🚨 Get Your Free NFT Certificate Mint by Completing the Web3 Exam! START NOW
My Learnlist: Coming Soon!
My Learnlist: Coming Soon!

Learn by real-life examples: Select, Track & Understand any cryptos with the unique Learnlist feature!

Notify Me!
Portfolio: Coming Soon!
Portfolio: Coming Soon!

Set your wallet & get powerful insights backed by data. Easily learn how to use it for your highest rewards!

Notify Me!

DeFi Protocols Unite to Tackle Liquidity Crunch in Cosmos Ecosystem

DeFi Protocols Unite to Tackle Liquidity Crunch in Cosmos Ecosystem

Four DeFi titans are teaming up to revolutionize the Cosmos ecosystem.

Four leading decentralized finance (DeFi) platforms, Evmos, Swing, Tashi, and Wormhole, are forming an alliance to solve liquidity issues within the Cosmos ecosystem.

A key highlight of the partnership includes Wormhole's plan to introduce five new bridged tokens on Cosmos network Evmos: Tether (USDT), USD Coin (USDC), wrapped Ether (wETH), wrapped Bitcoin (wBTC), and Solana (SOL).

What is Chainlink? LINK Explained Simply (ANIMATED)

Did you know?

Want to get smarter & wealthier with crypto?

Subscribe - We publish new crypto explainer videos every week!

What is Chainlink? LINK Explained Simply (ANIMATED)

What is Chainlink? LINK Explained Simply (ANIMATED) What is Chainlink? LINK Explained Simply (ANIMATED)

A governance vote concerning this proposal commenced on September 19th and has already garnered nearly unanimous support.

After these tokens are deployed on Evmos, the Swing protocol will enable users to transfer them into Evmos from any other supported blockchain. Supported chains include BNB Chain, Polygon, Fantom, and more.

Subsequently, Tashi will integrate the Swing protocol into its user interface, thus simplifying the bridging of these tokens as collateral for DeFi transactions.

It is believed that this action would ease the process of users taking out loans of Cosmos or Ethereum-based tokens, swapping those for other coins, or investing them in liquidity pools. 

Swing and Tashi representatives claim the final step will be completed when the Wormhole proposal is approved and executed. The voting is set to conclude on September 24th, indicating that the new liquidity mechanisms should be operational shortly after.

Lindsay Ironside and Kristine Boulton, co-founders of Tashi, spoke about the pressing need for a solution to the liquidity shortfall in the Cosmos ecosystem. In particular, Boulton noted:

Nobody's using it because they can't get liquidity there. Wormhole is already operational on 29 different chains, so this partnership offers an excellent opportunity to resolve the liquidity crisis.

Swing CEO Viveik Vivekananthan further elaborated that the new system would simplify the onboarding process onto Evmos. The protocol will automatically convert a small fraction of sent tokens into the Evmos native coin to cover the gas fee for transactions.

The joint effort of Evmos, Swing, Tashi, and Wormhole symbolizes a significant stride in solving the Cosmos ecosystem's liquidity challenges. This collaborative endeavor sets the stage for enhanced interoperability and user experience, as the crypto community eagerly anticipates the implementation of these liquidity solutions.

Gile K., Market Sentiment Analyst
Gile is a Market Sentiment Analyst who understands what public events may form what emotions. Her experience researching Web3 news and public market messages – including cryptocurrency news reports, PRs, and social network streams – is critical to her role in helping lead the Crypto News Editorial Team.
As an intelligent professional in public relations, together with the team, she aims to determine real VS fake news patterns, and bring her findings to anyone searching for unbiased news and events happening in the FinTech markets. Her expertise is uncovering the latest trustworthy & informative Web3 announcements to the masses.
When she's not researching the trustworthiness of mainstream stories, she spends time enjoying her terrace view and taking meticulous care of her outdoor environment.



Earn Huge Exclusive Binance Learners Rewards