Composable Centauri: IBC connects Polkadot and Cosmos
Thread650 words
Explains Centauri, the first trust-minimized IBC link between Cosmos and DotSama via Picasso, with the first live connection to Osmosis. Covers new cross-ecosystem pools, liquidity flows and use cases.
Key claims
46+ IBC-enabled appchains can now reach about 80 parachains
100M PICA was streamed over 4 hours on 30 June
Subscan showed 130K daily active users in Polkadot on 3 July
0/ more exciting news from the #interoperability space! 🌐
with the launch of #Centauri, @ComposableFin is expanding IBC to the @Polkadot & @kusamanetwork ecosystems ↔️
a 🧵 on how it works & why this is a game-changer (0/20) 👇
1/ in this 🧵 we deep dive into the launch of #Centauri, the first trust-minimized connection between #DotSama and the interchain universe that is @cosmos. A breakthrough made possible by the Inter-Blockchain Communication (IBC) Protocol
2/ IBC is known for facilitating cross-chain connectivity, linking app-chains like the @cosmos Hub and other #Cosmos SDK Chains. With #Centauri, #IBC expands beyond the Cosmos universe for the first time
3/ more specifically, #Centauri pioneers the connection between Cosmos and Polkadot, which is made possible through the IBC integration on @Composable's substrate-based @kusamanetwork parachain, @Picasso_Network
4/ this interchain bridge between #Polkadot and Cosmos app-chains is already live on mainnet, the first official connection being the one between @Picasso_Network and @osmosis, the leading DEX in the @cosmos and the first app-chain that implemented IBC
5/ to facilitate this #Cosmos <> #Polkadot ("CosmoDot") connection, @ComposableFin completed a StreamSwap event for $PICA, @Picasso_Network's native token. In this event, 100 million $PICA were streamed to swap for $axlUSDC over a 4-hour period on June 30th
6/ during this streaming event, users could acquire $PICA tokens by depositing $axlUSDC. Now, the first #IBC-enabled cross-ecosystem pool ($PICA/$OSMO) is live on @osmosis
7/ as a result of this #IBC connection between #Cosmos and #Polkadot, a host of benefits and use cases are unlocked. All 46+ IBC-enabled appchains can now interact with ~80 #DotSama parachains in a trust-minimized & non-custodial manner
8/ that means liquidity can now flow in both directions between these ecosystems, with new assets becoming available on each of the networks
9/ for instance, @Cosmos Hub’s $ATOM token is now available in the DotSama ecosystem, while @Polkadot’s $DOT and @kusamanetwork’s $KSM are now available in the interchain universe of #Cosmos
10/ this connectivity means a wealth of assets native to specific @Cosmos SDK chains and #DotSama parachains will now become available across all these inter-connected chains
11/ @subscan_io data from July 3, 2023, showed 130K daily active users in the @Polkadot ecosystem, indicating the significance of this connection for @cosmos from a user perspective as well...
12/ ...as new users, transactional volume, and liquidity from Polkadot will now be accessible to @cosmos app-chains and vice versa
this creates several novel cross-chain opportunities, which include 👇
13/ Cross-ecosystem DEX pairings with native tokens on @osmosis. @ComposableFin’s Pablo #DEX already includes 👇
🎨$KSM / $OSMO
🎨$DOT / $OSMO
With plans to add:
🎨$PICA / $OSMO
🎨$PICA / $ATOM
🎨$DOT / $ATOM
🎨$KSM / $ATOM
14/ @osmosis also has plans to add 👇
🧪$OSMO / $PICA
🧪$OSMO / $KSM
🧪$ATOM / $PICA
🧪$OSMO / $DOT
15/ other cross-chain opportunities include:
🔹 Cross-ecosystem liquid staking tokens via @stride_zone
🔹 Connected instances of protocols via @Picasso_Network
🔹 Cross-chain lending and borrowing
16/
🔹 Easier and more efficient cross-chain token swaps
🔹 Cross-chain liquidity provisioning
🔹 Cross-chain yield aggregation
17/ the introduction of native DotSama assets to the interchain, also significantly enhances asset security (and vice versa)
18/ additionally, over time and as more cross-chain use cases are realized, the UX benefit of the connection between @Cosmos app-chains and #DotSama will likely foster the blockchain industry's overall growth and mass appeal
19/ so in conclusion, #Centauri is a crucial, trust-minimized connection between two multi-chain ecosystems without the need for any trusted entities...
20/ ...and that is optimized for security & user protection and that provides a fully non-custodial interoperability framework. Without a doubt a significant leap in the world of cross-chain composability & #DeFi
21/ tagging a few #cosmos & #polkadot chads to follow 🫡👇
@Flowslikeosmo
@WinterSoldierxz
@rebel_defi
@CosmosHOSS
@TheDeFinvestor
@Cephii1
@RobinWhitney_
@cosmosibc
@Curious__J
@Cryptocito
@speicherx
@JayJaboneta
@sunnya97
@CryptoDanvans
@PolkadotBoss
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@TheKusamarian
@csaint02
@WavinGood_
@alice_und_bob
@bitcoin_brown
@PolkadotInsider
@polkadotnews
@PolkadotSpace
@IBC_GANG
@Thyborg_
@johnniecosmos
@themagnet420
@EncryptionDog
@CryptoLikeMo
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What came next · since 21 Jul 2023
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This breakdown analyzes the project without making a call on the token, so price moves since publication are shown as market context.
Mentioned for context
No reliable price feed for $PICA.
Since then
Zero has written 2 more pieces on $PICA since this one.
- PICA and MANTIS: Solana restaking hub and SVM intents rollupBullish call on $PICA
- Picasso: restaking hub for Solana via an IBC guest chainBullish call on $PICA
Daily closes in USD from DefiLlama and Yahoo Finance. Only a bullish or bearish call in a thesis or market take is tracked; explainers, lists, maps and mentions are neutral context. Not financial advice.