Picasso Network introduced Monday a unique extension of the Inter-Blockchain Conversation Protocol (IBC), bridging together Solana and Cosmos. The trudge is geared toward enabling data and asset transfers between the two blockchain networks.

IBC, on the muse implemented for a Cosmos SDK chain, acts as a unhealthy-chain infrastructure protocol “to facilitate the authentication and transport of data, alongside with message passing, tokens, NFTs, and more, between two networks and the positive factors within them,” based entirely entirely on Picasso’s paperwork.

Picasso’s unique extension of IBC to Solana comes roughly two weeks after the Picasso group rolled out IBC’s extension to Ethereum. “This also plot that we change into the actual permission-less bridging solution between Ethereum to Solana without any depended on third occasion through our ETH IBC,” Henry Love, executive director of the Composable Foundation, the entity unhurried Picasso, talked about in a press begin.

Crypto users can now transfer Solana-based entirely entirely liquid staking token JitoSOL from Solana to Osmosis, which is a unhealthy-chain decentralized substitute for Cosmos, based entirely entirely on the clicking begin. The total value locked on Osmosis stands at $211.5 million, an 85% drop since its peak of $1.8 billion in 2022 sooner than the give plot of Terraform Labs’ blockchain ecosystem, data from DefiLlama reveals.

Be taught Extra: Bitcoin Liquid Staking Token Coming to Cosmos as LST Interest Surges

Picasso – largely inspired by unusual, Ethereum-based entirely entirely platform EigenLayer – plans to enlarge restaking on Solana to save quite a lot of “unhealthy-ecosystem pooled security,” per its paperwork. No topic asserting how crypto users can arrangement unhealthy-chain asset transfers Monday, crypto users could already deposit Solana-based entirely entirely resources for restaking through Picasso.

“​​Having IBC connections between Solana, Ethereum, Cosmos, and different ecosystems has been talked about for years,” neatly-known Rex St. John, who is fragment of the developer members of the family core engineering division for Anza, a Solana-based entirely entirely instrument trend company, in the clicking begin. “Whoever can put in power it and show mask that it could maybe work goes to impact a mammoth carry out on all of crypto,” he added. Final 12 months, Picasso successfully implemented IBC to join the Cosmos, Polkadot, and Kusama blockchain networks.

“Picasso is properly-positioned for a multichain future, in our thought, because it aims to carry one in all the ‘most trustless’ unhealthy-chain setups compared to different centralized interoperability ideas,” wrote Nansen’s Jake Kennis in a January story. “No topic their historical accomplishments and thrilling roadmap, zachxbt did pursue some allegations a pair of group member here in 2022.”

Crypto Twitter’s enchain sleuth uncovered the identity Composable Foundation co-founder 0xbrainjar to be Omar Zaki, who had been accused by the SEC of fraud and settled with the company, paying a lovely of $25,000. In a thread on X, Zaki known because it “a mistake in my formative years.”

PICA, the native token of Picasso that is extinct for governance and validator staking, has lowered 14.8% in the seven days ending on Friday, data from CoinGecko reveals.

Update Monday, April 15, 2024, 7:45pm ET: Added data about fraud allegations against Omar Zaki.