Bitcoin News and Finance
Wormhole Network Launches Ethereum Solana Bridge, Solana AMM Saber Surpasses $4 Billion TVL Skip to main content

Wormhole Network Launches Ethereum Solana Bridge, Solana AMM Saber Surpasses $4 Billion TVL

On September 17, 2021, Solana protocol fans were introduced to the launch of the Wormhole Network’s ethereum – solana bridge, which means assets between each chain can be intermingled. The launch announcement notes that Saber, the Solana-fueled protocol with more than $4 billion total-value locked (TVL), will support migration from Wormhole V1 to V2.

Wormhole Launches Ethereum – Solana Bridge

Solana has risen 5,504% in value during the last year and today, solana (SOL) is a top ten crypto-asset holding the seventh largest position in terms of market capitalization. At the time of writing, the overall solana (SOL) market valuation is $48.4 billion and there’s a circulating supply of 296,830,872 SOL, according to Coingecko data. On Friday, the Wormhole Network announced the launch of the Wormhole Token Bridge.

“Today we’re incredibly excited to announce the launch of our Wormhole Token Bridge starting with Ethereum and Solana,” the Wormhole Network’s Twitter account said. “First up – migration of assets from the soon to be unsupported Wormhole V1 to Wormhole V2 will be available. V1 users will be able to simply exchange their assets for V2 assets at a 1-to-1 rate on wormholebridge.com.”

“The liquidity for this swap will be replenished periodically, please bear with us. There are about $250M worth of assets in Wormhole V1 to be migrated,” the Twitter thread added.

In a recent report, Bitcoin.com News detailed how the growth of blockchain bridges and cross-chain capabilities have expanded a great deal. In a panel hosted by Sanctor Capital, the founder of the Yearn Finance project, Andre Cronje, emphasized the importance of cross-chain compatibility.

“The whole defi wave gave a reason for people to begin interacting with different blockchains. And the more we’re interacting, the more we are realizing that there’s actually a little bit too much activity for any one chain to handle this stuff,” Cronje said. The Yearn Finance founder added:

While I can’t specifically pinpoint a big bang moment, it’s a combination of the maturing of different blockchains and their defi ecosystems, and things like NFTs that are giving people more and more of a reason to interact.

Solana IDOs Explode With Demand, Saber TVL Surpasses $4 Billion

There’s been a lot of attention cast at Solana since its rise in value and the development that has happened over the last few months. SOL-based initial dex offerings or IDOs have exploded as projects like Matrixetf, Parrot Protocol, Solanium, Grape Protocol, Boca Chica, and more have caused significant demand.

Saber has $4 billion TVL and projects like Serum, Raydium, Orca, Mango Markets, and Oxygen. Moreover, tokens like cope, step finance, maps.me, kin, and bonfida have caught the attention of SOL proponents. “Wormhole V2 assets will initially show up as NFTs in the Phantom wallet until a few upgrades to the wallet are rolled out next week,” the Wormhole Network further tweeted.

“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.” the Wormhole Network team tweetstorm concluded.

What do you think about the Wormhole Network’s ethereum – solana bridge launch? Let us know what you think about this subject in the comments section below.

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r
Post a Comment
Read more
Blogarama - Blog Directory