IBC recently introduced its latest update, ibc-go v8.1. The update has brought IBC Channel Upgradability to the platform.
With ibc-go v8.1, IBC can upgrade existing channels for new apps and features such as paid middleware. It also allows the network to use interchain accounts in addition to unordered channels. Additionally, the update facilitates the cleanup of outdated mountings for reduced disk overhead.
IBC has released a series of tweets and an official message to inform users. The tweets further stated that Channel Upgradability will solve a major problem for IBC partners.
Currently, token fungibility leverages existing channels, which requires new channels for new features. Even Osmosis and Cosmos Hub had to settle for maintaining high-volume channels as a result.
But now IBC is allowing chains to upgrade existing channels for features like paid middleware. It lets chains specify compensation structures for incentivizing relayers. In addition, planned features such as multihop routing and ICS-20 v2 will also be integrated within existing channels.
Partners can reduce node size and disk overhead by upgrading a channel. After clearing the packets in flight, teams can begin using the Prune Acknowledgments process to remove outdated acknowledgments.
Most importantly, ibc-go v8.1 will allow projects to use ICA (Interchain Accounts) with unordered channels. With the latest update, timeout on unordered channels does not close the channel. The functionality improves the usability of ibc-go and DevEx.
IBC has also stated that ICS-20 v2 is scheduled for release later this year. The network will continue to release updates on ICS-20 v2 on its website and social media handles. The upgrade will seamlessly update channels and help IBC continue moving towards a better future.