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 Price Forecast: Gold Drops Below $4,300, Will It Continue to Fall? As of the European session on September 24, gold prices (XAUUSD) extended their correction, dipping below $4,300 intraday to hit a low of $4,262.45. After previously rebounding close to $

Author TradingKey

12 hours ago

As of the European session on September 24, gold prices (XAUUSD) extended their correction, dipping below $4,300 intraday to hit a low of $4,262.45. After previously rebounding close to $

Yen touches 158.37 as Tokyo reopens, then slips back — ¥15.4 trillion of intervention and the 200-day line stand between here and 160 USD/JPY reached 158.37 overnight, its highest since early September, then eased to 157.88 as Japanese markets reopened after a three-day holiday. The Ministry of Finance has spent ¥15.4 trillion defending the yen since late July and the BOJ ran a rate check on September 18. The 200-day average sits at 158.43.

Author Irene Q.

15 hours ago

USD/JPY reached 158.37 overnight, its highest since early September, then eased to 157.88 as Japanese markets reopened after a three-day holiday. The Ministry of Finance has spent ¥15.4 trillion defending the yen since late July and the BOJ ran a rate check on September 18. The 200-day average sits at 158.43.

US input costs rose at the fastest pace in four years — the September flash PMI beat is an inflation story, not a growth story US September flash PMIs came in far above expectations, with the composite at 58.4, a five-year high. But the detail that moved markets was input cost inflation at its fastest since October 2022, driven by fuel, transport and supply shortages. Brent is back above $100 and the 10-year Treasury yield has hit its highest since 2007.

Author Suzie

15 hours ago

US September flash PMIs came in far above expectations, with the composite at 58.4, a five-year high. But the detail that moved markets was input cost inflation at its fastest since October 2022, driven by fuel, transport and supply shortages. Brent is back above $100 and the 10-year Treasury yield has hit its highest since 2007.

Euro weakens below 1.1400 as Fed rate hike expectations reinforce US Dollar strength The EUR/USD pair loses ground to near 1.1380 during the early Asian trading hours on Thursday. The major pair extends its downside as hawkish signals from the US Federal Reserve (Fed) boost the US Dollar (USD) against the Euro (EUR).

Author FXStreet

20 hours ago

The EUR/USD pair loses ground to near 1.1380 during the early Asian trading hours on Thursday. The major pair extends its downside as hawkish signals from the US Federal Reserve (Fed) boost the US Dollar (USD) against the Euro (EUR).

Gold Price Forecast: XAU/USD drifts toward $4.300 with bears gaining traction Gold (XAU/USD) retraces Tuesday’s gains on Wednesday and drifts lower, approaching the $4,300 area as the US Dollar Index (DXY) rallies further amid high US Treasury yields.

Author FXStreet

Yesterday 10: 02

Gold (XAU/USD) retraces Tuesday’s gains on Wednesday and drifts lower, approaching the $4,300 area as the US Dollar Index (DXY) rallies further amid high US Treasury yields.

Popular Symbols