Demex Daily #126: Picasso Network Bridges Ethereum and Cosmos with First-Ever IBC Integration

What’s Interesting Today:

The Picasso Network, based on Cosmos, has announced the first integration of the Inter-Blockchain Communication Protocol (IBC) with Ethereum, facilitating the first-ever seamless transfer of assets and data between the two networks. This move, which positions Osmosis as the primary hub for Ethereum assets within Cosmos, aims to enhance liquidity and project collaboration across both ecosystems. Additionally, Picasso plans to extend this interoperability to Solana later in the month, marking a significant advancement in cross-chain connectivity.

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LeverFi has introduced OmniZK, a groundbreaking protocol designed to facilitate secure, non-custodial DeFi applications on the Bitcoin network, enhancing its capabilities for complex, interoperable use cases. This initiative allows for the execution of decentralized contracts directly on Bitcoin by leveraging zkOracles for secure validation and OmniRelayers for trusted event outcome relays, bypassing the limitations of Bitcoin Script. OmniZK supports the development of versatile applications including BTC liquid staking, cross-chain DeFi markets, and decentralized asset bridges by enabling final settlements on Bitcoin. It also introduces a staking program for its ecosystem token, LEVER, offering benefits like access to its launchpad and reduced fees on its swap platform. LeverFi's launch of OmniZK marks a significant step towards expanding Bitcoin's utility in the DeFi and omnichain ecosystems.