StarkWare is working on integrating the Inter-Blockchain Communication (IBC) protocol from the Cosmos network into Starknet

Starknet

Starknet is an Ethereum layer-2 network.

Starknet uses zk-Rollups technology that bundle multiple transactions into a single batch, which is then submitted to the Ethereum mainnet for validation.

This reduces the computational load and gas fees on the Ethereum network, allowing for faster and cheaper transactions.

Starknet currently has $284 million in TVL.

As of July 26, 2024, STRK has a market cap of $771 million. This makes STRK the world's 87^th most valuable crypto by market cap.

Informal Systems 🌱 on X: "1/ @Starknet 🤝 @informalinc Part 1️⃣ We've teamed up with @Starknet to enhance decentralization and interoperability in the Ethereum L2 space. Combining StarkWare Industries, the @StarknetFndn, and our expertise promises something extraordinary. 

StarkWare

StarkWare is the company developed Starknet.

StarkWare is working on integrating the Inter-Blockchain Communication (IBC) protocol from the Cosmos network into Starknet.

The Cosmos-based Inter-Blockchain Communication (IBC) protocol is a standardized framework for facilitating interoperability and communication between different blockchain networks. It allows blockchains to transfer tokens and other data between each other

This integration is being done in collaboration with Informal Systems, a contributor to the Cosmos ecosystem.

The IBC protocol is a critical component of the Cosmos ecosystem, designed to enable interoperability among independent blockchains.

By integrating IBC, Starknet will be able to connect with any IBC-compatible chain, which includes all chains within the Cosmos ecosystem and potentially other compatible chains outside it.

IBC currently supports 115 blockchains.

This move is significant for Starknet as it will open up a wide range of possibilities for cross-chain interactions, allowing for a more interconnected blockchain ecosystem.

The integration will also enhance the capabilities of Starknet, enabling it to support a broader range of decentralized applications.