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Cardano-Cosmos Ecosystem Bridge Launches, Network Statistics Spike

Thu, 08/04/2022 - 13:34
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Tomiwabold Olajide
Cross-chain bridge technology would serve as seminal bridge deployment between Cosmos and Cardano
Cardano-Cosmos Ecosystem Bridge Launches, Network Statistics Spike
Cover image via stock.adobe.com

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The Cosmos-Cardano Bridge, powered by Peggy 2.0 and Sifchain, an omni-chain DEX on Cosmos that allows swapping, staking and bridging between Ethereum and Cosmos, is currently in development.

The cross-chain bridge technology will serve as the seminal bridge deployment between Cosmos and Cardano (via its EVM-compatible layer), and it hopes to unlock new cross-chain opportunities between these two ecosystems. Cosmos is often dubbed the ''internet of blockchains," hence the move for its interoperability with Cardano.

As it stands, it seems as if "security’’ would be at the forefront of the project's mission following the recent Nomad Bridge hack.

Cardano's network usage spikes

According to Cexplorer, network usage for Cardano spiked by as much as 95% on Aug. 3, following the utilization of its blockchain capacity. This may be due to several addresses interacting with the network following recent events in the crypto space, such as the latest Solana multi-million wallet hack.

Cardano has faced significant criticism in the past, most of which concerned its comparison to a ghost chain. However, Cardano continues to post ghost chain-disproving numbers.

In a bid to increase transaction throughput, IOHK has increased the block-size limit twice this year to enable more transactions per block. The block size increased from 64KB to 80KB, and then further to the present 88KB. Larger block sizes might mean that more transactions can fit into a block, thus increasing user capacity.

The number of Plutus scripts on Cardano has surpassed the 3,000 mark, per data from Cardano Blockchain Insights.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.