Wormhole, the cross-chain bridge backed by Leap Crypto, is increasing into the Cosmos ecosystem, marking the challenge’s eleventh collaboration with a base-layer blockchain.
Wormhole has partnered with Injective, an Ethereum-compatible sidechain that is ready to natively talk with Cosmos. Cosmos’ ATOM token presently boasts a market cap of over $3 billion, making it a high 30 token by market cap, based on information from CoinMarketCap.
“With Wormhole being a significant power inside the crypto trade, the partnership can be centered on increasing Injective’s community and supporting new dApps constructed on high of the blockchain shifting ahead,” stated Eric Chen, CEO of Injective Labs, in a press release.
A cross-chain future
As layer 1 blockchains compete to amass complete worth locked (TVL) and customers, traders and builders are more and more specializing in interoperability options.
Widespread layer 1, or base-layer, blockchains, akin to Ethereum, Avalanche and Solana, can not simply talk with one another, which means belongings held on one blockchain are troublesome to switch onto one other.
When tokens are bridged via Wormhole’s Portal Bridge, the unique token is locked in a sensible contract whereas a brand new Portal-wrapped model of that token will get minted on the goal chain. Then, the wrapped tokens will be traded for tokens native to the goal chain and used for decentralized finance (DeFi).
The mixing makes Injective the first gateway for cross-chain native belongings from different distinguished Layer 1 chains to enter the Cosmos universe.
In response to its web site, Injective’s enterprise capital backers embrace Pantera Capital, Hashed and entrepreneur Mark Cuban.
Learn extra: Pantera Capital Leads $2.6M Seed Spherical for DEX Protocol Injective
Earlier this month, Wormhole introduced that it had partnered with the blockchain Algorand, with Wormhole Basis director Hendrik Hofstadt citing the chain’s nine-figure TVL as the primary cause for the partnership.
In response to its web site, Wormhole has over $670 million in TVL throughout its numerous bridge integrations.Wormhole, the cross-chain bridge backed by Leap Crypto, is increasing into the Cosmos ecosystem, marking the challenge’s eleventh collaboration with a base-layer blockchain.
Wormhole has partnered with Injective, an Ethereum-compatible sidechain that is ready to natively talk with Cosmos. Cosmos’ ATOM token presently boasts a market cap of over $3 billion, making it a high 30 token by market cap, based on information from CoinMarketCap.
“With Wormhole being a significant power inside the crypto trade, the partnership can be centered on increasing Injective’s community and supporting new dApps constructed on high of the blockchain shifting ahead,” stated Eric Chen, CEO of Injective Labs, in a press release.
A cross-chain future
As layer 1 blockchains compete to amass complete worth locked (TVL) and customers, traders and builders are more and more specializing in interoperability options.
Widespread layer 1, or base-layer, blockchains, akin to Ethereum, Avalanche and Solana, can not simply talk with one another, which means belongings held on one blockchain are troublesome to switch onto one other.
When tokens are bridged via Wormhole’s Portal Bridge, the unique token is locked in a sensible contract whereas a brand new Portal-wrapped model of that token will get minted on the goal chain. Then, the wrapped tokens will be traded for tokens native to the goal chain and used for decentralized finance (DeFi).
The mixing makes Injective the first gateway for cross-chain native belongings from different distinguished Layer 1 chains to enter the Cosmos universe.
In response to its web site, Injective’s enterprise capital backers embrace Pantera Capital, Hashed and entrepreneur Mark Cuban.
Learn extra: Pantera Capital Leads $2.6M Seed Spherical for DEX Protocol Injective
Earlier this month, Wormhole introduced that it had partnered with the blockchain Algorand, with Wormhole Basis director Hendrik Hofstadt citing the chain’s nine-figure TVL as the primary cause for the partnership.
In response to its web site, Wormhole has over $670 million in TVL throughout its numerous bridge integrations.
