– A group of DeFi protocols, including Wormhole, Swing, Tashi, and Evmos, are collaborating to address liquidity issues in the Cosmos ecosystem.
– Wormhole is set to register five new bridged tokens, including USDT, USDC, wETH, wBTC, and SOL, for use on Evmos.
– Swing protocol will enable users to send these tokens to Evmos from any network it supports, such as BNB Chain, Polygon, and Fantom.
– Tashi will integrate Swing into its user interface, allowing users to bridge the tokens and use them as collateral for loans and other DeFi actions.
– The integrations are ready to go live pending the passing and implementation of the Wormhole proposal, which is expected to happen soon after the vote ends on September 24.
– The new liquidity system aims to address the liquidity crisis within the Cosmos ecosystem and attract more users to the platform.
– Swing plans to expand its compatibility to allow bridges between different Cosmos networks in the future.
– The Cosmos ecosystem has been introducing new features, such as the native version of USDC and liquid staking, to attract users in 2023. However, it faces competition from Optimism Superchain.