Osmosis DEX first to adopt with Cosmos-Ethereum Interoperability
CLATSKANIE, Ore.--(BUSINESS WIRE)--The expanding world of DeFi in the Cosmos “internet of blockchains” ecosystem just became significantly larger. The deployment of Cosmos® Gravity Bridge™ now empowers all IBC-enabled (inter-blockchain communication) Cosmos SDK-based chains to receive and utilize Ethereum/EVM-based tokens and Cosmos-based tokens can be represented in popular Ethereum wallets and AMMs (automated market makers).
Cosmos® Gravity Bridge™ combines innovative gas reducing strategies similar to Ethereum L2 networks with a highly decentralized, permissionless bridge to become the lynch pin of rapidly growing Cosmos DeFi, connecting the Cosmos and Ethereum ecosystems and allowing assets to seamlessly be forwarded from Ethereum to a destination chain via IBC.
With its advanced features, simplicity-focused design concept, neutrality, and ease of adoption, Cosmos® Gravity Bridge™ is THE cross-chain bridge for COSMOS chains.
Althea Networks, which developed Gravity Bridge to facilitate transactions for its distributed internet infrastructure platform, supported development, contributing over 70,000 lines of open-source code, performing audits, and rigorous testing. The bridge recently launched its mainnet, with a decentralized start and over 100 unique validators came together to produce the first block.
“This opens up a lot of opportunities for cross-chain operations and cross-chain development, where you can do things on Ethereum that aren’t otherwise possible,” said Justin Kilpatrick, Althea CTO, Co-Founder, and lead developer of Gravity Bridge. “It is all very exciting — you can chain a bridge to Ethereum with a bridge over IBC, giving you access not only to the Ethereum ecosystem from a Cosmos-based chain, but the entire Cosmos Ecosystem from an Ethereum or EVM-based chain.”
The first project to take advantage of this opportunity is Osmosis DEX, the preeminent decentralized exchange in the Cosmos Ecosystem.
Integrating Cosmos® Gravity Bridge™ enables Osmosis DEX to provide its users with a familiar platform to bridge Ethereum-based (EVM) tokens into the wider Cosmos ecosystem, catalyzing an influx of capital and unique new functionalities, as well as opportunities for new growth and innovations in both the Cosmos and Ethereum ecosystems. Ethereum (ETH) and the Ethereum-based stablecoin USDC are the first tokens to be available, with many more slated for integration.
"The integration of Gravity Bridge into Osmosis is a major milestone for interoperability between Ethereum and Cosmos, and we're excited that this is the first truly decentralized bridge connecting these ecosystems," said Sunny Aggarwal, Co-Founder of Osmosis Labs. "The Althea team has also set the bar for enabling seamless UX integrations across platforms, including support for Metamask on Osmosis to ease the transition to interchain DeFi for Ethereum-based users."
DeFi in Cosmos is poised for an astronomical growth period, and Cosmos blockchains are excited to access the liquidity the bridge provides. The Cosmos® Gravity Bridge™ gives the Cosmos ecosystem the power it needs to fulfill Cosmos’ true destiny — the leader in the DeFi ecosystem and the community working together to make the Internet of Blockchains a reality.
About Gravity Bridge
Gravity Bridge is a purpose-built, neutral and decentralized blockchain for bridging assets between the Ethereum and Cosmos ecosystem. Utilizing a full validator set for securing the bridge, the Gravity Bridge is arguably the world’s most decentralized blockchain bridge. The culmination of two years of development and over 70,000 lines of code, Gravity Bridge is now operational and available to any blockchains or developers that wish to bridge ETH/EVM tokens in the Cosmos ecosystem (or vice versa). www.gravitybridge.net
*COSMOS is the registered trademark of the Interchain Foundation and is being used by permission. GRAVITY BRIDGE is the trademark of Gravity Bridge.
Kenneth Gal - Kgal@ShinyObjectsInc.com
Frank Spence - Osmosis@West-Comms.com