Range aims to revolutionize the safety of the Inter-Blockchain Communication (IBC) and interchain landscape by forging partnerships with Osmosis and Stride. Collaboratively, they will develop risk management tools like the IBC dashboard and enhance the upcoming IBC rate limits version 2 implementation. This focus stems from the critical role of improving safety within the decentralized service for the interchain.

In the crypto realm, bridges represent a significant vulnerability, with over $3 billion in losses attributed to them. Despite handling substantial Total Value Locked (TVL) and possessing complex codebases, many bridges attract malicious actors. However, a considerable portion of hacking incidents is due to software bugs.

For instance, in 2022, the Binance Smart Chain (BSC) bridge suffered a $100 million loss due to a vulnerability in the IAVL Merkle proof authentication mechanism, utilizing an unattended Cosmos IBC library. Subsequently, the Dragonberry exploit emerged, enabling asset double spending across different chains through IBC.

In response, Osmosis implemented IBC rate limits post the BSC and Dragonberry incidents. These rate limits act as caps during inactive periods and monitor the net flow of assets, preventing large fund transfers and reducing risk.

What sets rate limits apart from post-application safety measures is their ability to avoid creating centralization points within a protocol and blockchain. They are becoming essential for blockchains integrating economic functions and TVLs associated with interchain operations, akin to the Wormhole Bridge.

Osmosis pioneered IBC rate limits, which went live in 2023. In their implementation, the concept of rate limits is realized as a CosmWasm smart contract within Osmosis, interfacing with an IBC middleware encapsulating the standard ICS-20 transfer application.