The Inter Blockchain Communications Protocol (IBC) has seen a surge in popularity recently, processing over 1 million wire transfers in the past 30 days.
Cosmos (ATOM) started his IBC protocol Earlier this year, which enables cross-chain communication, and more recently, the ever-expanding interoperable blockchain ecosystem is experiencing a boom in action.
Increasing IBC transfers and transactions indicate an activity boom
With the introduction of IBC on Cosmos Hub, the scope of possibilities for blockchain applications continues to expand, as the protocol supports the transfer of tokens between IBC-compatible chains.
Cosmos network explorer, Map of the zones, showed that IBC processed over 1 million transfers in the last 30 days alone.
One million IBC transfers in 30 days …
Probably nothing. #kosmos $ atom pic.twitter.com/U4UVAsLRDd
– Documenting Cosmos ⚛ (@DocumentingATOM) October 3, 2021
The largest number of transfers, 460,274 to be precise, came from Osmosis, a Cosmos-based automated market maker (AMM) that enables users to create liquidity and trade IBC-enabled tokens.
Cosmos, which acts as a service provider for the chains connected to it, recorded the second largest number of transfers last month with 300,587 to be precise.
The open source cloud solution Akash Network had just over 67,000 transmissions, while the decentralized peer-to-peer VPN service Sentinel had 45,274 transmissions.
Crypto.com followed when the global crypto payments network processed 40,509 IBC transfers in the past 30 days.
However, Cosmos had the largest number of transactions made through IBC, 1,599,724 to be precise, followed by Osmosis with over 772,017 and Crypto.com with 527,730 transactions.
Cosmos bridge to Ethereum
In the meantime, a new Cosmos hub compatible with the Ethereum Virtual Machine (EVM) is in the works and should be on the market by the end of this year.
Evmos (formerly #Ethermint), the EVM hub from Cosmos, which simplifies the provision and communication of smart contracts within the @Cosmos, is scheduled to hit the market at the end of this year. 🚀
Follow @EvmosOrg for any future updates, including details on their upcoming testnet. 👇 https://t.co/QF9HqzY9wn
– Cosmos – Internet of Blockchains ⚛️ (@cosmos) October 1, 2021
Compatibility with the EVM allows blockchains to increase liquidity in their networks by supporting Ethereum (ETH) Financial assets.
“Evmos will be an application-independent chain that will be interoperable via IBC with the Ethereum Mainnet, EVM-compatible environments and other BFT chains developer.
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