Picasso Extends Cross-Chain Bridge to Connect Solana and Cosmos

Picasso Network has extended the Inter-Blockchain Communication Protocol (IBC) to bridge Solana and Cosmos, enabling the transfer of data and assets between the two blockchain networks. This latest extension follows Picasso's previous integration of IBC with Ethereum, making it the only permissionless bridging solution between Ethereum and Solana without any trusted third party.

Picasso Extends Inter-Blockchain Communication Protocol to Bridge Solana and Cosmos

March 6, 2023

In a groundbreaking move, Picasso Network has announced a significant extension to the Inter-Blockchain Communication Protocol (IBC), creating a seamless bridge between Solana and Cosmos blockchain networks. This breakthrough enables the secure transfer of data and assets between these two prominent ecosystems.

IBC, initially developed for Cosmos SDK chains, serves as a crucial cross-chain infrastructure protocol. It facilitates the authentication and transportation of vital data, including messages, tokens, NFTs, and more, between connected networks and their applications. Picasso's latest extension of IBC to Solana signifies a major milestone in blockchain interoperability.

Just two weeks after extending IBC to Ethereum, the Picasso team has swiftly expanded its cross-chain capabilities. "This achievement makes us the sole permissionless bridging solution connecting Ethereum and Solana without relying on any third-party intermediaries," declared Henry Love, Executive Director of the Composable Foundation, the entity behind Picasso.

This development unlocks unprecedented possibilities for crypto users. They can now seamlessly transfer Solana-based liquid staking tokens like JitoSOL from Solana to Osmosis, a leading decentralized exchange within the Cosmos ecosystem. Osmosis boasts a total value locked (TVL) of $211.5 million, reflecting an 85% decline since its peak of $1.8 billion in 2022.

Picasso's long-term vision aligns with the popular Ethereum-based platform EigenLayer, emphasizing the expansion of restaking on Solana to establish cross-ecosystem pooled security. While the announcement unveils cross-chain asset transfer capabilities, users have been able to deposit Solana-based assets for restaking via Picasso since its inception.

"The potential of IBC connections between Solana, Ethereum, Cosmos, and other ecosystems has been widely discussed," remarked Rex St. John, a core member of the developer relations engineering team at Anza, a Solana-based software development firm. "The party that successfully executes this vision and demonstrates its efficacy will undoubtedly have a profound impact on the entire crypto landscape."

Last year, Picasso made significant strides by implementing IBC to connect Cosmos, Polkadot, and Kusama blockchain networks. According to Jake Kennis, a senior research analyst at Nansen, "Picasso is strategically positioned for a multichain future. It aims to provide one of the most trustless cross-chain setups compared to alternative centralized interoperability solutions."

Despite recent market fluctuations, PICA, Picasso's native token used for governance and validator staking, has shown resilience. Over the past week, PICA has experienced a moderate decrease of 14.8%, as per data from CoinGecko.

Picasso's continuous innovation and expansion of cross-chain capabilities are reshaping the blockchain landscape. By seamlessly bridging Solana and Cosmos, the network unlocks new possibilities for asset transfer, liquidity, and interoperability. As the vision of a multichain future becomes a reality, Picasso's role as a cornerstone of this interconnected ecosystem becomes increasingly significant.