Solana Announces Wormhole, a Secure and Trustless Bridge to Ethereum
Solana will judge the hackathon along with Gauntlet, Curve, FTX, Balancer, Aave, Audius, and other major projects.
“Smart contract chains are universal computers, and all universal computers can talk to each other, fundamentally making blockspace on any layer-1 fungible with blockspace on any other layer-1,” said Anatoly Yakovenko, The Solana Foundation CEO.
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Yakovenko and his team built Solana to solve blockchain scalability issues, and they’ve already battle-tested their solution with projects like Serum, Anchor, Terra, Stardust, and most recently, Tether.
Solana’s emulates the scale, speed, and low-cost of the web, which makes it a preferred platform for decentralized applications (DApps). The majority of DApps need to perform as well as, if not better than Web2 products.
Wormhole allows existing projects, platforms, and communities to move tokenized assets seamlessly and trustlessly across blockchains to benefit from Solana’s high speed and low cost. Interoperability remains a high priority for projects, as it unlocks network effects and allows for the most efficient use of resources. It’s not pragmatic to expect an entire ecosystem of value to immediately shift across networks, and teams can’t afford to wait for such a mass migration.
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