Picasso Network Successfully Integrates IBC with Ethereum, Wormhole Token Goes Live

Apr 3, 2024
Market Update Rates are continuing yesterday’s rise after ADP Employment showed 184k jobs vs. 150k expected. The US10Y hit a high of 4.3% before paring gains after March ISM Services data showed lower-than-expected prices, employment, and orders. U.S. equity indices are rebounding, with the SPY gaining 0.42% and the QQQ rising 0.60%. Crypto assets are showing more pronounced gains, with $BTC (+1.28%) reclaiming $66k and $ETH (+1.56%) rising above $3,300. Synapse ($SYN) is displaying outperformance today, rising 6.40%, likely fueled by the Wormhole airdrop (more below). As mentioned in yesterday’s commentary, Ethena Labs launched its token yesterday. $ENA has been the top performer over the last 24 hours, gaining 40.2% and bringing its valuation over $15.2 billion.The Picasso Network has successfully integrated the Inter Blockchain Communication (IBC) protocol with Ethereum, connecting the Cosmos and Ethereum ecosystems. Users can now transfer assets and data from Ethereum to the Cosmos Hub, Polkadot, and Kusama via IBC. IBC was originally created for native bridging within the Cosmos ecosystem, but the Picasso developers have made changes to create an IBC Ethereum tech stack, representing the first team to successfully integrate the two. Access to Ethereum liquidity could

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