Source: Cointelegraph Original: "{title}"
Cosmos—a blockchain network aimed at becoming the "Internet of Blockchains"—has launched Eureka, an interoperability layer designed to connect its Inter-Blockchain Communication (IBC) protocol with Ethereum.
According to an announcement on April 10, Eureka expands the Cosmos IBC protocol, transforming IBC from a single ecosystem standard into a universal interoperability protocol, paving the way for the hub to become a mainstay for multi-chain applications.
Cosmos projects are being integrated into IBC Eureka. Source: Cosmos
With the introduction of Eureka, many Cosmos-based applications and blockchains are now becoming accessible to more users by extending IBC to the Ethereum network. The new protocol reportedly enables developers to build multi-chain applications across multiple ecosystems without fragmenting user bases.
The announcement stated that most projects rely on bridging for interoperability, leading to the introduction of intermediaries and the dispersion of users and liquidity. Through bridging, users can simply move assets between blockchains, while through Eureka, developers promise to provide native interoperability.
Cosmos Hub integration image. Source: Cosmos
Cointelegraph reached out to the organization behind Cosmos, Interchain Foundation, but did not receive a response by the time of publication.
Eureka relies on a distributed zone that allows developers to access all IBC connections, users, liquidity, and services without additional infrastructure. Cosmos Hub also allows users to access applications, services, and assets within the ecosystem.
Some early use cases include the Bitcoin (BTC) staking protocol Babylon, whose users can now transfer Bitcoin liquid staking tokens from Ethereum to Babylon's Cosmos-based chain. Similarly, the decentralized finance (DeFi) protocol Elys will allow trading using wrapped Ethereum (WETH), wrapped Bitcoin (WBTC), and USDT on the Ethereum network.
In the future, developers promise that users will be able to leverage Eureka-driven multi-chain capabilities on the major decentralized exchange (DEX) dYdX. The real asset tokenization platform Mantra is also said to bridge funds from Ethereum to Cosmos's real estate market, staking infrastructure, and permissioned DeFi applications.
According to the announcement, since its launch, the upgraded IBC of Eureka has facilitated an average transaction volume of up to $3 billion monthly across more than 115 blockchains. However, integration is far from seamless for blockchains that do not belong to the Cosmos ecosystem.
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