Sui-based IKA crypto altcoin up 50% after mainnet launch

Sui-based interoperability protocol IKA jumped 50% after a successful mainnet launch.

Summary

• IKA crypto is up 50% in a day.
• The project tackles key issues with cross-chain interoperability.
• It enables Sui to sign transactions on any chain.

Sui’s (SUI) community is excited about a new project adding cross-chain utility to the network. On Thursday, July 31, IKA (IKA), the crypto behind the Sui-based zero-trust multi-party computation network, was up 50%. The price increase followed the successful mainnet launch on July 29.

https://twitter.com/ikadotxyz/status/1950134738783453544

The protocol enables Sui smart contracts to directly initiate and authorize transactions on other blockchains, such as Bitcoin, Ethereum, and Solana. IKA’s dWallet and MPC technology effectively allow users to control assets on other chains entirely through Sui.

According to the project, IKA’s network can scale up to 10,000 signatures per second. It also supports “hundreds” of signer nodes, which collectively hold a cryptographic key. This means no single party ever holds a full key to any wallet, eliminating the need for trusted intermediaries. At the same time, its distributed wallet protocol executes transactions across multiple chains.

IKA crypto uses Sui to tackle interoperability

Cross-chain interoperability remains one of the key areas of crypto innovation. However, most popular solutions, including cross-chain bridges and wrapped assets, come with major risks. Cross-chain bridges are notoriously hackable, while wrapped tokens often require trusting an issuer for redemption.

Both solutions use centralized solutions for specific DeFi problems, therefore negating much of DeFi’s inherent advantages. Still, there has been a growing trend of decentralized alternatives for crypto interoperability.

Like IKA, these protocols use zero-knowledge proofs and fully self-custodial solutions to create a decentralized version of a blockchain bridge. This approach is key for both security and enhanced interoperability among blockchain networks. It allows chains to share utility and liquidity, improving the overall user experience.