Interchain Labs launches IBC Eureka, connecting Ethereum to the Cosmos ecosystem

According to The Block, Interchain Labs has launched a new bridging product called IBC Eureka for connecting Ethereum and Cosmos blockchain systems. IBC Eureka is an extension of the second version of the Inter-Blockchain Communication (IBC) protocol, using Cosmos Hub's ATOM to support IBC routing, thereby achieving fast and low-cost connections between Ethereum and Cosmos. Ethereum is now the first non-Cosmos network to join the IBC ecosystem. Eureka developers plan to add networks such as Solana, Base, and Arbitrum in the future. The system aims to reduce the transfer cost from Ethereum to Cosmos (including GAS fees and relay fees) to less than $1. The first projects connected with IBC Eureka include decentralized exchange dYdX, Layer 1 blockchain MANTRA focused on real-world assets, Bitcoin liquidity pledge protocol Lombard, and Bitcoin pledge protocol Babylon.