“IBC is a serious alternative for secure cross-chain communication,” says Sunny Aggarwal of Osmosis
Cosmos' IBC so far seems to have stayed clear of troubled waters.
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On August 2, the Nomad Token Bridge was another victim of cross-chain hacking after the protocol suffered a $190 million exploit. Joining a list of casualties alongside Axie Infinity's Ronin Bridge and Solana's Wormhole, many industry pundits have questioned the future of cross-chain technologies. However, not all cross-chain toolkits have been exploited yet. On this topic, Cointelegraph spoke to Osmosis co-founder Sunny Aggarwal. Osmosis is one of the most popular decentralized exchanges, or DEXs, on the Cosmos hub with a total locked value of $120 million. Here's what Aggarwal had to say about Cosmos' namesake inter-blockchain communication (IBC) protocol:
“Major bridge hacks remind victims that bridges are, in fact, too fragile to be allowed to hold significant amounts of capital at this point in their life cycle. IBC as being the most viable solution for cross-chain bridging, as this understanding provides an opportunity for the rest of EVM-based ecosystems to consider IBC as a serious alternative to cross-chain communication."
Currently, nearly fifty blockchains use IBC to perform over 10 million transactions per day, across and within the ecosystem with over $1 billion in assets under management, despite the market downturn. "The totally trustless nature of the system is what makes it [IBC] work so well," Aggarwal said.
The DeFi Architect then highlighted a recent example of IBC's resilience: "A huge test for the Osmosis DEX occurred when Terra Luna crashed. The majority of our namesake OSMO tokens that have been staked resident...
Cosmos' IBC so far seems to have stayed clear of troubled waters.
New
On August 2, the Nomad Token Bridge was another victim of cross-chain hacking after the protocol suffered a $190 million exploit. Joining a list of casualties alongside Axie Infinity's Ronin Bridge and Solana's Wormhole, many industry pundits have questioned the future of cross-chain technologies. However, not all cross-chain toolkits have been exploited yet. On this topic, Cointelegraph spoke to Osmosis co-founder Sunny Aggarwal. Osmosis is one of the most popular decentralized exchanges, or DEXs, on the Cosmos hub with a total locked value of $120 million. Here's what Aggarwal had to say about Cosmos' namesake inter-blockchain communication (IBC) protocol:
“Major bridge hacks remind victims that bridges are, in fact, too fragile to be allowed to hold significant amounts of capital at this point in their life cycle. IBC as being the most viable solution for cross-chain bridging, as this understanding provides an opportunity for the rest of EVM-based ecosystems to consider IBC as a serious alternative to cross-chain communication."
Currently, nearly fifty blockchains use IBC to perform over 10 million transactions per day, across and within the ecosystem with over $1 billion in assets under management, despite the market downturn. "The totally trustless nature of the system is what makes it [IBC] work so well," Aggarwal said.
The DeFi Architect then highlighted a recent example of IBC's resilience: "A huge test for the Osmosis DEX occurred when Terra Luna crashed. The majority of our namesake OSMO tokens that have been staked resident...
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