A $3 billion chain is about to enable IBC πŸš€

Time for a thread πŸ§΅πŸ‘‡
1/ IBC is about to come to @NEARProtocol very soon!

Other EVM chains could follow...

But how can blockchains enable IBC?

What does the expansion of IBC mean for the future of the crypto industry?
2/ First of all, what is NEAR?

βœ… NEAR is a PoS blockchain
βœ… NEAR is EVM compatible via Aurora
βœ… NEAR is interoperable with Ethereum via the Rainbow bridge
3/ DeFi on NEAR is booming πŸš€ The blockchain also has some significant TVL.

As of now, NEAR’s TVL is almost $300 million.

To compare: Evmos’s TVL is only $1.4 million after the recent Nomad exploit.
4/ Near having IBC would be highly beneficial for the interchain as more liquidity would flow into the Cosmos.

So, what needs to happen, and where are weπŸ€”?
5/ Let us start with what needs to happen to ship IBC to NEAR. Generally, one feature is very important:

βœ… light client support
6/ Light clients use full nodes as an intermediate to understand the state of a blockchain without storing the whole transaction history.

Running a light client requires fewer resources and technical knowledge.

And NEAR has light client support... πŸ‘€
7/ So, it is generally possible to implement IBC on NEAR. But enabling IBC on a blockchain doesn't work out of nowhere.

Therefore, @Composable & @strangelovelabs work on expanding IBC to major networks with light client support - such as NEAR!

8/ However, to enable IBC, light clients must be able to validate a set of transactions as a batch. This is also how IBC generally works on a very high level.

But currently, light clients on NEAR validate transactions singularly.
9/ So, before finally shipping IBC to NEAR, light clients must first be able to validate transactions as a batch.

Composable requested this ability to be enabled in a governance proposal a couple of weeks ago:

10/ To ship the batching technology to NEAR, a certain endpoint on NEAR has to be deployed.

A Vec would be passed at this new endpoint, and an adapted version of RpcLightClientExecutionProofResponse would be returned.
11/ In plain words: This is how the block’s outcome root will match the block’s header for each transaction.
12/ Besides being able to ship IBC under these circumstances, allowing light clients to validate transactions as a batch is net-positive for NEAR anyway in terms of costs.

Validating transactions would become cheaper πŸ€‘!
13/ NEAR Co-Founder @ilblackdragon signaled that he would support that proposal.
12/ Summary:

Enabling IBC on NEAR comes with challenges!

The blockchain has to allow light clients to validate transactions as a batch.

This was started by Composable, and the project’s NEP got approved yesterday 😍

13/ According to Composable CEO @0xbrainjar, Composable will help expand IBC to all networks with light client support - such as Polygon🀯!
14/ Near could be just the beginning.

One day, all major smart contract blockchains could be IBC enabled, making the Interchain more significant in terms of liquidity.
15/ What does this mean for you? Well, you will rely less on fragile token bridges βŒπŸš€
16/ Big shoutout to @composablefinance & @strangeloveventures for leading the efforts to bring IBC to NEAR!
17/ Want to learn more? πŸ‘€

We host an IBC expert panel with @0xbrainjar & @composable, @susevans, and Trevor from @OpenShards.

Going live at 12:45 UTC

Feel free to tune in πŸ’›πŸ‘‡

Panel is now live! :)

β€’ β€’ β€’

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