On Thursday, the Interchain Foundation, the non-profit hosting of the Cosmos ecosystem, announced the release of Interchain Accounts.
The Inter-Blockchain Communications (IBC) protocol allows the entire blockchain to manage an account on a separate chain. This is the largest software update to the Cosmos ecosystem since Stargate. There are currently 38 projects using IBC including Terra, Crypto.org Chain and Gravity Bridge with 8.4 million transactions in the last 38 days.
With Interchain accounts, the blockchain can access the application features of other blockchains, such as staking, voting, token exchange, etc. “Activating composition in IBC allows innovation in premium applications without the need for a complete upgrade of Interchain,” reads the message. Charlene Fay, IBC Product Director at The Interchain Foundation.
On the same day, deBridge, a network-to-network interoperability and liquidity protocol, announced the launch of the core network. Through deBridge, users will be able to transfer assets and data between blockchain networks starting with Ethereum, BNB Chain, Heco Chain, Arbitrum and Polygon. For example, Solana users can interact with Polygon protocols directly from Phantom wallets without switching wallets or networks.
Similar to Cosmos Interchain accounts, projects can also be integrated with the deBridge infrastructure to take advantage of the various interoperability features offered by the protocol, such as asset exchange and transfer, leadership voting, agricultural strategies, non-perishable tokens, oracle data, and more. . many. DeBridge has been overhauled by Halborn, Zokyo and Ackee Blockchain and maintains an ongoing bug bounty program on Immunefi.
In addition to the public backbone, deBridge is launching official partnerships with 1-inch decentralized exchange aggregators and ParaSwap for cross-chain exchanges. DeBridge uses a “fix and mint” approach that constantly checks the current state of the protocol and checks to see if the total supply of the encapsulated asset is fully warranted.
If the encapsulated source loses its binding, security monitoring can automatically pause the protocol. The validator nodes also constantly update the status of the token balances in each supported block chain and never allow the total withdrawal of an asset to exceed its total deposit.