The Cosmos network in chains has grown steadily with the projects it works on and has just reached a remarkable stage in terms of activity.
The Inter Blockchain Communication (IBC) protocol, which is the backbone of the Cosmos ecosystem, has seen an increase in activity in the last month, with over one million transfers registered.
Cosmos launched IBC in March to enable decentralized cross-chain financing and no interaction token transfer (NFT). It has grown exponentially in the last six months as new projects and blockchain have been integrated into the ecosystem.
Other notable projects working on the protocol include Terra, Band, Kava and Chaosnet from THORChain.
Ecosystem researcher Mapofzones Cosmos shows that 1,071,132 transfers were made in the last 30 days, and 45,738 transfers were made to IBC during the last 24 hours.
The automated osmosis manufacturer is responsible for the majority of these IBC transmissions – 44% of the total, with the Cosmos networks recording 307,855 transmissions, or 29% of the total IBC transmissions, in the last 30 days.
The IBC standard provides a secure way to exchange data between independent blockages during scaling using hashing and side chains for different applications. Cosmos is just one of many IBC networks.
Digital real estate payments and wallet provider Crypto.com also operate on the Cosmos network. At the end of September, he launched his own NFT platform and marketplace, which led to further development.
Related topics: Cosmos Based DeFi Interoperability Project launched on Mainnet with BNB guarantees
In June, Cosmos Kava launched a decentralized platform so that Binance Coin (BNB) contributors could receive loans secured by USDX stablecoin.
Cosmos is also working on incremental scaling technology to allow developers to build Cosmos-based blocks as devices that can be distributed as clusters in IBC regions. In a tweet on Wednesday, she explained that a scaling technology called Optimint would be a “quick replacement” for the existing Tendermint platform on which it was built.
Cosmos has its own token called ATOM, which has fallen 5.1% in the last 24 hours and trades at $ 35.39, according to CoinGecko. The coin has shown a solid gain of 37% over the past month, just 19% below the September 20 high of $ 44.42.