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Cosmos IBC Lodges 11.2 Million Transfers Reaching an All-Time High

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The Inter Blockchain Communication Protocol (IBC) reached an all-time high in February regarding the number of lodged transfers. During the month, 11.2 million transfers were lodged in the protocol.

The IBC has been recording growth inactivity, and more adoption from projects has been witnessed recently. The Interchain Foundation stated that 38 projects had been activated on the IBC. The Interchain Foundation is a non-profit organization that funds the Cosmos ecosystem.

IBC brings interoperability to the Cosmos ecosystem

The IBC protocol was launched in March 2021. Its launch was made through the Stargate upgrade on the Cosmos blockchain. The protocol promotes a robust interchain infrastructure dedicated to the Cosmos ecosystem. As an interchain protocol, the IBC protocol bridges across different blockchains.

It will facilitate exchange transactions between different networks that belong to an interconnected chain. Last year, the IBC protocol recorded a notable increase in popularity. More than 780,000 transactions were recorded on the network between August and September. Since then, the network has been recording a new month-on-month high, and it finally recorded a break to 1 million transfers.

The protocol is still recording notable highs and breaking previous records. In February 2022, the protocol reached 11.3 million transfers. According to the Interchain Foundation, 38 projects have been activated in IBC. These projects include Fetch AI, Altered Carbon, Cheqd and Sommelier that joined the IBC interchain last month.

In February, the IBC protocol announced the launch of Interchain Accounts. This protocol allowed blockchains to gain control over their accounts on other chains. The foundation noted that composability would be achieved between Cosmos zones through this process while maintaining sovereignty.

Cosmos matching up to the demand

The growth of decentralized finance (DeFi) and the expansion of the blockchain sector have created a demand for interoperability. The concept of interoperability was promoted throughout 2021, spilling over to 2022. Protocols promoting interoperability have seen an influx in demand, which could explain why IBC has seen a rise in the number of transfers for several consecutive months.

Charleen Fei, the IBC product lead at the Interchain Foundation, acknowledged the increased need for interoperability. She noted that IBC had not been caught unawares by the concept as it had always been committed to making the rising number of blockchain networks interoperable.

Fei noted that the Cosmos blockchain had always been committed to bringing sovereign interchain ecosystems together. Each of these ecosystems had its unique values and assets. These details were adopted in the Cosmos whitepaper published in 2016, and over the years, the protocol has worked to achieve this.

Having worked on interoperability over the years, the Cosmos blockchain has managed to become a leader in the sector, and it could continue to record growing adoption, given that the future of the space is multichain. Fei noted that Cosmos would boost user experiences further with the launch of Interchain Security.

She said that the Cosmos ecosystem was committed to achieving mass adoption. Therefore, it needed the support of everyone in the sector to boost the security and potential of interoperable protocols. The platform also needed to focus on usability to boost overall adoption.

Fei added, “having a truly interoperable landscape also presents a new set of usability challenges, and we are already seeing the first iterations of solutions across the entire Interchain in the forms of Interchain native block explorers, interfaces, and wallets. We hope to continue to inspire what is next – a rich and diverse landscape of yet-to-be mapped out products which will comprise the Interchain.”

To learn more visit our Investing in Cosmos guide.

Ali is a freelance writer covering the cryptocurrency markets and the blockchain industry. He has 8 years of experience writing about cryptocurrencies, technology, and trading. His work can be found in various high-profile investment sites including CCN, Capital.com, Bitcoinist, and NewsBTC.

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