Cosmos launches Inter-Blockchain Communication to enable cross-chain DeFi

Cosmos is now building a cross-chain DEX for IBC-enabled blockchains, dubbed Gravity13087. The self-described “Internet of blockchains,” Cosmos, has launched its Inter-Blockchain Communication standard, or IBC, enabling crypto assets to be transferred easily between independent blockchains.

Comos’ IBC went live on March 29, enabling token transfers between Cosmos and other IBC-compatible blockchains. The feature, which has been in development for five years, was voted in via community governance with 112 million votes supporting the activation and 75 million opposed.

Cosmos added that it is already working on a decentralized exchange supporting cross-chain functionality for IBC-compatible blockchains. The announcement stated:

“The Gravity DEX will act as a marketplace for trading tokens from any connected blockchain, including tokens from IBC-enabled blockchains, wrapped ETH and ERC20 tokens, wrapped BTC tokens, as well as from any future networks that implement IBC.”

Reference :

https://cointelegraph.com/news/cosmos-launches-inter-blockchain-communication-to-enable-cross-chain-defi

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Author: Priyanka

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