The integration of the Inter-Blockchain Communication (IBC) protocol by the Avalanche subnet Landslide Network will enable Cosmos Hub (ATOM), Avalanche (AVAX), and more than 100 IBC-enabled chains to have interoperable connections. This announcement was made by the Interchain Foundation (ICF) on October 31, 2023. The Landslide Network will release a testnet on November 1, which will bring IBC-compliant decentralized applications (dApps) to the Avalanche network via the integration of the IBC light client developed by the Cosmos team. This collaboration between Cosmos and Avalanche will revolutionize the DeFi ecosystem and benefit both ecosystems.
Bringing IBC-Compliant dApps to Avalanche
The Landslide team, with the collaboration of software development firm Strangelove, has developed an IBC light client on Avalanche. Ava Labs, in a statement, mentioned that this development will enable cross-chain communication through CosmWasm smart contracts on Avalanche. The aim of this initiative is to allow IBC-compliant dApps to run seamlessly on the Avalanche network, which will open up new possibilities for the DeFi ecosystem.
Today’s announcement coincided with the rise in the price of ATOM to $8.15, its highest level since August 15, and AVAX traded at highs of $11.65, with bulls looking to hold onto the gains seen since October 19.
What is the Inter-Blockchain Communication (IBC) protocol?
The Inter-Blockchain Communication (IBC) protocol is a standard protocol developed by the Cosmos team that allows different blockchains to communicate and transfer assets and data between each other.
What is the Avalanche subnet Landslide Network?
The Avalanche subnet Landslide Network is a protocol that allows for smooth cross-chain communication and interoperability between different blockchains within the Avalanche network.
What are IBC-enabled chains?
IBC-enabled chains are blockchains that have implemented the Inter-Blockchain Communication (IBC) protocol, allowing them to communicate and interact with other IBC-compatible blockchains.
How will the integration of IBC benefit Cosmos and Avalanche ecosystems?
The integration of IBC will enable Cosmos Hub (ATOM), Avalanche (AVAX), and other IBC-enabled chains to have interoperable connections. This will allow for the seamless transfer of assets and data between different chains, creating new possibilities for decentralized applications (dApps) and enhancing the capabilities of both ecosystems.
When will the Landslide Network testnet be released?
The Landslide Network testnet is set to be released on November 1, 2023.
What is CosmWasm?
CosmWasm is a smart contract platform developed by the Cosmos team. It allows developers to build and deploy decentralized applications (dApps) on the Cosmos network.
What is the DeFi ecosystem?
The DeFi (Decentralized Finance) ecosystem refers to a collection of financial applications and services that operate on blockchain technology, offering users decentralized alternatives to traditional financial systems.
What is the price of ATOM and AVAX?
At the time of the announcement, the price of ATOM spiked to $8.15, its highest level since August 15. AVAX traded at highs of $11.65, with bulls looking to hold onto the gains seen since October 19.