the Inter-Blockchain Communication Protocol (IBC) registered 11.2 million transfers in February, reaching a record level of activity.
The Interchain Foundation, a Swiss non-profit organization working on funding the Cosmos ecosystem, told CryptoSlate that this spike in activity was due to 38 projects having activated IBC so far.
IBC brings Cosmos closer to a true interoperable ecosystem
Launched in March 2021 as part of the Cosmos Stargate upgrade, the Inter Blockchain Communication Protocol (IBC) brings a robust cross-chain infrastructure to the Cosmos ecosystem, linking different blockchains and facilitating exchanges between a network of interconnected chains.
Last fall, IBC experienced a huge surge in popularity, registering over 780,000 transactions between August and September. Every month since then, IBC has broken its previous month’s record, registering 1 million transfers less than a month after that.
As spring approaches, IBC has broken all of its previous records. According to information shared with CryptoSlate, IBC recorded 11.3 million transfers in February 2022.
The Interchain Foundation reports that 38 projects have activated IBC, with Fetch AI, Altered Carbon, Sommelier and cheqd all joining the interchain IBC in February.
Last month, IBC also released Interchain Accounts, allowing blockchains to securely control other chains’ accounts through IBC. The Interchain Foundation explained that this will bring exponential composability between Cosmos zones without reducing zone sovereignty.
Charleen Fei, Head of IBC Products at the Interchain Foundation, said interoperability has become one of the biggest stories of 2021. The rise of DeFi the industry has seen in the previous year has highlighted the need to make the growing number of blockchain networks interoperable.
But none of this caught Cosmos off guard. She explained that a world of sovereign cross-chain ecosystems with their own values and assets was an integral part of the Cosmos 2016 white paper and continues to be a central 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 to the idea that the future is multi-chain.
Fei told CryptoSlate that Cosmos is working to improve the user experience even further with the upcoming launch of Interchain Security. This feature will allow developers to quickly and easily deploy high-security blockchains.
“Reaching the end goal of mass adoption will require continued work to make interoperability protocols powerful and secure, but an equally important challenge 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 block explorers, interfaces and wallets. We hope to continue to inspire what comes next – a rich and diverse landscape of yet-to-be-mapped products that will include Interchain,” she added.
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