Wormhole recently announced a strategic collaboration with Evmos. The move has been made to facilitate interoperability within both platforms.
Now, Evmos users can transfer tokens between EVM-compatible Blockchains and Evmos using the Wormhole Portal Bridge. These Blockchains include Polygon, Ethereum, Binance Smart Chain, Solana, etc.
The development aligns with Evmos’ vision of an interconnected Blockchain circle. Wormhole recently made waves by securing $225 million in a funding round. The development boosted Wormhole’s valuation to $2.5 billion.
The platform also released Wormhole Labs, an independent technology company. The company aims to accelerate the development and growth of cross-chain activities.
Currently, Wormhole acts as a message-passing protocol to help cross-chain app users and developers. The protocol primarily targets cross-chain transfers known as bridging. It not only fosters an interconnected environment but also utilizes multiple ecosystems’ advantages.
The protocol has introduced several new features to Cosmos as well. It has brought a distinctive token type to the network. Its integration has also added assets to Evmos DeFi, facilitating seamless collaboration with USDC, ETH, and BTC. Wormhole also offers a cost-effective solution, unlike its counterparts.
As for the collaboration, the parties aim to address the liquidity challenges in the Cosmos network. Wormhole will integrate the newly launched tokens on Evmos into the Swing protocol. The implementation will help users send them to Evmos from Swing-supported networks.
Besides token transfers, Wormhole is also facilitating message-passing capabilities among interchain workflows. Developers have the chance to build cross-chain apps while expanding the use cases of Evmos to foster an interconnected Blockchain domain.
Evmos is an interoperable EVM Blockchain designed for cross-chain DeFi app (dApp) development. The network is on a mission to develop and deploy the tools required for cross-chain app development.
Given the objective, its affiliation with Wormhole seems like a natural development. The stature both parties have accrued in the market gives the community high hopes for their future.