Developing a scalable blockchain protocol for creating decentralized applications and smart contracts, the Solana project has presented a cross-chain solution that connects the tokens of the Ethereum and Solana networks. This is reported in the project blog.
A solution called Wormhole will allow projects, platforms, and communities to move tokenized assets across blockchains.
With the help of Wormhole, DeFi platforms will be able to use Solana to carry out transactions, while allowing settlements on a different backbone.
The solution can also be used by payment gateways to make faster transactions.
Playgrounds or identity platforms using Wormhole to convert to SPL will have the ability to increase throughput with the ultimate ERC-20 support.
Wormhole is the first of these cross-chain bridges. It uses decentralized cross-network oracles that are managed by a set of node operators, including the lead validators of Solana and other ecosystem stakeholders.
They certify the blocking and burning of tokens on one chain in order to release new tokens on another, Solana noted.
In honor of the launch of Wormhole, the project will host a hackathon.
