Web-scale blockchain network Solana announced Wormhole – a bridge connecting Ethereum to Solana
Solana web-scale blockchain has officially announced a new project called Wormhole – a reliable bridge between Solana and Ethereum. It is known that this is the first bridge among two-way cross-chain bridges on Solana.
worm·hole | \ ˈwərm-ˌhōl – a hypothetical structure of space-time envisioned as a tunnel connecting points that are separated in space and time.
— Solana (@solana) October 7, 2020
The bridge between Blockchain Ethereum and Solana – Wormhole
More information, Solana is a fairly successful Blockchain project in the market with over 2 billion transactions since its launch in March 2020. Solana was built to solve Blockchain scalability problems and has now worked effectively in projects such as Serum, Kin, Terra, Stardust, and most recently Tether. All of these groups use Blockchain’s crypto properties but require the scale, speed, and low cost of the web.
Built-in collaboration with Certus One, the Wormhole is the first of the two-way cross-chain bridges on Solana. Wormhole is responsible for connecting ETH and ERC20 tokens to the SPL – Blockchain Solana’s native token. Wormhole allows existing projects, platforms, and communities to seamlessly and reliably move tokens across Blockchains to benefit from Solana’s high speed and low cost. Interoperability is still a high priority, as it unlocks network effects and allows for the most efficient use of resources.
Anatoly Yakovenko, co-founder of Solana, said:
“Smart contract chains are universal computers, and all universal computers can talk to each other, fundamentally making block space on any layer-1 fungible with block space on any other layer-1.”
Wormhole is currently being audited by online security firm Kuldeski.
Hackathon for the Solana builder
To popularize the release, the Solana platform is calling on developers from all over the world to use the Wormhole in the upcoming hackathon competition, which begins October 28.
The notice states:
“With inspiration bursting from our community and more exciting news on the horizon, the Foundation is hosting a virtual hackathon to bring ideas and crypto enthusiasts together to create highly scalable and cost-efficient web3 applications. ”
Blockchain projects and exchanges like Gauntlet, Curve, FTX, Balancer, Aave, Audius, and others are expected to join the hackathon. Some of the benefits for teams building on Solana is that instead of having to rewrite their base code for the project, they can use the Wormhole to access the high-speed and low-cost benefits of the Solana network.
The notice states:
“The [Ethereum] network, constrained by current infrastructure limitations that don’t allow for fast transactions, as evidenced by gas fees and network congestion. Bridging across to Solana negates that friction and still allows for the value to settle back to the Ethereum network if so chosen.”
Cross-chain compatibility and performance have been a long-awaited feature of the broader ecosystem, and with projects and teams like Solana, the wait may not last much longer.
You can see the ETH price here.
- DeFi Should End The Quick Adjustment So That Bitcoin And Ethereum Can Get Back On Track Toward New All-Time Highs
- Ethereum Price May Likely Has A Move Under $300 In The Near Future, Trigger A Drop Towards $250 – $ 280 Range