Partnered With:

Interpreting Picasso: Building seamless and secure cross-ecosystem interoperability

Read this article in 7 Minutes

Picasso enables two different blockchains to communicate with each other without trusting anyone in the middle.

The content you provided is:

Original author: Snowball

Editor's note: Picasso is a network that supports cross-ecosystem IBC. Its native token PICA is designed and deployed as a unified network token that supports multiple L1 blockchains such as Polkadot and Cosmos. Recently, Picasso has brought the concept of re-staking to the Solana network, allowing users to stake SOL, jitoSOL, and other LP tokens to support Solana's cross-chain IBC validators. Cryptocurrency blogger Snowball published an analysis of Picasso on X, and BlockBeats has compiled the full text below:

A few days ago, #Solana, along with the #SillyDragon and other #memecoins, experienced a surge in popularity, causing people to re-examine the immense power of @solana. A few days ago, I conducted a project investigation on @Picasso_Network and was very optimistic about this project. Coincidentally, @LeePima also released content today regarding the $PICA protocol-level cross-chain.

Of course, my focus with @LeePima is not fundamentally different, but there are slight differences in the details: I am interested in this project because it introduces IBC into the #SOL ecosystem, while @LeePima is interested in the introduction of IBC into the #eth / #rollup ecosystem.

Next, I will share some value analysis related to the industry with everyone.

1. Project Introduction

@Picasso_Network is committed to establishing seamless and secure cross-ecosystem interoperability while adhering to the core principles of web3.

In simple terms, it means supporting communication between two different blockchains without the need to trust any intermediary. Currently, Picasso will gradually support various chains such as #solana #Ethereum and more.

ETH testnet has been launched: https://app.trustless.zone/ethereum/?from=CENTAURI&to=ETHEREUM

2. Team Situation

@0xbrainjar is the co-founder and CEO, with extensive experience in the blockchain industry.

Charles Read is the founder of @rarestonecap and has extensive investment experience.

Miguel Matos, professor at the University of Lisbon.

Thomas Contin, CEO of Advisorn GmbH, with 15 years of compliance experience.

Basically, it can be seen that their team covers the fields of compliance, technology, academia, investment, and other areas required by web3.

3. Notice

The reason why I put this here is because those who have played with the #Polkadot ecosystem should understand: many Polkadot ecosystem projects issue two coins, one on the Polkadot network and one on KSM, and the team is the same!

This is why I introduced the team as @ComposableFin's team. Because Picasso is the forerunner of @ComposableFin, and you will also understand why I will mention two tokens next.

4. Token

· $PICA

This token is the core token of @Picasso_Network.

The detailed allocation is shown in the following figure:

Total supply is 10 billion, circulating supply is 3.8 billion, with a circulating market value of 87 million US dollars and a FDV of 230 million US dollars. The inflation design logic is relatively reasonable. The token is mainly traded on @osmosiszone and is only listed on @gate_io exchange. There is great potential for future listing on larger exchanges.

For detailed economic models, please refer to the document: https://docs.composable.finance/networks/picasso/tokenomics

· $LAYR

This currency is currently not yet listed, but it must be monitored.

The token information has been disclosed: the total token amount is 100 million, and the detailed distribution can be seen in the figure. Participants in the activity will have the opportunity to receive corresponding token airdrops, which will be explained in detail in the following content.