Stablecoin Blockchain Noble Leaves Cosmos for Ethereum
Noble, a blockchain specialized in stablecoins, is leaving the Cosmos (ATOM) ecosystem and migrating to a new Ethereum-compatible EVM (Ethereum Virtual Machine) Layer 1 chain. This strategic move aims to enhance technical performance and scalability while securing a broader developer ecosystem.
Noble announced on Tuesday (local time) that it will launch a new blockchain on March 18th. It will scrap its existing Cosmos SDK-based chain and transition to a standalone EVM-based network, transitioning to a full-fledged decentralized finance (DeFi) and real-world stablecoin support platform.
Noble was initially designed as a neutral liquidity hub for various stablecoins and tokenization of real assets. However, as it evolved to support real-world user-centric applications, it chose to transition to a more performant Ethereum-compatible chain to overcome the technical limitations of Cosmos.
Reasons for migrating to Ethereum: Performance, Development Capacity, and Scalability
Noble cited "a better technology stack" and "access to open-source commonware" as its reasons for moving forward. By introducing a Rust-based blockchain framework and the Reth Ethereum client, which has proven to improve performance, Noble explained that it will enable faster processing speeds and high-performance app development.
The transition to EVM is also beneficial for securing developers. The team expressed hope for smooth technology transfer and collaboration, stating, "The majority of crypto developers are already active in the EVM ecosystem." They added that the scalability limitations of the Cosmos architecture have been a stumbling block to product development.
The new Noble Chain features sub-500 millisecond finality, dedicated transaction channels optimized for real-world payments, permissionless smart contract deployment, and a design centered around its own stablecoin.
Stablecoin powerhouse Noble shifts its focus to Ethereum.
Since 2023, Noble has processed over $22 billion in transaction volume and boasts 30,000 monthly active users. It currently serves as a core infrastructure, providing liquidity to over 50 blockchains.
The self-issued stablecoin, Noble Dollar (USDN), has a market capitalization of $36 million (approximately 53 billion won). This represents a 72% decrease from its peak of $128 million (approximately 188.2 billion won) in July of last year. The company appears to be aiming to use this chain migration as an opportunity to revitalize the ecosystem and revitalize growth.
Many projects, including Noble's decision, are working to enhance Ethereum compatibility. Following FIFA's NFT platform's transition from Algorand (ALGO) to EVM-based last year, the XRPL EVM sidechain mainnet launch, Injective's EVM-based chain launch, and Sei's accelerated EVM integration are all examples of this trend.
According to RWA.xyz, Ethereum holds 66% of the stablecoin and real-asset tokenization (RWA) infrastructure market share, including Layer 2 and the EVM chain. This demonstrates its growing status as an industry standard.
The Accelerating Ethereum-Centric Shift… What the Noble Chain Transition Means
Noble's choice goes beyond a simple technological shift; it signals a growing concentration of power in the blockchain infrastructure ecosystem, anchored on Ethereum. As even projects maintaining existing proprietary ecosystems migrate to EVM-compatible networks, Ethereum's digital financial governance is expected to become even more robust.
💡 "Why is the EVM transition important? Practice is the answer."
As in Noble's case, the center of stablecoins and real-world asset tokenization infrastructure is increasingly shifting to "Ethereum Compatibility (EVM)." This isn't simply a technology transfer; it signifies a shift in the fundamental market infrastructure. Ethereum is effectively becoming the "foundation" in all aspects, including the developer ecosystem, performance, and dApp scalability.
In this rapidly changing world of blockchain technology, there's only one way to survive: to understand and act first.
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TP AI Precautions
This article was summarized using a TokenPost.ai-based language model. Key points in the text may be omitted or inaccurate.
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