Eureka, recently launched by Cosmos, enables connectivity between Ethereum and IBC networks.
The new Eureka upgrade from Cosmos improves IBC by enabling native Ethereum interoperability, making it easier for developers to build across multiple chains.
In its mission to become the “internet of blockchains,” Cosmos launched Eureka, a solution that bridges its IBC protocol with Ethereum.
Eureka, according to an April 10 announcement, upgraded the Cosmos IBC protocol from a network-specific standard to a broader universal interoperability layer, aiming to establish the hub as a base for multichain apps.
With Eureka expanding IBC to Ethereum, a larger number of users can now interact with Cosmos-based applications and blockchains.
The protocol enables developers to develop multichain apps that span multiple ecosystems without causing user fragmentation.
The announcement highlighted that using bridges for interoperability typically causes intermediaries and leads to a fragmented experience for users and liquidity.
With bridges, users can easily transfer assets across blockchains, but Eureka promises native interoperability for developers.
Developers can access IBC connections, users, liquidity, and services through Eureka’s distribution zone, which does not require additional infrastructure.
Users can explore apps, services, and assets across the ecosystems integrated with the Cosmos Hub.
Babylon, a Bitcoin staking protocol, became one of the first use cases, allowing users to transfer Bitcoin liquid staking tokens from Ethereum to its chain built on Cosmos.
Elys, a decentralized finance (DeFi) protocol, will also support trading of Wrapped Ether (WETH), Wrapped Bitcoin, and USDt from the Ethereum network.
According to developers, users will soon be able to leverage Eureka’s multichain functionality within dYdX, a major decentralized exchange (DEX).
According to reports, Mantra will facilitate the transfer of capital from Ethereum into Cosmos-based markets for real estate, staking infrastructure, and permissioned DeFi applications.
Since its launch, IBC, upgraded by Eureka, has facilitated up to $3 billion in monthly transaction volume across more than 115 blockchains, as stated in the announcement.
Blockchains that were not part of the Cosmos ecosystem faced significant challenges in the integration process.
