Moonbeam, a sensible contract parachain on Polkadot, has partnered with Cosmos-based decentralized change Osmosis to allow cross-chain token swaps between the Polkadot and Cosmos ecosystems, the venture introduced on July 23. This implies it will likely be easy to switch tokens between the 2 completely different blockchain ecosystems.
The mixing is made obtainable by way of the Axelar Community protocol. Axelar is each a bridge community and a platform for cross-chain communication for sensible contract protocols. The previous permits tokens to be despatched throughout completely different blockchains whereas the latter is what allows decentralized apps to be deployed on completely different networks. The venture raised $25 million in its Collection A funding final yr.
DOT, the native token of the Polkadot blockchain, would be the first token supported on the cross-chain bridge, per the announcement. Moonbeam acknowledged that there are plans to assist the bridging of extra Polkadot ecosystem cash to the Cosmos chain.
In response to Moonbeam, the power to switch Polkadot-based cash to Cosmos is a significant step in increasing cross-chain composability between the 2 blockchain ecosystems. Moonbeam additionally acknowledged that the partnership buttresses the truth that Polkadot and Cosmos can exist as complementary ecosystems — though they’re usually seen as rivals engaged on alternative ways to realize the identical objective.