Ethereum IBC Countdown: PICA LBP Completed
TL;DR
The result of a great deal of developmental effort has been realized: Ethereum, the original home of DeFi, is now connected to the IBC and the mainnet launch sequence is underway. The launch sequence involves an LBP (which has been completed), followed by a testing period of Ethereum IBC connection, then a full mainnet launch of the bridge.
Through IBC, Ethereum will connect seamlessly with Cosmos, Solana (next), Polkadot, Kusama, and even more chains in the future, in a manner that optimizes for security and convenience. This connection marks another important step forward towards delivering Composable’s vision for IBC everywhere and a completely interoperable DeFi landscape, a vision which is growing closer to reality every day.
Launch Sequence
LBP Update
The Picasso (PICA) token was launched on Ethereum using a Liquidity Bootstrapping Pool (LBP). During the LBP $144.5K of $PICA was acquired by the community, which enabled users to access the PICA token in the Ethereum ecosystem for the first time. A PICA/ETH pool will remain available for users moving forward.
Claim $PICA
Now that the $PICA LBP has ended, you can claim your PICA.
- Navigate to the LBP page:
- https://app.v2.fjordfoundry.com/pools/0x161278510eFB0d7aD77433F6685B8CD4769B1865
- Connect your wallet.
- Claim tokens.
PICA Pool
We will be seeding an ETH/PICA pool on Uniswap. The pool will go live today on Monday, March 25th.
- We are seeding the pool with $50k ETH/PICA to start. See official transaction, Tx Hash: 0xaa8fa05625290fc7109e54ea189f691c2d87d99a76893a4589b04b439fbcb1ed.
- Emissions will be launched for the pool in a week.
- Official link for the pool: https://app.uniswap.org/explore/tokens/ethereum/0xbb63a9b64a80e9338b8ea298c51765e57c4f159c?chain=mainnet
Made possible by Picasso Network
Now PICA can be freely transferred between ERC20, ICS20 and Dotsama.
- Using our IBC connections, projects can become onmi-chain via Picasso. A recent use case is the cross-ecosystem LBP conducted by Tinkernet (Polkadot and Cosmos).
- Learn more about Tinkernet from our recent spaces here.
- This is also now possible with the IBC connection to Ethereum.
IBC Connection Testing Period
With the LBP completed, we are holding a testing period for testing the Ethereum IBC connection. This testing period will ensure that the Ethereum IBC connection is performing as expected on mainnet. Moreover, this will allow for PICA token liquidity to continue to flow into Ethereum. This is important, as it will facilitate Picasso Network function in the Ethereum ecosystem.
Full Mainnet Launch- IBC Ethereum Bridge.
Our full mainnet launch of Ethereum IBC Bridge is coming in the next week. Stay tuned for the announcement of the date of this launch.
Benefits IBC: Coming soon to Ethereum
We believe that Ethereum IBC will benefit Ethereum’s many stakeholders, as well as stakeholders in all other IBC-enabled ecosystems. Such benefits include:
- New usership and liquidity driven between Ethereum, Cosmos, Solana, Polkadot, Kusama, and more chains in the future
- New use cases for IBC-compatible tokens (initially those whitelisted above) on other IBC-compatible networks (e.g. Ethereum assets on Cosmos and vice versa)
- Notably, this means that tokens from Cosmos, Polkadot, Kusama, and soon Solana can be used in the vast DeFi landscape that Ethereum offers
- Resultant increased incentivization for users to hold/use these tokens
- Further expansion of Ethereum’s reach into the cross-domain DeFi landscape, helping the ecosystem to maintain its reputation as a leader in the space
Overall, we are very excited to see what new opportunities and innovations arise as a result of this novel connection.
Summary
The first phase of our IBC Rollout is complete users will soon be able to take advantage of all of the benefits of IBC when performing cross-chain operations to and from Ethereum.
