Solana Targets Ethereum’s Scalability Issue by Introducing a Bridge called Wormhole

Ensuring the flow of “greater multiples of new capital” is not stopped by congestion and high gas fees.

After launching DEX Serum, Solana Blockchain is now going for the heart of the problem.

Today, Wormhole – a secure, trustless bridge connecting Ethereum to Solana is announced.

With the DeFi frenzy, up until a few weeks ago, pushing the activity on Ethereum to new highs — fees to skyrocket and the network to clog — the market has been in serious need for a solution. As the team mentions in its official statement, speed and cost being the hurdle for adoption –

“the big leap that tips the scale towards Web3 will be propelled by scalability, and that’s exactly what Solana is solving.”

To cater to the significant growth in DeFi applications and to make sure the flow of “greater multiples of new capital” is not stopped by congestion and high gas fees as they keep money on the sidelines, Solana has joined hands with Certus One. Stating,

“Wormhole enables DeFi platforms to leverage Solana for high speed, low-cost transactions, while still allowing for settlement on another base chain.”

This bidirectional cross-chain bridge on Solana, which is just the first of many, connects ETH and ERC 20 tokens to SPL tokens, Solana token standard. When it comes out in a month, DeFi projects can move tokenized assets across blockchains running into constant issues.

Wormhole uses decentralIzed cross-chain oracles called guardians, operated by a set of node operators including Solana validators and other stakeholders who certify token lockups and burns on one chain to mint new tokens on others.

And with this, Solana Foundation is hosting a virtual hackathon, starting October 28, for the community to get together, use Wormhole and bring ideas to create highly scalable and cost-efficient web3 applications.

Solana (SOL) Live Price

1 SOL/USD =1.9548 change ~ -3.30

Coin Market Cap

87.03 Million

24 Hour Volume

12.23 Million

24 Hour Change

-3.30

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AnTy
AnTy
AnTy has been involved in the crypto space full-time for over two years now. Before her blockchain beginnings, she worked with the NGO, Doctor Without Borders as a fundraiser and since then exploring, reading, and creating for different industry segments.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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