Picasso is a Layer 1 blockchain protocol designed to enable cross-ecosystem interoperability and generalized restaking. Built using the Cosmos SDK, Picasso serves as an Inter-Blockchain Communication (IBC) hub, allowing different blockchain ecosystems to connect in a trust-minimized and censorship-resistant manner. The protocol extends IBC beyond its original Cosmos ecosystem to support networks such as Solana, Ethereum, Polkadot, and Kusama.

Additionally, Picasso introduces the first Generalized Restaking Layer, enabling assets staked on different Proof-of-Stake (PoS) blockchains to be pooled together for security and validation. This feature is initially deployed on Solana and aims to expand to other IBC-connected ecosystems. Picasso provides native security at the protocol level and enhances DeFi interoperability by eliminating the need for centralized bridges.

PICA is available across multiple networks, including Cosmos, Polkadot, Ethereum, and Solana. Users can stake PICA to participate in governance and earn rewards, as well as restake assets such as SOL and liquid staking derivatives to secure Actively Validated Services (AVSes).

Picasso's core functionalities revolve around interoperability and restaking:

• Cross-Ecosystem IBC: Picasso facilitates decentralized cross-chain transactions, messaging, and token transfers through the IBC protocol. It enables direct, non-custodial asset transfers without relying on trusted intermediaries.
• Generalized Restaking Layer: The protocol allows users to restake assets from multiple PoS networks to secure services called Actively Validated Services (AVSes), such as bridges, sequencers, and oracles. This expands the concept of EigenLayer’s Ethereum restaking to a multi-chain environment.
• Governance: PICA token holders can participate in protocol decisions, including onboarding new AVSes, restaking assets, and modifying network parameters. Governance occurs via Picasso’s OpenGov system.
• Staking and Restaking Rewards: Users who stake PICA contribute to network security and receive rewards, including a share of transaction fees. Additionally, restakers earn a portion of revenue generated from AVSes.
• Bridging Fees: A percentage of IBC transaction fees is allocated to PICA stakers. These fees are collected in bridged tokens and used to buy back PICA from the market, redistributing it to stakers.