Noble Stablecoin Blockchain Transitions from Cosmos to Ethereum
Noble's Strategic Move to Ethereum
Noble, a blockchain platform specializing in stablecoin and tokenized assets, is transitioning from the Cosmos ecosystem to Ethereum. The move is aimed at leveraging Ethereum's superior tech stack and its expansive developer community.
Migration Details
On Tuesday, Noble announced its plans to shift from a Cosmos SDK-based blockchain to a standalone Ethereum Virtual Machine (EVM) layer 1, with a target launch date of March 18.
Noble originally functioned as a neutral liquidity hub for stablecoin and tokenized real-world asset issuance. However, the platform's expansion into stablecoin applications and decentralized finance (DeFi) necessitated a transition to a high-performance, Ethereum-compatible layer 1.
Performance and Scalability
Noble has processed over $22 billion in transaction volume since 2023, with 30,000 monthly active users, serving as the primary liquidity layer for more than 50 blockchains. The shift to Ethereum's EVM aims to overcome scaling limitations inherent in Cosmos architecture and enhance product development.
Advantages of Ethereum Transition
- Access to a superior tech stack and open-source Commonware using Rust-based blockchain frameworks and Reth Ethereum client.
- Enhanced user and developer accessibility, aligning with the majority of crypto developers.
- Key features of the new chain include sub-500 millisecond transaction finality, permissionless smart contract deployment, dedicated payment lanes, and focus on the native stablecoin.
Ethereum's Growing Influence
The move by Noble underscores a broader industry trend of adopting Ethereum as a foundational infrastructure. Projects like FIFA's NFT platform, XRPL's EVM sidechain, and Injective's EVM chain highlight this shift. Ethereum remains the dominant network for stablecoins and tokenized real-world assets, commanding a 66% market share when including layer-2 and EVM chains, according to RWA.xyz.
The transition of Noble to Ethereum not only highlights the network's capabilities but also its standing as the industry standard for blockchain infrastructure.