Wormhole Foundation Unveils ‘Gateway’ Blockchain for Interconnecting Liquidity and Users July 21, 2023 July 21, 2023 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Market NewsJuly 21, 2023 by Kelly Cromley

Wormhole Foundation Unveils ‘Gateway’ Blockchain for Interconnecting Liquidity and Users

The Wormhole Foundation has successfully launched its latest application-specific blockchain (appchain) called Gateway within the Cosmos ecosystem. This milestone marks the first appchain that establishes a connection between liquidity and users from more than 20 different blockchains to any Cosmos appchain.

In a recent blog post, the Wormhole Foundation announced the introduction of the Gateway blockchain, strategically designed to simplify the process of on-ramping tokens for developers and users onto any Cosmos chain. The primary goal is to drive liquidity and foster the growth of the entire Cosmos ecosystem.

Appchains, exemplified by the newly introduced Gateway, function as customized blockchains dedicated to operating a single application. Unlike decentralized applications built on existing blockchains like Ethereum, developers create their own blockchain from scratch, tailored for specific applications, and are continuously upgradable to cater to user requirements.

Wormhole’s integration into the Cosmos ecosystem commenced in 2022 when it partnered with Injective, a Cosmos-based blockchain. However, with the launch of Gateway, the impact now extends to the entire network of appchains.

According to the Wormhole Foundation’s website, the platform has successfully locked over $378 million in total value across various bridges, underscoring its significance in facilitating seamless token transactions and liquidity management.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.