Cosmos Saw 1 Million Transfers In One Month On Its Network

Cosmos saw 1 million transfers in one month on its network and the Inter Blockchain Communication protocol which powers the network has been growing for the past 6 months steadily so let’s learn more about it in our latest altcoin news today.

The Inter Blockchain Communications protocol which powers Cosmos was growing steadily over the past few months and the cross-chain network grew along with the projects that run on top of it while just now reaching a milestone in terms of activity. The IBC is the backbone of the Cosmos ecosystem and it saw a huge surge in activity over the past month with more than one million transfers logged. Cosmos launched the IBC in March to enable cross-chain DeFi and interoperable NFT transfers while over the past six months, it grew substantially and onboarded new projects and blockchains into the ecosystem.

Other notable projects that operate on the protocol are Band, Kava, Terra, Chaosnet by THORChain. The ecosystem explorer shows that there have been 1,071,132 transfers over the past month and 45,738 transfers on IBC over the past day. The Osmosis automated market maker is responsible for the bigger share of those IBC protocol transfers with 44% of the total and the Cosmos chains recording 307,855 transfers or 29% of the IBC total in the past month.

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The IBC standard provides a secure method of exchanging data between the independent blockchains while scaling other sharding and sidechains for different applications. Cosmos is one network of many operating on the IBC protocol and now Cosmos saw 1 million transfers on its network. The payment and wallet provider Crypto.com runs on the Cosmos network and back in September it even launched its own NFT platform and marketplace that drove further momentum. The Kava DeFi Platform launched back in June on Cosmos and enabled Binance Coin deposits to collateralized loans in the USDX stablecoin.

cosmos atom
ATOM 24-hour Price Chart (Source: Coingecko)

Cosmos is working on the rollup scaling technology and allows developers to build Cosmos-based blockchains as they can be deployed as clusters in the IBC zones. The platform even explained that the scaling tech called Optimint will be a drop-in replacement for the Tendermint framework that it is built on. Cosmos has its own native token called ATOM that fell 5.1% over the last day to trade at $35.39 as per CoinGecko. The token made a solid 37% gain over the past month but it got 19% down from its aTH in September at $44.42.

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Source: https://www.dcforecasts.com/cosmos-news/cosmos-saw-1-million-transfers-in-one-month-on-its-network/

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