Osmosis now supports seamless cross-chain swaps between the Cosmos, Polkadot, and Ethereum ecosystems
COSMOS, Minn., July 19, 2022 /PRNewswire/ — Osmosis, the Cosmos-based interchain automatic market maker (AMM), today announces its integration with Axelar and Moonbeam to enable one-click swaps between Cosmos, Polkadot, and Ethereum-based tokens. Axelar’s cross-chain infrastructure provides the secure transport layer to make liquidity from the Polkadot ecosystem available on Osmosis, and because Axelar provides any-to-any connectivity, Cosmos-based tokens will also be able to flow to Moonbeam. The first token to move between ecosystems is DOT, which is now available on Osmosis.
"The bridging of the Cosmos Interchain and Polkadot Parachain ecosystems is a pivotal integration as we build towards a maximally interoperable blockchain space," said Sunny Aggarwal, Co-Founder of Osmosis Labs. "DOT on Osmosis is but the first step in enabling DeFi to flourish as it was meant to – without fragmented liquidity and user bases."
DeFi dApp developers have struggled to expand their reach across multiple blockchain ecosystems. Some have made the attempt by launching multiple versions of their dApps on different L1s or rollups. While this approach does reach more communities, it has proven difficult for developer teams who have to spread their attention and liquidity thinly across all of those L1s and L2s. Further, those additional resources haven’t yielded economies of scale upsides due to each dApp being siloed from the others.
Interoperability mechanisms like the Axelar-facilitated connection between Osmosis and Moonbeam are the infrastructure that enables developers to finally access the liquidity of multiple ecosystems while bringing those siloed communities together into a cohesive network of networks. The cross-chain composability between the Cosmos and Polkadot ecosystems means that the liquidity between these two ecosystems can flow more freely without any need for centralized exchange integration.
"The biggest challenge for broader end user adoption of web3 apps is the end user experience," said Derek Yoo, Founder of Moonbeam. "This Osmosis single-click swap integration illustrates perfectly the benefit of what is possible with cross chain messages. What would normally be a complex, multi-step bridging process is reduced to a one click in-app experience. UX improvements like this that hide infrastructural complexity away from the end user will be key to growing larger Web3 userbases."
"What Osmosis and Moonbeam are doing is a powerful example of what is possible in a new cross-chain paradigm: composing liquidity for users, who can now access assets and functions on any chain through one-click experiences," said Axelar Co-Founder Sergey Gorbunov. "Axelar infrastructure and developer tools make it possible to do this securely and permissionlessly, across any connected chains."
While Polkadot and Cosmos have often been pitted as competitors, this collaboration between Osmosis, Moonbeam, and Axelar demonstrates a shared commitment to interoperability and is a foundational step for deeper integration between the ecosystems. Users can now visit osmosis.zone to swap or LP DOT, and Axelar’s bi-directional bridge will be enabling more assets to flow between Osmosis and Moonbeam in the near future.
Osmosis is an advanced Automated Market-Making (AMM) protocol focused on privacy, AMM design, and the rapidly expanding interchain. Privacy is a fundamental right, and to protect users from MEV ("Miner" Extractable Value), Osmosis is developing cutting-edge techniques to encrypt transactions in the mempool and assure fair execution without frontrunning. In the AMM design space, Osmosis is delivering optimal trades through innovating new models of market-making curves, batch execution, and deep liquidity, incentivized through a novel LP-bonding system. The assets underlying these bonded LP shares will soon be able to secure their respective blockchains in a process called superfluid staking, earning additional rewards and further fostering the explosive growth of the Internet of Blockchains. As the interchain grows, Osmosis will continue to provide it with a cross-chain UX that is fast, intuitive, and fun. Over one billion dollars has been deposited into Osmosis liquidity pools, and over twenty chains have connected to the chain. With the upcoming addition of permissioned smart contracts to the platform, the Osmosis chain will be able to aggregate yields, borrow and lend, and compose with contracts on other chains. Interchain DeFi has arrived. To get started, visit https://osmosis.zone
Moonbeam is a smart contract platform for building cross-chain connected applications that can access users, assets, and services on any chain. By uniting functionality from Ethereum, Cosmos, Polkadot and more into a single platform, Moonbeam solves today’s fragmented user experience — unlocking true interoperability and paving the way for the next generation of applications. The Moonbeam platform uses integrated cross-chain messaging to allow developers to create smart contracts that access services across many remote blockchains. This approach, plus Moonbeam’s developer-friendly EVM platform, vast tool support, and modern Substrate architecture, creates the ideal development environment for building connected applications.
Axelar delivers secure cross-chain communication. At its core is a permissionless overlay network that supports Turing-complete message passing and composability of programs. A simple API enables developers to build cross-chain dApps that connect users to any application, any asset, on any chain via 1-click experiences. Axelar is for Web3 what Stripe is for mobile and internet applications. Axelar has raised capital from top-tier investors, including Dragonfly Capital, Polychain Capital, Coinbase, and Binance. Partners include major proof-of-stake blockchains, such as Avalanche, Cosmos, Ethereum, Polkadot and others. Axelar’s team includes experts in distributed systems, cryptography, MIT/Google/Consensys alumni; the co-founders, Sergey Gorbunov and Georgios Vlachos, were founding team members at Algorand.