Ethereum IBC Launch Sequence: We have deployed to Mainnet!

TL;DR

The result of a great deal of developmental effort has been realized: Ethereum, the original home of DeFi, is now officially connected to the IBC and the mainnet launch is here!

Through IBC, Ethereum can now connect seamlessly with Cosmos, Solana (soon), 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.

Full Mainnet Launch — ETH IBC Phases

What does this mean?

In order to make sure that the roll-out is smooth, we are taking a Two-phased approach.

Phase One Beta:
Mainnet beta release. In this release, the IBC connection is fully deployed to Ethereum linking the Cosmos and Ethereum Ecosystems. Transfers will be limited by implementing a rate restriction.

Users can now transfer any asset from the Cosmos to Ethereum, and any asset from Ethereum to Cosmos.

The Ethereum IBC connection currently operates with a Groth16 SNARK circuit specialized in verifying signatures of the Ed25519 signature scheme. Our proving times stand at 2 minutes, thanks to Rapid SNARK, an accelerated prover software.

The ownership of the IBC contracts deployed on Ethereum for Picasso is presently held by a team multisignature wallet, with plans to transition control to PICA governance in the forthcoming release. This decision reflects the unprecedented nature of implementing IBC for the first time on Ethereum, emphasizing the need for a stable initial launch. Updates regarding any contract upgrades will be shared in our Discord community.

Phase V2:

Mainnet full release of IBC on Ethereum. We are currently integrating Succinct Lab’s TendermintX ZK Tendermint light client circuit, designed for verifying signatures using the Ed25519 signature scheme (of the Picasso Cosmos chain). This integration aims to enhance the efficiency of relaying costs and accelerate client update speeds on Ethereum.

Also, the ownership of the IBC contracts deployed on Ethereum will transition to PICA governance on the Picasso Cosmos chain.

What can users do?

The integration of Ethereum with Inter-Blockchain Communication (IBC) is set to be a fully permissionless endeavor, marking a significant advancement in the blockchain space. Anyone can set up a client, connection, and channel to connect. This means that the process will not require permission from any central authority.

While the protocol is entirely permissionless, for optimized efficiency and stability after launch — we have only chosen the most common assets in the Ethereum and Cosmos eco, as options on the Front End. This curated selection allows users to easily choose from approved visible assets for their transactions, streamlining the process while maintaining the flexibility and openness inherent in permissionless systems. This approach not only enhances user experience but also ensures the integrity and security of cross-chain interactions within our ecosystem during phase one of the release. In the future, we will remove the restriction on the front end.

Ethereum Assets

• ETH
• USDT
• DAI
• CRV
• wBTC
• stETH
• rETH
• crvUSD
• FRAX
• FXS
• frxETH
• sfrxETH
• sFRAX
• pxETH
• PEPE
• eETH
• ezETH
• USDe
• ENA

Cosmos Assets:

• PICA
• OSMO
• ATOM
• stATOM
• stTIA
• milkTIA
• KUJI
• SHD
• SILK
• SCRT
• STARS
• STRD
• INJ
• BLD

Fees

For transactions from Ethereum to Cosmos, we implement a charge of a $20 gas fee. The strategy involves waiting for 30 transfers before performing a client update; if this condition is not met, we proceed to update every 20 minutes. This is faster and cheaper than competition.

Similarly, for transfers from Cosmos to Ethereum, the fee structure consists of $20 plus a 0.4% transaction fee. The same approach of waiting for 30 transfers applies, with updates scheduled every 20 minutes if the transfer condition is not fulfilled.

We will be hosting a Team Twitter AMA

Wednesday 12pm ET

Set a reminder here: https://twitter.com/i/spaces/1rmxPMqpVqqKN

We will be hosting a Twitter AMA Space dedicated to the ETH IBC launch. This interactive session is the perfect opportunity for our community to dive deep into the details of the launch, explore its implications, and ask any questions they might have. Whether you’re curious about the technical intricacies, potential use cases, or just want to learn more about how this launch can benefit you, this AMA Space will serve as an invaluable platform for direct dialogue with our team.

Join us to gain insights, share your thoughts, and be part of the conversation that shapes the future of our project.

What to look forward to

The launch of Ethereum IBC will open a new era of interconnectedness and mutual benefit for Ethereum and other IBC-enabled ecosystems such as Cosmos, Polkadot, Kusama and soon Solana, with more chains expected to join in the future. This innovative integration paves a wave of new users and liquidity, seamlessly flowing between these diverse blockchain platforms.

This opens up new use cases for IBC-compatible tokens, allowing assets from one ecosystem to be utilized in the DeFi landscapes of others. For instance, tokens originally from Cosmos, Polkadot, Kusama, and eventually Solana will gain access to Ethereum’s vast DeFi ecosystem. This not only increases the utility and incentivization for holding and using these tokens but also contributes to the growth and expansion of Ethereum’s influence in the cross-domain DeFi space.

Looking ahead to the integration of Ethereum with the Inter-Blockchain Communication (IBC) protocol, there are several exciting developments to anticipate. Key among these is the creation of liquidity pools and a diversity of collateral types, which are set to enhance the decentralized finance (DeFi) landscape significantly. This integration promises to catalyze cross-pollination between ecosystems, fostering innovation and expanding the range of DeFi applications and services. Moreover, the roadmap includes eventual connectivity to Solana, further broadening the horizons for asset interoperability and seamless transactions across major blockchain networks. This step forward signifies a significant leap towards a more interconnected and versatile blockchain ecosystem.

Transferring Assets: A Brief Guide

To facilitate the transfer of assets between Cosmos and Ethereum, simply follow these steps:

1. Access the transfer interface: mantis.app.
2. Ensure you have all the necessary and compatible wallet(s) connected.
3. Select both the source and destination chains (i.e. Osmosis (Source) and Ethereum (Destination).
4. Initiate the transfer: select the amount and token you wish to transfer.
5. Confirm the transaction: review the details of your transfer, including the network fees and estimated arrival time. Confirm the transaction in your wallet.

Important notes:

• Rate Limits: Currently, the IBC connection allows a maximum of $200k per hour for the channel.
• Feedback and Support: We highly encourage users to report any issues or feedback through our Discord ticketing and support process. Your input helps us optimize the IBC connection and user experience.

Summary

Now that Ethereum IBC is launching on mainnet, users will be able to take advantage of all of the benefits of IBC when performing cross-chain operations to and from Ethereum.