• Wormhole has released an application-specific blockchain called Wormhole Gateway powered by the Cosmos SDK.
• It is designed to allow access to unified liquidity in the Cosmos ecosystem and can connect 23+ blockchains across six runtimes.
• It also improves security and sovereignty, as well as introducing Automatic Relayers for cross-chain messaging.
Wormhole Launches a Cosmos Appchain Called Gateway
Overview of Wormhole Gateway
Wormhole Foundation has recently released its application-specific blockchain dubbed Wormhole Gateway. This appchain is powered by the Cosmos SDK, and aims at broadening access and liquidity with the blockchain platform’s ecosystem. Through this, users can bridge funds to any appchain within the Cosmos ecosystem at no extra bridging fees. Additionally, it improves security and sovereignty through introducing Governor which limits cross-chain contagion in event of a hack, along with Automatic Relayers for cross-chain messaging.
Benefits of Wormhole Gateway
The primary benefit of this new release is that it allows for access to unified liquidity in the Cosmos ecosystem. By connecting 23+ blockchains across six runtimes, users can bridge funds easily without incurring additional costs. Furthermore, this also enhances value to developers as they are able to deploy a fully-functional cross-chain dApp via a single solidity contract without having to manage an off-chain component themselves.
Impact on Security
Security is essential for any protocol; thus Wormhole has taken measures towards improving security with this new launch by introducing Governor which limits cross-chain contagion in event of a hack. This is especially pertinent given that there was an incident back in February 2022 when 120,000 wETH worth $325 million were stolen from the Solana-Ethereum bridge due to an exploit on the bridge itself – leading to significant price drops of SOL amid community reactions over news of the attack spreading quickly.
Conclusion
In conclusion, Wormhole’s new launch of its application specific blockchain – Gateways – provides many benefits such as allowing access to unified liquidity in the Cosmos ecosystem while also improving security and providing developers with easier ways to deploy their applications without needing additional management components off chain.