Wednesday, August 10, 2022
Home Crypto News Market Bridge Linking Cardano And Cosmos Coming In A Push Towards Interoperability

Bridge Linking Cardano And Cosmos Coming In A Push Towards Interoperability

- Advertisement -
Follow-Us-On-Google-News

 

Cardano will soon be connected to Cosmos.


On Wednesday, a tweet from Cardano Daily, a dedicated Twitter handle for Cardano news, reveals that Cardano will soon have a bridge with Cosmos.

“Coincidentally, I have mentioned in a tweet that Cardano needs a bridge to another ecosystem, and the cosmos – Cardano bridge supported by Sifchain was released right after,” Cardano Daily tweeted.

Sifchain, Omni-Chain Dex on Cosmo providing Swapping, staking, and bridging between Ethereum & Cosmos responded quickly to launch a proposal for voting to proceed on Cosmos Cardano Bridge.

 

Notably, the bridge will give both chains access to new liquidity markets and token-based economies while allowing Cardano users access to an ecosystem of blockchains, dApps, assets, and utilities through Cosmos, popularly called the “internet of blockchains.” The Cosmos ecosystem currently boasts $4.2 billion in staked crypto assets, $200 million in monthly cross-chain transactions, 40 chains, and thousands of dApps.

However, it is worth noting that the bridge has not been well received by several members of the Cardano community who feel it is poorly timed. One user noted that it is too early to focus on interoperability as it could not be determined which chains would thrive in the long run, saying that the focus now should be on security, scalability, and governance.

It is not surprising that the Cardano community is skeptical about the launch of a bridge, as network bridges are often targeted by hackers leading to several users losing their assets. The Ronin bridge hack in March is a clear example, as hackers made away with over $550 million in Ethereum and USDC.

It is worth noting that the Cardano community is currently focused on the long-anticipated Vasil hard fork, which was expected in July but had to be delayed after new bugs were observed in testing. Notably, Input Output Global (IOG) chief Charles Hoskinson has assured users that he does not expect further delays, noting that developers are in the final stages of testing.

The upgrade is expected in a matter of weeks and promises to improve the network’s scalability and usher in over 1000 dApps. At the time of writing, Cardano’s native token ADA is trading at the $0.5051 price point, with a positive 0.04% change in price in the last 24 hours and 0.84% change in the last seven days.

- Advertisement -

Disclaimer

The content is for informational purposes only and may include the author’s personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

Mark Bernnan
Mark Brennanhttps://thecryptobasic.com/
Mark Brennan has been active in the cryptocurrency sector since 2014. His love and passion for the nascent industry drove him to develop interest in writing about important developments and updates about cryptocurrencies and blockchain. Brennan, who holds a Masters degree in Business Administration, learned about the potential of blockchain technology. Aside from crypto journalism, Brennan runs an education center, where he educates people about the asset class.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Recent News & Articles

US SEC and CFTC Require Hedge Funds To Disclose Their Bitcoin and Crypto Holdings

WSJ: Regulators may want hedge funds to report crypto exposure According to the Wall Street Journal, regulators may require hedge funds to disclose their cryptocurrency...

Report: $540 Million Laundered by Crypto Criminals Through RenBridge

  A new report shows that over half a billion dollars were laundered by crypto criminals through a service called RenBridge. According to a recent study...

Metaverse Memecoin Tamadoge Raises $1 Million Midway Through Its Beta Sale

London, UK, 10th August, 2022, ChainwireTamadoge, the P2E metaverse meme coin, has raised $1 million after just 12 days of its beta sale. The...

Vitalik Buterin, Justin Sun, Binance, FTX Join 440 Addresses Receiving 0.1 Ethereum From Sanctioned Tornado Cash

  Binance and FTX Join the 440 Addresses That Received 0.1 ETH From Sanctioned Tornado Cash. window.coinzilla_display =...

Nigerians Can Now Pay Their Utility Bills With Bitcoin

  Cryptocurrency is now accepted for utility payments in Nigeria. window.coinzilla_display = window.coinzilla_display || ; ...

GALA, The World-Leading Web3 Company, Spearheads A New ERA Of Entertainment With GALA FILM

Jackson, USA, 9th August 2022, Chainwire Announce Partnership With Stick Figure Productions to Distribute Four Down Executive Produced by Dwayne Johnson and More. Gala, one of...

XRP Shuffling Continues, 375 Million XRP Moved Around Ripple, Exchanges, and Unknown Wallets 

  Whale Alert continues to keep tabs on these large XRP movements. window.coinzilla_display = window.coinzilla_display || ; ...

Subscribe To Our Newsletter

Get Updated with All The latest Crypto News, Articles, Reviews, Analysis and much more. Delivered Every Monday.