Cosmos launches Eureka to connect Ethereum and IBC networks

Cosmos Launches Eureka, an Interoperability Layer to Link IBC with Ethereum

Cosmos, a blockchain network aiming to become the “internet of blockchains,” has launched Eureka, an interoperability layer designed to link its inter-blockchain communication (IBC) protocol with Ethereum.

New Era of Interoperability

According to an April 10 announcement, Eureka has expanded the Cosmos IBC protocol, changing IBC from an ecosystem standard “to a universal interoperability protocol,” setting the hub on a course to become the home of multichain apps.

How Eureka Works

Eureka relies on a distribution zone allowing developers to access all IBC connections, users, liquidity, and services without additional infrastructure. The Cosmos Hub also allows users to access apps, services, and assets across the included ecosystems.

Early Use Cases

Some early use cases include Bitcoin staking protocol Babylon, whose users will now be able to transfer Bitcoin liquid staking tokens from Ethereum to Babylon’s Cosmos-based chain. Similarly, decentralized finance (DeFi) protocol Elys will enable trading with Wrapped Ether (WETH), Wrapped Bitcoin (WBTC), and USDt (USDT) from Ethereum.

Future Integrations

In the future, developers promise that users will be able to leverage Eureka-powered multichain features in major decentralized exchange (DEX) dYdX. Real-world asset tokenization platform Mantra will also reportedly bridge capital from Ethereum into Cosmos-based real-estate markets, staking infrastructure, and permissioned DeFi applications.

IBC Eureka’s Impact

IBC, which Eureka upgrades, has facilitated an average of up to $3 billion in transaction volume among more than 115 blockchains every month since its launch. Still, the integration was far from seamless for blockchains that were not part of the Cosmos ecosystem.

Conclusion

Cosmos’ Eureka launch marks a significant milestone in the development of interoperability between blockchains. By linking IBC with Ethereum, Cosmos aims to create a seamless experience for users and developers, enabling the creation of multichain apps and services. With Eureka, the possibilities for blockchain integration and innovation seem endless.

FAQs

What is Eureka?

Eureka is an interoperability layer launched by Cosmos to link its inter-blockchain communication (IBC) protocol with Ethereum.

What is the purpose of Eureka?

Eureka aims to create a seamless experience for users and developers, enabling the creation of multichain apps and services by linking IBC with Ethereum.

What are some early use cases of Eureka?

Early use cases include Bitcoin staking protocol Babylon, decentralized finance (DeFi) protocol Elys, and major decentralized exchange (DEX) dYdX.

What is the future of Eureka?

Future integrations include leveraging Eureka-powered multichain features in major decentralized exchange (DEX) dYdX, real-world asset tokenization platform Mantra, and permissioned DeFi applications.

What is the impact of IBC Eureka?

IBC Eureka has facilitated an average of up to $3 billion in transaction volume among more than 115 blockchains every month since its launch, setting the stage for further growth and innovation in the blockchain ecosystem.