IBC Eureka extends the second version of the Inter-Blockchain Communication (IBC) protocol to provide fast and affordable connections between Ethereum and Cosmos, using the Cosmos Hub to support IBC routing. Ethereum is now the first non-Cosmos network to join the IBC ecosystem. Eureka developers plan to add networks like Solana, Base, and Arbitrum in the future.
The system is designed to reduce transmission costs, including gas and relay fees, from Ethereum to Cosmos to less than $1. According to Barry Plunkett, co-CEO of Interchain Labs, IBC Eureka represents a dramatic improvement in security and programmability for cross-chain communication. This will allow Ethereum and Cosmos developers to build a new class of applications that combine liquidity and protocols that have historically been fragmented across multiple chains.
Among the first projects to be included in the Eureka IBC are the decentralized exchange dYdX, the real-asset-focused L1 blockchain MANTRA, the Bitcoin Lombard liquid staking protocol, and the Bitcoin Babylon staking protocol.
Image: freepik
Designed by Freepik
Read the full article here