With the support of stablecoin USDC, the community expects Cosmos to make a strong breakthrough not only in the DeFi field but also in the ecosystem.
In the DeFi ecosystem, stablecoins play an important role to create liquidity and reduce risk. The presence of stablecoins allows value to be easily moved from one place to another without being affected by price fluctuations.
Today, both Ethereum and Solana have built vibrant DeFi environments, thanks in large part to the convenience of stablecoins in their networks. However, in the Cosmos appchain ecosystem, access to stablecoins is yet to be realized, even though it is known as the “internet of blockchains”.
Aware of this shortcoming, Noble (shared asset issuance chain) and Celestia (data availability layer – DA) joined hands to build USDC-native stablecoin as part of every module chain using Celestia as a layer DA on the Cosmos ecosystem.
This is a strategic and extremely important move for the Cosmos ecosystem.
The addition of USDC stablecoin to the Cosmos ecosystem has received a positive response from the community and raised hopes for a breakout of Cosmos.
Research analyst Ryan West has hailed this as an important development and a strategic move for Cosmos. The lack of a native stablecoin previously made Cosmos’ DeFi difficult to develop. Using USDC stablecoin through Celestia’s DA layer will speed up the ecosystem, according to Ryan West.
Stablecoins such as USDC and USDT allow investors to profit from digital assets and minimize risk from market volatility, thanks to the stable value of tokens pegged to fiat.
Celestia, a layer2 rollup, uses lightweight nodes to verify public transaction data and make data available without downloading the entire data for each block. This is achieved through the inbuilt data sampling mechanism.
With Cosmos choosing USDC as the native stablecoin for DeFi, there is a big chance that this stablecoin will get a big benefit. Many also suggested that Tether (USDT), the other leading stablecoin, could follow suit and add to Cosmos.
One question is whether the addition of USDC to Cosmos can fuel the explosion of DeFi applications and use cases in the ecosystem. This is creating many expectations and expectations from the community.
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