The Cosmos cross-chain network has grown steadily with the projects running on it and has just reached an important operational milestone.
The Inter Blockchain Communication (IBC) protocol, which is the backbone of the Cosmos ecosystem, has seen an increase in activity over the past month with over millions of recorded transmissions.
Cosmos launched IBC in March to enable cross-chain decentralized funding and interoperable token transfers. In the past six months, it has grown significantly, bringing new projects and blockchains into the ecosystem.
Other notable projects working on the protocol include Terra, Band, Kava, and Chaosnet by THORchain.
One million IBC transfers in 30 days …
– Documenting the cosmos (@DocumentingATOM) October 3, 2021
The ecosystem explorer Mapofzones Cosmos shows that there have been 1,071,132 transfers on IBC in the last 30 days and 45,738 transfers in the last 24 hours.
Automated marketplace maker Osmosis is responsible for a large portion of these IBC log transfers, accounting for 44% of the total, with the Cosmos chain having recorded 307,855 transfers, or 29% of all IBCs, in the last 30 days.
The IBC standard provides a method of securely exchanging data between independent blockchains while being scaled for different applications through sharding and sidechains. Cosmos is just one of many networks that use the IBC protocol.
Crypto.com, the payment and wallet provider for digital assets, also runs on the Cosmos network. At the end of September she started her own NFT marketplace and platform, which gave her further impetus.
Related: Kosmos-based interoperable DeFi project starts in the mainnet with BNB collateral
In June, the Kava DeFi platform launched on Cosmos, which enables Binance Coin deposits to secure loans with their stablecoin USDX.
Cosmos is also working on a scaling technology that will allow developers to create Cosmos-based blockchains in a roll-up that can be deployed in clusters in IBC regions. In one tweet on October 6, it stated that the scaling technology called Optimint will be an “additional replacement” for the current Tendermint framework on which it is built.
Cosmos has its own native token called ATOM, which has fallen 5.1% to $ 35.39 in the past 24 hours, according to CoinGecko. However, the token is up a solid 37% over the past month, down only 19% from its all-time high of $ 44.42 on September 20.