Wormhole, the Jump Crypto-backed cross-chain bridge, is expanding into the Cosmos ecosystem, marking the project's eleventh collaboration with a base-layer blockchain.
Wormhole has partnered with Injective, an Ethereum-compatible sidechain capable of communicating natively with Cosmos. Cosmos' ATOM token currently has a market cap of more than $3 billion, making it one of the top 30 tokens by market cap, according to data from CoinMarketCap.
"As Wormhole is a major force in the crypto industry, the partnership will focus on expanding Injective's network and supporting new dApps built on the blockchain," Eric Chen, CEO of Injective Labs, said in a statement.
A cross-chain future
As Layer 1 blockchains compete to accumulate Total Value Locked (TVL) and users, investors and builders are increasingly focused on interoperability solutions.
Popular Layer 1 or base-layer blockchains such as Ethereum, Avalanche and Solana cannot easily communicate with each other, meaning assets held on one blockchain are difficult to transfer to another.
When tokens are bridged through Wormhole's Portal Bridge, the original token is locked in a smart contract while a new portal-enveloped version of that token is minted on the target chain. Then, the wrapped tokens can be traded for tokens on the target chain and used for decentralized financial transactions (DeFi).
The integration makes Injective the primary gateway for cross-chain native assets from other prominent Layer 1 chains to enter the Cosmos universe.
According to its website, Injective's venture capitalists include Pantera Capital, Hashed and entrepreneur Mark Cuban.
Earlier this month, Wormhole announced that it had partnered with blockchain Algorand, with Wormhole Foundation Director Hendrik Hofstadt citing the chain's nine-figure TVL as the main reason for the partnership.
Wormhole, the Jump Crypto-backed cross-chain bridge, is expanding into the Cosmos ecosystem, marking the project's eleventh collaboration with a base-layer blockchain.
Wormhole has partnered with Injective, an Ethereum-compatible sidechain capable of communicating natively with Cosmos. Cosmos' ATOM token currently has a market cap of more than $3 billion, making it one of the top 30 tokens by market cap, according to data from CoinMarketCap.
"As Wormhole is a major force in the crypto industry, the partnership will focus on expanding Injective's network and supporting new dApps built on the blockchain," Eric Chen, CEO of Injective Labs, said in a statement.
A cross-chain future
As Layer 1 blockchains compete to accumulate Total Value Locked (TVL) and users, investors and builders are increasingly focused on interoperability solutions.
Popular Layer 1 or base-layer blockchains such as Ethereum, Avalanche and Solana cannot easily communicate with each other, meaning assets held on one blockchain are difficult to transfer to another.
When tokens are bridged through Wormhole's Portal Bridge, the original token is locked in a smart contract while a new portal-enveloped version of that token is minted on the target chain. Then, the wrapped tokens can be traded for tokens on the target chain and used for decentralized financial transactions (DeFi).
The integration makes Injective the primary gateway for cross-chain native assets from other prominent Layer 1 chains to enter the Cosmos universe.
According to its website, Injective's venture capitalists include Pantera Capital, Hashed and entrepreneur Mark Cuban.
Earlier this month, Wormhole announced that it had partnered with blockchain Algorand, with Wormhole Foundation Director Hendrik Hofstadt citing the chain's nine-figure TVL as the main reason for the partnership.
According to its website, Wormhole has a TVL of more than $670 million across its various bridge integrations.