Mitrade Insights is dedicated to providing investors with rich, timely and most valuable financial information to help investors grasp the market situation and find timely trading opportunities.

2021

Best News & Analysis Provider

FxDailyInfo

2022

Best Forex Educational Resources Global

International Business Magazine

Insights

News

Cryptocurrencies

Polygon and Cosmos blockchains to be connected by Union Labs, MATIC, ATOM react positively

Source Fxstreet

Polygon and Cosmos blockchain ecosystems will be connected by a layer, Union Labs.
Union Labs will connect Polygon’s AggLayer with Cosmos ecosystem’s Inter-Blockchain Communication Protocol.
MATIC and COSMOS price added nearly 2% gains on Thursday.

Polygon blockchain’s aggregation layer (AggLayer) and Cosmos’s Inter Blockchain Communication (IBC) will be connected via Union Lab’s proposed solution. The modular interoperability layer is expected to ensure a smooth flow of liquidity between the two large blockchain ecosystems.

Union Layer could connect Polygon and Cosmos in this manner

DeFi users and traders using Layer 2 scaling solutions could benefit from a greater access to liquidity and movement between projects like Polygon and Cosmos.

Union Labs plans to power one such integration through a modular interoperability layer. The solution will ensure a smooth flow of liquidity between the two chains and maintain a unified architecture. It will offer a simple user experience (UX) for traders.

Polygon’s AggLayer is a bridge that unifies liquidity across projects and Cosmos’ IBC handles the authentication and movement of data between blockchains. Connecting the two chains is set to unlock a useful solution for web3 users and unlock greater freedom and flexibility in the ecosystem.

In a real-world use case, traders use AggLayer to buy NFTs or swap tokens in an easy manner, without additional steps of connecting to bridges and IBC allows traders to improve their trading strategies across various blockchains, ensuring smooth communication between different chains.

Marc Boiron, CEO of Polygon Labs, told FXStreet, “Union’s integration into the AggLayer is a significant milestone for both the Polygon and Cosmos ecosystems leveraging the AggLayer’s unique architecture to unlock modular and monolithic benefits for both ecosystems. It streamlines liquidity flow for current projects and users while catalyzing innovation.”

MATIC and COSMOS prices surged nearly 2% in the past day.

Disclaimer: For information purposes only. Past performance is not indicative of future results.

Recommended Articles

Gold rebounds above $4,350 as US Dollar, Treasury yields slip Gold price (XAU/USD) rebounds from a nearly one-month low to around $4,385 during the early Asian session on Thursday. The precious metal edges higher as the ‌US Dollar (USD) and Treasury yields retreat from recent highs.

Author FXStreet

Sep 03, Thu

Gold price (XAU/USD) rebounds from a nearly one-month low to around $4,385 during the early Asian session on Thursday. The precious metal edges higher as the ‌US Dollar (USD) and Treasury yields retreat from recent highs.

Top 3 Price Prediction: Bitcoin, Ethereum, Ripple – BTC, ETH and XRP await US NFP for next directional move Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) extend their weekly gains on Friday as traders await the US Nonfarm Payrolls (NFP) report for the next directional catalyst.

Author FXStreet

Sep 04, Fri

Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) extend their weekly gains on Friday as traders await the US Nonfarm Payrolls (NFP) report for the next directional catalyst.

Gold slumps to near $4,350 amid oil-driven inflation fears, US inflation data in focus Gold price (XAU/USD) falls to near $4,350 during the early Asian session on Wednesday. The precious metal faces some selling pressure as rising oil prices fueled inflation ‌concerns and boosted expectations for a rate hike by the Federal Reserve (Fed) in September.

Author FXStreet

Yesterday 01: 13

Gold price (XAU/USD) falls to near $4,350 during the early Asian session on Wednesday. The precious metal faces some selling pressure as rising oil prices fueled inflation ‌concerns and boosted expectations for a rate hike by the Federal Reserve (Fed) in September.

US dollar clings to nine-week lows near 98.4 as Brent nears $100 and the yen hits a seven-month high — five events to watch today The dollar is pinned near nine-week lows even after a blockbuster jobs report, as an oil spike toward $100, a surging yen and China's reflation data crowd the driver's seat. Five key events to watch today: Brent at $99.46, USD/JPY at 154, China CPI/PPI, PBOC gold buying, and Thursday's PPI / Friday's CPI ahead of the September 15-16 FOMC.

Author Eric Nkando

Yesterday 07: 39

The dollar is pinned near nine-week lows even after a blockbuster jobs report, as an oil spike toward $100, a surging yen and China's reflation data crowd the driver's seat. Five key events to watch today: Brent at $99.46, USD/JPY at 154, China CPI/PPI, PBOC gold buying, and Thursday's PPI / Friday's CPI ahead of the September 15-16 FOMC.

Brent holds above $100 as tanker attacks tighten supply — but four forces are capping the rally Brent crude is holding above $100 a barrel for a second session, its first close above the level since late July, as tanker attacks near the Strait of Hormuz squeeze an already tight physical market. Yet the rally has been gradual: 8.3 mb/d of Gulf output is still shut in, diesel is at a record, and forecasts now range from $74 to $100.

Author Irene Q.

5 hours ago

Brent crude is holding above $100 a barrel for a second session, its first close above the level since late July, as tanker attacks near the Strait of Hormuz squeeze an already tight physical market. Yet the rally has been gradual: 8.3 mb/d of Gulf output is still shut in, diesel is at a record, and forecasts now range from $74 to $100.

Popular Symbols