Singapore – November 16, 2023 – Moonbeam, the top destination for multi-chain applications on Polkadot, has announced an XCM integration between Moonriver and Picasso, the Kusama parachain counterparts of Moonbeam and Compostable Finance, respectively. This integration brings Picasso’s PICA token to Moonriver for use in the ecosystem, and allows MOVR use on Picasso. Both parachains provide cross-chain interoperability solutions, and this connection brings together Cosmos and Dotsama.
As a DeFi hub parachain on Kusama, Picasso benefits from the shared security and interoperability features that Kusama provides by using XCM to send messages to and receive messages from other parachains or the Relay Chain. Picasso also powers its own Composable Cosmos Chain, serving as a connection to the Cosmos ecosystem using IBC bridging technology.
By leveraging Picasso’s DeFi infrastructure and applications, Moonriver expands its DeFi offerings. Picasso’s financial products and services are accessible to Moonriver users, attracting more liquidity and DeFi activity on the network.
As a canary network for Moonbeam, the Moonriver parachain on the Kusama network mirrors Moonbeam’s functionality but operates in a more experimental and rapid deployment environment. XCM integrations on Moonriver provide opportunities for testing new functionalities, like this integration with Picasso.
Moonriver provides a vital connection between Ethereum and the Kusama network, enabling Ethereum-based applications and smart contracts to integrate and operate on Kusama. This positioning allows developers to test and refine cross-chain integrations in a real-world, yet less risk-averse, setting, with access to tools on multiple blockchains, like Ethereum smart contract capabilities, Polkadot XCM, and Cosmos IBC via Picasso.
Composable is dedicated to improving the accessibility, quality, efficiency, and security of decentralized finance. This is accomplished this a technology stack powering the future of chain-agnostic intent execution. Composable aims to enable a future where users can access “any money, anywhere”: the use of any assets on any network by building trust-minimised interoperability for universal orderflow settlement.
About the Moonbeam Network
Moonbeam is a smart contract platform for building cross-chain connected applications that can access users, assets, and services on any chain. By uniting functionality from Ethereum, Cosmos, Polkadot, and more into a single platform, Moonbeam solves today’s fragmented user experience — unlocking true interoperability and paving the way for the next generation of applications. The Moonbeam platform uses integrated cross-chain messaging to allow developers to create smart contracts that access services across many remote blockchains. This approach, plus Moonbeam’s developer-friendly EVM platform, vast tool support, and modern Substrate architecture, creates the ideal development environment for building connected applications.