Moonbeam, a wise contract parachain on Polkadot, has partnered with Cosmos-based decentralized trade Osmosis to allow cross-chain token swaps between the Polkadot and Cosmos ecosystems, the challenge introduced on July 23. This implies will probably be easy to switch tokens between the 2 completely different blockchain ecosystems.
The combination is made obtainable through the Axelar Community protocol. Axelar is each a bridge community and a platform for cross-chain communication for good contract protocols. The previous permits tokens to be despatched throughout completely different blockchains whereas the latter is what allows decentralized apps to be deployed on completely different networks. The challenge raised $25 million in its Sequence A funding final 12 months.
DOT, the native token of the Polkadot blockchain, would be the first token supported on the cross-chain bridge, per the announcement. Moonbeam acknowledged that there are plans to help the bridging of extra Polkadot ecosystem cash to the Cosmos chain.
In response to Moonbeam, the flexibility to switch Polkadot-based cash to Cosmos is a serious step in increasing cross-chain composability between the 2 blockchain ecosystems. Moonbeam additionally acknowledged that the partnership buttresses the truth that Polkadot and Cosmos can exist as complementary ecosystems — regardless that they’re usually seen as rivals engaged on alternative ways to realize the identical purpose.
