Demex Daily #17: $ATOM Wormhole, Swing, Tashi, Evmos Consortium Tackles Cosmos Liquidity Crisis

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A consortium of DeFi protocols including Wormhole, Swing, Tashi, and Evmos is collaborating to address liquidity challenges in the Cosmos ecosystem. Wormhole will introduce five new bridged tokens on Evmos, including USDT, USDC, wETH, wBTC, and SOL, a move that has nearly unanimous support. These tokens will be integrated into the Swing protocol, enabling users to send them to Evmos from various networks like BNB Chain, Polygon, and Fantom. Tashi's UI will also incorporate Swing, allowing users to easily deposit these coins as collateral for loans in either Cosmos or Ethereum-based coins. The integrated systems are ready to launch pending a Wormhole governance vote, set to conclude on September 24. The initiative aims to solve a "crisis" in liquidity within Cosmos, enabling more seamless transactions and broader user adoption.

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Eclipse has unveiled a novel Layer 2 (L2) framework that integrates elements of both Solana and Ethereum to enhance transaction velocity and minimize costs. By utilizing Solana's Virtual Machine (SVM), the system offers parallel processing and lowers overall chain expenses. At the same time, it ensures full compatibility with Ethereum's Virtual Machine (EVM) through Neon EVM. The platform seeks to address some of the shortcomings of EVM, particularly in relation to state growth, and will finalize its transactions on the Ethereum network for increased security. For a seamless transition of EVM users, the architecture employs MetaMask Snaps technology, which enables users to come onboard without having to change their existing wallets. Additionally, the framework incorporates data availability features via Celestia, leading to greater throughput, and employs a fraud-resistant verification method akin to Anatoly's SVM. This endeavor is designed to revolutionize Layer 2 scaling and is anticipated to offer support for prominent Ethereum-based assets, including DeFi and NFTs.