Moonbeam has been integrated with Osmosis, allowing token swaps between Polkadot and the Cosmos ecosystem. The cross-chain swaps will be made possible by the Axelar network.
Moonbeam, a smart-contract parachain on Polkadot has partnered with Cosmos decentralized exchange Osmosis in order to allow cross-chain token swaps among the Cosmos and Polkadot ecosystems. The project was announced July 23. It will be easy to transfer tokens between these two blockchain ecosystems.
Integration is possible via the Axelar Network protocol. Axelar can be described as both a bridge network or a platform for cross chain communication for smart contract protocol. The first allows tokens to be transferred across different blockchains, while the second allows decentralized apps to deploy on different networks. In its Series A funding, raised $25,000,000 last year.
According to the announcement, DOT, which is the native token of Polkadot’s blockchain, will become the first token that can be used on the cross-chain bridge. Moonbeam said that plans are in place to allow the bridging more Polkadot eco-coins to the Cosmos chain.
Moonbeam stated that the ability to transfer Polkadot coins to Cosmos is an important step towards expanding cross-chain compatibility between the two blockchain ecosystems. Moonbeam stated that the partnership supports the idea that Polkadot can exist alongside Cosmos, even though they are sometimes viewed as competing ecosystems that work on different goals.