Solana, a scalability-focused blockchain, unveiled today its plans to develop a decentralized bridge in the hopes of solving the ongoing congestion issues surrounding the Ethereum network. This cross-chain bridge to Ethereum, dubbed the “Wormhole,” will provide protocols the ability to freely move from blockchain to blockchain – fully utilizing Solana’s well-documented high speeds with low cost. Basically, the two blockchains are partnering up to lighten the load off of Ethereum driven by the increased demand surrounding the DeFi sector.
As per the press release, protocols that are already comfortable with Ethereum will not be alienated by the upcoming Wormhole. Although the process may alter quite a bit, both parties promise that there wouldn’t be any drastic changes. Solana’s new bridge will effectively connect ETH and ERC-20 tokens with its native token, the SPL, rendering the entire process more seamless. This mirrors the federated bridging system currently implemented on Bitcoin and other sidechains, such as RSK or Liquid, albeit, with some significant changes.
The CEO of Solana, Anatoly Yakovenko, stated that the Wormhole development is but phase one of their current scaling plans. The firm is working on a concurrent implementation that would highlight on-chain light clients, potentially removing the need for any form of a concrete validator. Yakovenko also noted that a number of DeFi protocols today are building on their blockchain. This includes Anchor, REN, and Terra.
The Wormhole Bridge is presently being audited by the prominent Swiss security firm, Kudelski. It is scheduled to officially release before the start of November. That being said, the beta version of the said bridge will go live exclusively to developers this October 28 at a particular hackathon event.