Cosmos ecosystem surpasses 1 million transfers in a month
Cosmos has been growing steadily along with the projects that run on top of it and it’s just reached a record-breaking milestone in transfers.
The Inter Blockchain Communication protocol (IBC), which is the backbone of the Cosmos ecosystem, has seen a surge in activity over the past month with more than one million transfers logged.
Cosmos launched the IBC, back in March to enable cross-chain decentralized finance and interoperable NFT transfers. Over the past six months, it has grown substantially, onboarding new projects and blockchains into the ecosystem. Other notable projects operating on the protocol include Terra, Band, Kava, and THORchain’s Chaosnet.
Data from The Mapofzones Cosmos ecosystem explorer shows that there have been 1,071,132 transfers over the past 30 days and 45,738 transfers on IBC over the past 24 hours.
The Osmosis automated market maker is responsible for the lion’s share of those IBC protocol transfers with 44% of the total, with the Cosmos chains recording 307,855 transfers, or 29% of the IBC total, over the past 30 days.
The IBC standard provides a secure method of exchanging data between independent blockchains while scaling through sharding and sidechains for various applications. Cosmos is just one network of many operating on the IBC protocol.
The digital asset payments and wallet provider Crypto.com also runs on the Cosmos network. In late September it launched its own NFT platform and marketplace which has driven further momentum.
Back in June, the Kava DeFi platform launched on Cosmos enabling Binance Coin deposits to collateralized loans in its USDX stablecoin.
Cosmos is also working on rollup scaling technology to allow developers to build Cosmos-based blockchains as rollups which can be deployed as clusters within the IBC zones. In a tweet on Oct. 6, it explained that the scaling tech called Optimint would be a “drop-in replacement” for the current Tendermint framework that it is built on.
Cosmos chain’s native token ATOM has fallen 5.1% over the past 24 hours to trade at $35.39 according to CoinGecko. The token has made a solid 37% gain over the past month.