the Solana eco system. I consider myself to be a fairly experience crypto user but even I am completely lost on all the different versions of the Solana token. Just to name a few SOL, mSOL, stSOL, daoSOL, aSOL, prtSOL, xSOL, pSOL, scnSOL, JSOL, eSOL…. blah, blah, blah.
Full disclosure: if the day comes where there are 15 different versions of OSMO I will probably throw my monitor across the room. Furthermore, I’ve seen LP pools outside of IBC and the amount of different wrapped versions of the same token is baffling especially with stable coins. I tend to ask myself would a BOOMER understand this? Simple answer: NO, I mean really though, who truly does? Sorry Boomers, I still love you.
On a serious note: I think the best way IBC tackles tokens outside of the standardized Cosmos SDK is to mutually agree on winners and losers of a said asset. For example, I don’t want seven bridges that bridge over say ETH, with SEVEN different versions of ETH. To me, this is a disaster in many ways. The only way I don’t mind several bridges is if the ETH is a unified peg which somehow it automatically becomes the fungible ETH token that can be used like any IBC asset without a bunch of different ugly letters in from of it. I want users to send ETH from their MetaMask to Osmosis and the user doesn’t even know that they used a bridge; I want there to be no confusion, load up Osmosis Zone click deposit and BOOM your USDC, DAI, ETH, SOL, DOT, ADA, BTC and others just appear. I really hope this is possible in the near future.
In conclusion, let’s finish with a quick brainstorm and say Osmosis decides to go with Axelar, Wormhole, Nomad or Umee for X token that doesn’t mean Osmosis can’t go with say GRAV for Y token. The goal should be composability and fungibility with a true smooth transaction nature of IBC. That is IBC’s bread and butter! After that token(s) leaves planet Cosmos it can mutate into 15 versions again, I really don’t care. But on planet Cosmos we are all in it together — there is no need for 15 versions of the same asset.
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