Cosmos Interchain Foundation has budgeted $26 million for ecosystem development by 2024.
The Swiss-based Interchain Foundation (ICF), the main developer behind the cross-chain communication protocol Cosmos, will allocate $26.4 million to maintain this ecosystem next year.
According to an announcement published by Cointelegraph on December 13, the ICF 2024 roadmap “prioritises funding for the best practice of interchain stacks. Of the funds, $3 million will be allocated to CometBFT, Cosmos' Byzantine fault-tolerant engine for replicating state machines. Meanwhile, $4.5 million will go towards Cosmos' software development kit, and $7.5 million will be allocated to Cosmos' native inter-blockchain communication protocol (IBC).
The remaining $4.155 million will go towards the smart contract framework Cosmwasm, digital library CosmJS and ecosystem security audits. “This year's funding program is designed to strengthen the free-to-use, open-source interchain stack and serve as a catalyst for improved blockchain connectivity,” said ICF Board Director Maria Gómez, adding, “Our role in the ecosystem is to help achieve its goal of interconnected sovereignty.” He is a steward.
The Cosmos IBC Bridge currently connects 46 blockchains with a total value of $13 billion. Although that's a lot, it's still below the 200-IBCs-by-2022 target set by Cosmos core developer Tendermint (now Ignite) in November 2021.
This year, ICF has allocated a total of $40 million to ecosystem development. Although there have been several hacks around cross-chain bridges, they have been relatively clean of the cosmos ecosystem.
The inter-blockchain communication protocol is expanding to $30B+ in annual asset transfers for 100+ chains.
Time to accelerate #IBC product adoption!
Introducing: @IBCProtocol
The first IBC channel dedicated to the development of a developer and researcher audience. pic.twitter.com/ZMUdcatsS8
— Cosmos – Interchain ⚛️ (@cosmos) November 28, 2023
Related: What is Cosmos: A Beginner's Guide to the ‘Internet of Blockchain'
