Picasso Network, a Cosmos-rooted interoperability network, announced an integration between the IBC (Inter-Blockchain Communication Protocol) and Ethereum, “enabling seamless asset and data transfers between Ethereum and Cosmos” for the first time, according to the team: “Picasso selected Osmosis, the DeFi Hub, to serve as the primary destination for Ethereum assets and liquidity within the Cosmos. This integration is a step forward in bringing ‘IBC everywhere,’ and serves to connect some of the deepest liquidity reserves and most promising projects in the Ethereum and Cosmos ecosystems.” The team plans a Solana-IBC connection later this month. CoinDesk 20 assets: (ETH) (ATOM)
Somnia Project, Backed by Virtual Society Foundation to Focus on Metaverse, Releases Litepaper
April 3 (PROTOCOL VILLAGE EXCLUSIVE): The Virtual Society Foundation (VSF) is introducing the Somnia Project, consisting of an L1 and omnichain protocols tailored for the metaverse, “aiming to unite disparate virtual realms into a cohesive society capable of onboarding millions of users,” according to the team. “Developed in collaboration with Improbable, Somnia’s blockchain boasts transaction speeds >100K TPS, with sub-second finality, and affordability, addressing the fragmentation plaguing the metaverse landscape and ensuring equitable value distribution among creators. Somnia’s upcoming Betanet protocol, will be integrated into MSquared’s Origin engine. This will enable events on the metaverse to facilitate over 10K people across music, sport, gaming, etc.” Details of the project were released Wednesday along with a litepaper. The VSF, unveiled last week, was initiated by Improbable, a British metaverse-focused startup that raised $150 million in 2022 from investors including a16z and SoftBank.
