Popular web3 protocol, Wormhole, through the support of Cosmos has unveiled a new network; Wormhole gateway. According to the protocol, the new network will leverage Cosmos SDK to ensure seamless composability, eliminate additional bridging fees and help drive deep interchain liquidity.
According to the announcement, the development of the project highlights the commitment of the two partners toward expanding their respective reach. Evident to this focus is the modular interoperability feature of Wormhole that allows the free flow of value across various networks. On the flip side, Cosmos also shares the same concept as it will provide support for Wormhole Gateway to make it advanced, safe, and cost-effective.
As disclosed, the project will help users link all connected blockchains on Wormhole to Cosmos through a simple IBC integration. Consequently, improving users’ access to the Cosmos network. Due to that, users will enjoy a medium of bridging funds to any Cosmos appchain without paying bridging fees. Furthermore, the Gateway is equipped with features that will aid it to advance the security and sovereignty of Wormhole.
Leveraging Cosmos’s technical support implies that Wormhole Gateway will support developers in the ecosystem (Cosmos) to seamlessly onboard users and liquidity from blockchains like Ethereum and Solana. Also, the Wormhole Gateway will support users to bridge their assets in and out of Cosmos. Likewise, the new network will assist users to transfer fungible bridge assets across Cosmos chains.
Insights into the features of Wormhole Gateway
Meanwhile, the co-founder of Osmosis Labs, Sunny Aggarwal provided more insights into the features of the new project. The co-founder discussed how the initiative will bring more liquidity and users into Cosmos. Owing to that, Aggarwal opined that it will further strengthen Osmosis’ role as Cosmos’ liquidity hub, and supercharge all IBC-enabled chains.”
Additionally, the co-founder established how Wormhole Gateway will help create a safe bridge between Cosmos and twenty other networks. Aggarwal registered hope in the capacity of the project to unlock seamless cross-chain liquidity and messaging routing.
With an emphasis on the security features of Gateway, Wormhole describes how building on Cosmos provided the project with advanced security features like Global account. This feature will help ensure that the fungibility of native and wrapped assets maintains a 1:1 parity. Lastly, Wormhole illustrated how Gateway will serve as its sovereign verification layer for its messages.