The Inter-Blockchain Communication Protocol (IBC) has seen a surge in popularity recently and has processed over 1 million transactions in the past 30 days. ATOM
Cosmos (ATOM) launched its IBC protocol earlier this year, which enables cross-chain communication, and lately the Cosmos ecosystem has continued to expand and experience explosive activity.
The trade on IBC is increasing
With the introduction of IBC on the Cosmos Hub, the area of application in the network has expanded further as it supports the exchange of tokens between IBC-compatible chains.
The Cosmos network explorer Map of Zones shows that IBC has processed over 1 million transactions in the last 30 days.
One million IBC transfers in 30 days …
– Documenting the cosmos (@DocumentingATOM) October 3, 2021
The largest trading volume of 460,274 came from Osmosis, a Cosmos-based automated market maker (AMM) that enables users to create liquidity and trade IBC-enabled tokens.
Cosmos acts as a service provider for the connected chains and recorded the second largest number of transactions with 300,587 transactions in the last 30 days.
Meanwhile, the open source cloud solution Akash Network recorded just over 67,000 transactions and the decentralized peer-to-peer VPN service Sentinel recorded 45,274 transactions.
Crypto.com follows IBC with 40,509 trades in the last 30 days.
However, Cosmos had the largest number of transactions made through IBC, 1,599,724 to be precise, while Osmosis had just over 772,017 and Crypto.com had 527,730.
Bridge Cosmos to Ethereum
A new Cosmos Hub compatible with the Ethereum Virtual Machine (EVM) is in the works and will be available later this year.
– Kosmos – Internet of Blockchains ️ (@cosmos) October 1, 2021
“The EVM hub from Evmos (formerly Ethermint) Cosmos, which simplifies the provision and communication of smart contracts within Cosmos, will be launched later this year.”
EVM compatibility enables blockchains to increase liquidity in their networks by supporting Ethereum (ETH) assets.
“Evmos will be an agnostic application chain that is compatible with the Ethereum mainnet as well as EVM-compatible environments and blockchains. Byzantine Fault Tolerance (BFT) over IBC, which makes it easier for users and developers to move values between the chains. “
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According to Cryptoslate