The Inter Blockchain Communications Protocol (IBC) has witnessed a surge in popularity lately, recording handling over 1 million transfers in the past 30 days.
Cosmos (ATOM) launched its IBC protocol earlier this year, enabling cross-chain communication, and recently, the interoperable blockchain ecosystem that keeps expanding is witnessing a boom in activity.
Increasing IBC transfers and transactions indicate a boom in activity
With the introduction of IBC on Cosmos Hub, the scope of possibilities for blockchain applications keeps expanding, as the protocol supports the transfer of tokens between IBC-compatible chains.
Cosmos network explorer, Map of Zones, showed that IBC handled over 1 million transfers in the past 30 days alone.
One million IBC transfers in 30 days…
— Documenting Cosmos ⚛ (@DocumentingATOM) October 3, 2021
The largest number of transfers, 460,274 to be exact, came from Osmosis, a Cosmos-based automated market maker (AMM), which allows users to create liquidity and trade IBC-enabled tokens.
Cosmos, which acts as a service provider to the chains that connect to it, saw the second-largest number of transfers in the past month, 300,587 to be exact.
Open-source cloud solution Akash Network saw just over 67,000 transfers, while decentralized peer-to-peer VPN service Sentinel recorded 45,274 transfers.
Crypto.com followed as the global crypto payment network made 40,509 IBC transfers in the past 30 days.
However, Cosmos recorded the largest number of transactions conducted through IBC, 1,599,724 to be exact, while Osmosis with over 772,017 and Crypto.com with 527,730 transactions followed.
Cosmos Bridge to Ethereum
Meanwhile, a new Cosmos hub compatible with the Ethereum Virtual Machine (EVM) is in the works and set to launch by the end of this year.
— Cosmos – Internet of Blockchains ⚛️ (@cosmos) October 1, 2021
Compatibility with the EVM allows blockchains to increase liquidity on their networks by supporting Ethereum (ETH) assets.
“Evmos will be an application-agnostic chain that will be interoperable with the Ethereum Mainnet, EVM-compatible environments, and other BFT chains via IBC, making it easy for users and developers to easily move value between chains,” read the announcement made by the developers.
Ad: Up to 20x margin on FTX.
Like what you see? Subscribe for updates.