coinculture.com
Moonbeam, a Polkadot-based smart contract parachain, announced on July 23 that it has partnered with Cosmos-based decentralised exchange Osmosis to enable cross-chain token swaps between the Polkadot and Cosmos ecosystems.
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The integration is made available via the Axelar Network protocol. Axelar is both a bridge network and a platform for smart contract protocol cross-chain communication. The former allows tokens to be sent across different blockchains, while the latter allows decentralised apps to be deployed on different networks. Last year, the project raised $25 million in its Series A funding.
According to the announcement, DOT, the native token of the Polkadot blockchain, will be the first token to be supported on the cross-chain bridge. Moonbeam noted that plans are in the works to support bridging more Polkadot ecosystem coins to the Cosmos chain.
Moonbeam claims that the ability to transfer Polkadot-based coins to Cosmos is a major step in expanding cross-chain composability between the two blockchain ecosystems. Moonbeam added that the collaboration demonstrates that Polkadot and Cosmos can coexist as complementary ecosystems, despite the fact that they are frequently viewed as rivals working on different ways to achieve the same goal.