The cross-chain Cosmos network has steadily grown along with the projects it is working on and has just reached a prominent 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 over the past month with more than one million transfers recorded.
Cosmos launched an IBC in March to enable decentralized cross-chain finance and non-interoperable token transfers. Over the past six months, it has grown exponentially, introducing new projects and blockchain into the ecosystem.
Other notable projects working on the protocol include Terra, Band, Kava and Chaosnet THORchain.
1 Million IBC Transfers in 30 Days…
Maybe nothing. #cosmos a dollar atom pic.twitter.com/U4UVAsLRDd
Documenting the Universe ⚛ (DocumentingATOM) October 3, 2021
Mapofzones ecosystem explorer Cosmos shows that there have been 1,071,132 transfers over the past 30 days and 45,738 transfers on the IBC in the past 24 hours.
The automated osmosis market maker is responsible for the lion’s share of these IBC transfers at 44% of the total, with Cosmos chains recording 307,855 transfers, or 29% of the total IBC, over the past 30 days.
The IBC standard provides a secure way to exchange data between independent block chains during scaling through hashing and side chains for different applications. Cosmos is just one of many networks that operate on the IBC protocol.
Digital asset payments and wallet provider Crypto.com also operate on the Cosmos Network. In late September, it launched its own NFT platform and market that led to more momentum.
Related: Cosmos-based Interoperable DeFi Project Launched on Mainnet Using BNB Collateral
In June, the Kava DeFi platform was launched on Cosmos to enable Binance Coin depositors to obtain secured loans in the USDX stablecoin.
Cosmos is also working on incremental scaling technology to allow developers to build Cosmos-based blockchains as assemblies that can be deployed as clusters within IBC regions. in a tweet On October 6, it clarified that a scaling technology called Optimint would be a “quick replacement” to the existing Tendermint framework on which it was built.
Cosmos has its native token called ATOM which is down 5.1% in the past 24 hours to trade at $35.39 according to CoinGecko. The coin has posted a solid 37% gain over the past month, down just 19% from its September 20 high of $44.42.