The Inter Blockchain Communication (IBC) protocol of Cosmos (ATOM) has grown enormously in recent months. Cosmos, the “internet of blockchains,” is a so-called cross-chain network.
IBC launched in March this year and allows different blockchain networks to communicate with each other. With this, for example, tokens from the decentralized finance (DeFi) and non-fungible token (NFT) worlds can be sent over multiple networks.
Documenting Cosmos reported on October 3 that IBC processed more than one million transactions between different blockchains last month. It is an important milestone for the network:
According to Map of Zones, where the data comes from, a whopping 58,280 IBC transactions were executed in the past 24 hours, 272,000 in the past 7 days and 1,085,700 in the past month. It is striking that not Cosmos, but Osmosis (OSMO) is responsible for most IBC transactions.
Osmosis is a so-called automated market maker. The OSMO price rose by as much as 475% between the end of July and the end of September. OSMO reached an all-time high (ATH) of $7.61 on September 20, and was briefly in the top 100 largest crypto. However, OSMO has since dropped by 37%.
In addition, a number of well-known networks from the cryptocurrency industry run on the IBC ecosystem, including Terra (LUNA), Band Protocol (BAND), Kava (KAVA) and even Crypto.com. Recently, BitCanna (BCNA), now perhaps a well-known project among Crypto Insiders readers, made the switch to IBC. Yesterday Injective Protocol (INJ) did that:
The ATOM price also made a huge rise this summer. ATOM rose by as much as 370% between the end of July and the end of September. ATOM hit an ATH of $44.4 on September 20, but is currently about 22% below its ATH at $34.7.