Composable Finance, a DeFi protocol, has announced the launch of the Ethereum IBC Testnet. It is specifically for PICA token transfers. The movement of the native token has been enabled to happen between Ethereum and Cosmos. The IBC mechanism will facilitate it. That is an acronym for Inter-Blockchain Communication.
The objective is to fuel collaboration and integration in the blockchain space. Binance has shared the story, calling the launch a significant step. Users can connect to the IBC using their accounts on Keplr Wallet and MetaMask Wallet.
The launch of the Ethereum IBC Testnet comes at a time when the DeFi sphere is continuously evolving. Users are seeking more features and better convenience in the ecosystem. One of the major requirements sought by the community is to enable communication and token transfers across the chain. This development comes with confidence that more advancements will be announced in the future, specifically for cross-chain solutions and blockchain interoperability solutions.
The community has, so far, given mixed responses to the announcement. Some of them have said that it is great, while others have questioned why so much effort is being invested in bridging to and from ETH only.
Interested users can participate in the testnet of Ethereum IBC. Composable Finance has published a guide showcasing step-by-step instructions to get started. It is imperative to have a MetaMask Wallet for Ethereum and a Keplr Wallet for Cosmos. The only operation initially accessible on the Testnet is the transmission of native tokens. Users can accomplish this by leveraging the capabilities of cross-ecosystem transfers with minimal trust between both chains.
To receive Testnet tokens, join the official Composable Discord channel. Users will need to enter the command $request on the Testnet Faucet channel, followed by a composable Cosmos address. The process to bridge assets on the Ethereum IBC Testnet has seven steps.
It starts with users visiting the Trustless Zone and then connecting their respective wallets. To reiterate, only Cosmos and MetaMask wallets can be connected. Next, select the desired network and token for destination and source chains. Execute the transfer only after reviewing the details.
Once concluded, users can provide feedback to Composable Finance to share their experience with the Ethereum IBC Testnet.
Composable Finance has encouraged users to participate in the Testnet edition of the IBC. This will help them improve the product and provide a better offering on the Mainnet. The DeFi protocol has said that those who participate will actively take up the role of shaping the future of blockchain interoperability.
Moving forward, the protocol is planning to launch the Ethereum IBC mainnet. Developers are confident of involving more community members, opening doors to collaboration for a secure and robust cross-ecosystem connection.
More updates are expected to be published by Composable Finance as the testnet operates and the days to launch the mainnet draw closer.
