The Wormhole Foundation announced the introduction of a novel application-specific blockchain (appchain) into the Cosmos (CRYPTO: ATOM) ecosystem.

In a recent blog post by Wormhole, the company revealed the newly launched blockchain, named Gateway, aims to simplify the process for developers and users to introduce tokens to any Cosmos chain.

The ultimate goal is to "drive liquidity to grow the Cosmos ecosystem."

Appchains, such as Gateway, are unique blockchains designed to run a single application.

Also Read: Crypto Media Outlet CoinDesk On The Verge Of Acquisition In A $125M Deal

This differs from the traditional approach of constructing a decentralized application atop an existing blockchain, such as Ethereum. Instead, developers create a bespoke blockchain from scratch, typically intended for a single application. This can be consistently upgraded to meet user demands.

Wormhole made its debut in the Cosmos ecosystem in 2022 when it integrated with Injective, a blockchain based on Cosmos.

This new launch has implications for the entire network of appchains and marks a significant milestone as it's the first appchain that facilitates the connection of liquidity and users from more than 20 different blockchains to any Cosmos appchain.

As per the information available on its website, Wormhole has successfully locked a total value exceeding $378 million across its various bridges.

Read Next: Kuwait Implements Comprehensive Ban On Cryptocurrencies: What You Need To Know

Join Benzinga's Future of Crypto in New York Ccity on Nov. 14, 2023, to stay updated on trends like AI, regulations, SEC actions and institutional adoption in the crypto space. Secure early bird discounted tickets now!

Photo: Shutterstock