Solana, a project developing a scalable blockchain protocol for building decentralized applications and smart contracts, unveiled a cross-chain solution linking tokens across the Ethereum and Solana networks. This was reported in the blog of the project.
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The solution, called Wormhole, will enable projects, platforms and communities to move tokenized assets between blockchains.
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Using the Wormhole DeFi platform, users will be able to perform transactions on Solana while settling on another base chain.
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The solution could also be used by payment gateways to settle faster transactions.
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Gaming platforms or identity platforms, using Wormhole to map to the SPL standard, will gain the ability to increase throughput with final support for the ERC-20 standard.
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Wormhole is the first of such cross-chain bridges. It uses decentralized cross-chain oracles, managed by a set of node operators, including leading Solana validators and other ecosystem participants.
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They verify tokens being locked and burned on one chain to mint new tokens on another, Solana noted.
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To mark the launch of Wormhole, the project will hold a hackathon.
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Earlier, Tether launched the USDT stablecoin on the Solana blockchain.
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