Increasing IBC transactions show Cosmos (ATOM) ecosystem is booming | CryptoSlate

CryptoSlate

The Inter-Blockchain Communications Protocol (IBC) has seen a huge rise in popularity in the past 30 days, showing that there’s a growing interest in the Cosmos blockchain.

According to the latest data from Map of Zones, there have been over 780,000 IBC transfers in the past 30 days, with the network handling over 3.2 million transactions.

How To Get Free Crypto  

IBC fuels more interest in Cosmos dApps

The Inter-Blockchain Communications Protocol (IBC) caused quite a stir when it was first introduced earlier this year, promising robust infrastructure that allows blockchains to seamlessly talk to each other. IBC essentially performs the role of a bridge, connecting different blockchains and facilitating exchanges between a network of interconnected chains.

Since its deployment on Cosmos, IBC has facilitated a significant amount of transactions but began to see a huge rise in interest in the past 30 days.

Data aggregator Map of Zones showed that IBC handled over 780,000 transfers from Cosmos in the past 30 days alone. Over half of those transfers—361,237 to be exact—came from Osmosis, a Cosmos-based AMM that enables users to create liquidity and trade IBC-enabled tokens.

The Cosmos Hub, which acts as a service provider to the chains that connect to it, saw the second-largest number of transfers in the past month—223,105. Open-source cloud solution AkashNet saw just over 58,000 transfers, while decentralized P2P VPN service Sentinel recorded 37,162 transfers. Global crypto payment network Crypto.com made 28,167 IBC transfers in the past 30 days, data has shown.

Coinbase Banner  

However, the largest number of transfers through IBC differs drastically from the total number of transactions conducted through IBC. While Osmosis kept first place with over 1.2 million transactions, the Crypto.org mainnet chain recorded 710,360 transactions in the past month.

Table showing the most active IBC zones on Cosmos by the total number of transactions in the past 30 days (Source: MapOfZones)

Get an edge on the cryptoasset market

Access more crypto insights and context in every article as a paid member of CryptoSlate Edge.

On-chain analysis

Price snapshots

More context

Join now for $19/month Explore all benefits

Like what you see? Subscribe for updates.

Go to Source
Author: Andjela Radmilac


Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.