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March 2024: Shipping the Central Relay and GMP 2.1

March 2024 - Main

April 8, 2024



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In March, ICON made significant progress across multiple fronts, enhancing its ecosystem's interoperability and efficiency. Key developments include the release of the IBC module with auto-execution functionality, the deployment of ICON GMP 2.1 (excluding Injective), and strides in Composable Finance, Sui, Stacks and Stellar integrations. This update encapsulates our efforts to advance blockchain interoperability and efficiency within the ICON ecosystem as we move into April.

🌐 Central Relay Progress: The IBC module for the Central Relay, now featuring an auto-execution functionality, has been shipped. After conducting stress tests in March, we optimized and released a new version. Efforts are now focused on further refining the relay's efficiency, especially during high-volume periods.

✉️ ICON GMP 2.1 Deployment: The deployment of the latest ICON GMP version 2.1 has been completed across all networks, with the exception of Injective. The update for Injective is planned in conjunction with the deployment of Balanced contracts, contingent on a network vote.

⏸️ Composable Finance on Testnets: Successfully running on testnets, with a mainnet launch targeted for May.

💧 Sui Integration Underway: Development is in full swing for all components related to Sui integration. This includes adapting ICON's GMP for Sui, developing the relay modules, and translating the necessary Balanced contracts. Integration testing is expected to begin in early June.

🟠Stacks Integration Planning: In March, we outlined the requirements for integrating GMP, the Relay, and Balanced contracts with Stacks, a Layer 2 solution for Bitcoin. This project will commence following the completion of the Sui build.

🪐 Stellar Development Initiated: Development has started on the relay module for Stellar, with plans to progress to GMP and Balanced contracts development shortly.

🛠️ Balanced Smart Contract Launches: Launches of smart contracts for Balanced on Havah, Injective, Ethereum, Base, Optimism, and Arbitrum are being targeted in April. This initiative will involve going live with contracts and beginning NOL (Network Owned Liquidity) acquisition on these networks. The launches for Ethereum and its L2s will follow the migration of assets from the ICON bridge to the asset manager contract. There will be a separate communication piece around this highlighting what will happen. The Injective launch is dependent on a successful governance vote.

These updates spotlight our dedicated efforts towards increasing interoperability and enhancing the overall efficiency within the ICON ecosystem through strategic development and integration across multiple blockchain platforms.

We remain committed to transparency and diligence as we move forward with these integrations and enhancements to the ICON ecosystem.

Now that progress can be made simultaneously across various integrations, we have updated the integrations milestone board to make it easier for the community to follow along. For more detailed information on the monthly progress of our IBC integrations, we invite you to explore our latest report here.

📅 March’s Accomplishments:

  • Deployed our updated IBC implementation to ICON and composable finance testnet.

  • Completed additional development and Testing of the ICS token transfer service on ICON and composable finance testnet.

  • Reviewed Balanced asset manager, GMP and bnUSD minter contract in Java.

  • Completed Internal audit for Balanced asset manager GMP and bnUSD minter contract in Java.

  • Commenced Discovery for GMP, Relay and Balanced for Stacks (Bitcoin L2).

  • Finished testing IBC module for central relay on testnet.

  • Finished Discovery for GMP, Relay and Balanced for Stellar.

🎯 April’s Goals:

  • Start development of the GMP contract for Sui.

  • Start development of the Relay modules for Sui.

  • Start development of Balanced smart contracts in move for Sui.

  • Start Development of Relay module for Stellar.

  • Deploy Balanced smart contracts on Havah mainnet.

  • Deploy Balanced contracts on Injective mainnet.

  • Migrate ICON bridge assets to Balanced asset manager contracts for BSC.

  • Deploy Balanced on Ethereum, Base, Arbitrum and Optimism.

A Milestone board for ongoing integration efforts can be found here.

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Documentation updates

Find the latest update from the Dev relations team here.