Coreum Integrates Picasso Network for IBC Interoperability with Solana

The Coreum ecosystem is now connected to Solana via Picasso Network, enabling native asset and data transfers through IBC (Inter Blockchain Communication Protocol).

This strategic partnership aims to contribute to the broader expansion of the Cosmos ecosystem beyond its native chains. Leveraging Picasso’s cross-chain infrastructure and Coreum’s innovative ‘Smart Tokens’ along with its connectivity to the XRP Ledger, both teams vision aligns on a secure cross-chain DeFi Hub.

What is Picasso?

Picasso Network is a DeFi infrastructure-focused Layer 1 protocol built using the Cosmos SDK framework. It acts as a hub for Inter-Blockchain Communication (IBC), enabling new cross-chain channels including popular layer 1s like Ethereum, Polkadot, and Solana.

Recognized as the first censorship-resistant, trust-minimized interoperability solution, Picasso is also pioneering the Generalized Restaking Layer — which enhances security by allowing users to stake liquid tokens and yield-bearing assets to validate multiple Proof of Stake (PoS) networks synchronically.

What is re-staking?

Restaking, originally pioneered by EigenLayer on Ethereum, allows users to extend the security of their L1-native-staked tokens to additional applications, addressing concerns of fragmented security. Despite its success on Ethereum, with a TVL of over $7.5 billion, restaking has yet to expand significantly beyond this ecosystem.

Picasso Generalized Re-staking enables users to stake liquid tokens and yield-bearing assets across IBC-enabled chains like Solana, Picasso, and Ethereum, supporting a broader range of assets from various Proof of Stake (PoS) networks.

This re-staking layer enhances security and reduces the cost of acquiring Additional Validator Sets (AVSes). In that sense, more tokens can be secured at a lower opportunity cost, thereby increasing the overall security and efficiency of the network.

*Currently, re-staking is only available for Solana native assets.

Benefits for Coreum Users

• Enhanced Interoperability: Coreum users can now transfer assets between Solana and other IBC-enabled chains using the IBC tech stack, which ensures seamless and efficient cross-chain communication.
• Improved Security: IBC has never been hacked and provides native verification, ensuring the highest level of security for asset transfers.
• Rewards: Coreum participants can stake $PICA, Picasso’s native token, and earn a share of the revenue generated from bridging & restaking fees.

The integration between Coreum and Picasso Network marks a significant step towards a more connected and secure blockchain ecosystem. By enabling Solana IBC compatibility, Coreum paves the way for broader adoption of Smart Token Technology and ISO Messaging standards.

For more information about Coreum and Picasso Network, please visit their official websites and follow their social media channels.

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