The Osmosis crypto exchange expands to Ethereum assets thanks to the Gravity Bridge help which will give the cosmos AMM another TVL boost as we can see more today in our latest crypto news.
Cross-chain Osmosis crypto exchange is expanding its horizons with the launch of the new bridge that will enable trading for ETH-based assets. OSmosis announced the launch of Gravity Bridge which is an inter-blockchain protocol to Ethereum translator that is built by Althea, an internet service provider. To this date, the decentralized exchanges expanded immensely by deploying the implementations of their contracts on alternative chains with projects like Ren and Torchain trying to enable cross-chain asset swap and unified liquidity pools.
The bridge from #Ethereum to #Cosmos, @gravity_bridge created by @AltheaNetwork has launched a consolidated governance platform on @hicommonwealth to support the new project’s community as it continues to grow.
Check out the forum here: https://t.co/EU0hYiRGg5
— Commonwealth (🐮,🌝) (@hicommonwealth) January 19, 2022
According to the Osmosis co-founder Sunny Aggarwal, the expansion has a few clear drawbacks:
“There’s two views of how the multichain system will work. There’s one where you have all these layer 1 blockchains, and you have apps that redeploy on all of these chains. In our opinion, this ends up fragmenting the liquidity, the user experience, everything.”
Enabling asset swaps between Ethereum and Cosmos IBC requires tons of innovation. According to Aggarwal, the Althea team was working on the gravity Bridge for a few years and has a sophisticated slashing system for validators that underperform. Osmosis Is an app-specific chain which means that Osmosis Labs will take huge steps to improve user experience like allowing Metamask signatures that are not usually compatible with Cosmos. Aggarwal noted:
“There’s two big markets you need to think about. One is the cross-ecosystem trading market, and the other is the intra-ecosystem market. In a way Osmosis has a heavy focus on the intra-Cosmos market for sure, but our focus when the Gravity bridge goes live will be getting into the market of cross-ecosystem trades.”
Updates from the Lab will unfortunately be cancelled this week, as multiple of the co-hosts are down with the 'vid 🤒
We'll be back up and at 'em next week with 2 weeks of juicy updates!
Stay safe and healthy! 🧪
— Osmosis (@osmosiszone) January 12, 2022
Aggarwal said that Osmosis is aiming to capture volume for the terra stablecoin UST and noted that there are $24 million in liquidity for the Curve finance UST 3pool and $160 million in liquidity on the OSMO/UST pool on Osmosis alone:
“I think this is a market we’re well-positioned to capture, and there are new stablecoins coming on to Cosmos as well. Really getting that stablecoin market between Cosmos and Ethereum, will be important for TVL.”
Osmosis has been growing fast lately and doubled its total value locked over the course of a few months to $1.6 billion. The Integrations with other ETH virtual machine enabled chains are on the horizon as well so the team hopes to enable cross-chain trading for NFTs in the future.
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