Ethereum Solana Bridge Launched by Wormhole Network
- Saber initiatives surpassed $4 Billion TVL.
- Wormhole is the first of several bidirectional cross-chain bridges
To link Ethereum to Solana, an open-source initiative launched Wormhole, a safe and trustless bridge. Wormhole is the first of several bidirectional cross-chain bridges for the Solana network and is present in the testnet phase. Wormhole links ETH and ERC20 to SPL Tokens, the Solana blockchains standard token.
Solana, founded in late 2017 by former Qualcomm, Intel, and Dropbox employees. The Solana Foundation is hosting a Wormhole hackathon starting on October 28th. The virtual hackathon will bring together crypto enthusiasts to build highly scalable web3 apps.
Solana was designed to address blockchain scaling problems, and it has already been tested on Serum, Anchor, Terra, Stardust, and most recently, Tether. For decentralized applications, Solana’s size, speed, and cheap cost make it ideal. Also, most Dapps must outperform Web2 products.
Furthermore, Wormhole enables existing businesses, platforms, and communities to transfer tokenized assets across blockchains quickly and cheaply. Furthermore, interoperability is important because it unlocks network effects and maximizes resource usage. It’s not unrealistic to expect a whole ecosystem of value to migrate instantly across networks, and teams can’t afford to wait.
Moreover, it is the first of many similar chains. Solana and Serum utilize decentralized cross-chain oracles called guardians, run by node operators that include top Solana validators and other ecosystem players.
Solana AMM Saber Surpasses $4 Billion
Furthermore, projects like MatrixETF, Parrot Protocol, Solanium, Grape Protocol, Boca Chica, and others have increased demand for SOL-based IDOs.
The Wormhole Network team tweetstorm said:
“Speaking of TVL, we’re excited to announce that Saber HQ will support the migration of Wormhole V1 assets to V2 [and] move over incentives to Wormhole V2 assets. Saber has been on an absolute tear with growth since launch having just surpassed $4 Billion in TVL.”
Serum, Raydium, Orca, Mango Markets, and Oxygen are all Saber initiatives worth a value of more than $4 Billion TVL. Also, cope, step finance, maps. SOL supporters have paid keen attention to me, kin, and bonfida.
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Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
