The Inter Blockchain Communication Protocol (IBC) registered 11.2 million transfers in February, reaching an all-time high of activity.
The Interchain Foundation, a Swiss non-profit organization working on financing the Cosmos ecosystem, told CryptoSlate that this increase in activity was due to the fact that 38 projects have activated IBCs to date.
IBC brings Cosmos closer to a truly interoperable ecosystem
Launched in March 2021 as part of the Cosmos Stargate upgrade, the Inter-Blockchain Communication (IBC) Protocol brings a robust cross-chain infrastructure to the Cosmos ecosystem, unite different blockchains and facilitate exchanges between a network of interconnected chains.
Last fall, IBC saw a huge surge in popularity, recording more than 780,000 transactions between August and September. Every month since then, IBC has broken the previous month’s record, registering 1 million transfers less than a month after that.
With the arrival of spring, IBC has broken all its previous records. According to information shared with CryptoSlate, IBC recorded 11.3 million transfers in February 2022.
The Interchain Foundation says that 38 projects have activated IBC, with Fetch AI, Altered Carbon, Sommelier and cheqd all joining the IBC interchain in February.
Last month, IBC also launched Interchain Accounts, allowing blockchains to securely control accounts on other chains through IBC. The Interchain Foundation explained that this will bring exponential composability between Cosmos zones without reducing zone sovereignty.
Charleen Fei, IBC Product Lead at the Interchain Foundation, said that interoperability has become one of the biggest narratives of 2021. The rise of DeFi that the industry has seen in the past year has highlighted the need to make the world of DeFi interoperable. growing number of blockchain networks.
But none of this caught Cosmos off guard. He explained that a world of cross-chain sovereign ecosystems with their own values and assets was an integral part of the 2016 Cosmos whitepaper and continues to be a core part of the Cosmos ecosystem. This has allowed Cosmos to become a leader in this space, while the rest of the blockchain space catches up with the idea that the future is multi-chain.
Fei told CryptoSlate that Cosmos is working to further improve the user experience with the upcoming release of Interchain Security. The feature will allow developers to quickly and easily implement highly secure blockchains.
“Achieving the ultimate goal of mass adoption will require continued work to make interoperability protocols powerful and secure, but an equally important challenge to address will be usability. Having a truly interoperable landscape also presents a new set of usability challenges and we are already seeing the first iterations of solutions across Interchain in the form of native Interchain browsers, interfaces and block wallets. We look forward to continuing to inspire what follows: a rich and diverse landscape of yet-to-be-charted products that will make up Interchain,” he added.
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Posted in: Cosmos, Adoption
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This post Cosmos Inter-Blockchain Communication Protocol (IBC) exceeded 11 million transfers in February
was published first on https://cryptoslate.com/cosmos-inter-blockchain-communication-protocol-ibc-surpassed-11-million-transfers-in-february/