As Interchain Innovation Trends Upward, The Cosmos Ecosystem Congregates Across Latin America




Colombia’s Medelln in August 2022 From September 26 to 28, 2022, Cosmoverse, the biggest Cosmos conference, will be held in Medellin, Colombia. For developing builders and projects looking for answers to interconnection problems, the layer 0 blockchains are redefining what interchain can entail.

“The Cosmos ecosystem has room for tremendous personalization and creativity, making it the ideal blockchain for developing regions. “The ecosystem has had phenomenal growth over the past year, and the conference aims to bring the community together in person to collaborate on cutting-edge ideas to further accelerate the adoption of the Cosmos ecosystem,” says Juri Maibaum, Co-Founder of Cosmoverse.

The recent announcement that a well-known project, decentralized crypto exchange, dYdX, is migrating its platform from a Layer 2 Ethereum decentralized application (dApp) onto its own Cosmos-based blockchain boosted the development of this ecosystem.

The Cosmos chain’s configurable framework makes it so popular with early builders and larger projects.

The Cosmos SDK is one of the tools that Cosmos is making available to companies as a Layer 0, so they can launch their unique, needs-specific blockchain. Additionally, the ecosystem’s chains may connect without interruption because Cosmos’ Inter-Blockchain Communication Protocol (IBC) eliminates the need for bridges to transfer assets.

Together, they offer a complete toolkit from which projects can create and grow their ecosystems without jeopardizing interoperability.

It hosts more than 200 application-specific Cosmos native dApps that are giving users value without jeopardizing the overarching interconnected mission of these communities. Cosmos is establishing a reputation for being one of the most diverse ecosystems in cryptocurrency, and as of July 2022, it held 0.82 percent of the total DeFi total value locked (TVL).

Cosmoverse wants further to ingratiate itself into the South American cryptocurrency scene and raise awareness of Cosmos as an interchain platform.

The co-founder of Cosmos, Ethan Buchman, is one of its standout speakers. Osmosis, the largest interchain decentralized exchange on the Cosmos Blockchain, and Sommelier Finance, a platform that promises to enhance DeFi through off-chain computing and greater interoperability, were both co-founded by Sunny Aggarwal and Zaki Manian.

The Cosmoverse themes for this year will include a mix of keynote speeches and panels and will examine NFTs, bridges, venture capital, Regenerative Finance (ReFi), and Crypto in Latin America.

All of this will happen in Medellin, Latin America’s burgeoning digital hub. This vibrant city in Colombia offers a potential setting to carry on integrating the thriving local development community into Web3.

Interchain Accounts Improve Cosmos Composability

Due to its intrinsic composability, Ethereum DeFi has grown so swiftly and secured billions of dollars in total value locked (TVL) across its numerous protocols. Similar to Lego blocks that may be added to or deleted, various components of a composable system can be moved around or reintegrated. Every Lego component may be optimized, enabling quick iteration, invention, and protocol communication.

With each intelligent contract addressing a specific aspect of an overall business process, this enables the permissionless trading of highly complex financial instruments across various intelligent contracts. Cosmos applications, except CosmWasm smart contracts, cannot instantly access one another because each application is basically its own blockchain. Cosmos has overtaken Ethereum to claim second place in the TVL rankings for blockchain ecosystems, according to IBC.

About the author, Awais Rasheed

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