On September 17, 2021, Solana protocol fans were introduced to the launch of the Wormhole Network’s Ethereum-Solana Bridge, which means that assets can be mixed up between any chain. The launch announcement states that Saber, the Solana-powered protocol with a Total Value Locked (TVL) of more than $ 4 billion, will support the migration from Wormhole V1 to V2.
Wormhole launches Ethereum – Solana Bridge
Solana is up 5.504% in value last year and today solana (SOL) is a top ten crypto asset with the seventh largest position in terms of market capitalization. At the time of writing, the total market valuation of Solana (SOL) is $ 48.4 billion and, according to Coingecko data, there are 296,830,872 SOL in circulation. On Friday, the Wormhole Network announced the launch of the Wormhole Token Bridge.
“Today we are incredibly excited to announce the launch of our Wormhole Token Bridge, starting with Ethereum and Solana,” said the Wormhole Network’s Twitter account. “First of all – the migration of assets from the soon-to-be-deprecated Wormhole V1 to Wormhole V2 will be available. V1 users can easily exchange their assets for V2 assets on wormholebridge.com at a one-for-one price. “
“The liquidity for this swap is regularly replenished, please understand. There are approximately $ 250 million worth of assets in Wormhole V1 that need to be migrated, ”added the Twitter thread.
In a recent report, Bitcoin.com News detailed how the growth of blockchain bridges and cross-chain capabilities has expanded dramatically. 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 people a reason to interact with different blockchains. And the more we interact, the more we realize that there is actually a bit too much activity for a single chain to handle this stuff, ”said Cronje. The founder of Yearn Finance added:
While I can’t pinpoint a big bang moment, it’s a combination of the maturation of various blockchains and their defi ecosystems and things like NFTs that give people more and more opportunities to interact.
Solana IDOs are skyrocketing with demand, Saber TVL tops $ 4 billion
Solana has received a lot of attention since its appreciation and development over the past 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 generated significant demand.
$ 4 billion
+ $ 3 billion (+ 329%) increase in 7 days 
According to @DefiLlama, Saber is the 13th largest log in DeFi from TVL. pic.twitter.com/HiCshuTzzN
– Saber (@Saber_HQ) September 12, 2021
Saber has $ 4 billion in TVL and projects such as Serum, Raydium, Orca, Mango Markets, and Oxygen. Additionally, tokens like Cope, Step Finance, maps.me, kin, and bonfida have caught the attention of SOL advocates. “Wormhole V2 assets will initially be displayed as NFTs in the phantom wallet until some upgrades are introduced for the wallet next week,” the Wormhole Network tweeted on.
Speaking of TVL, we’re excited to announce that Saber HQ will support the migration of Wormhole V1 assets to V2 [and] Postpone Incentives for Wormhole V2 Assets. Saber has been in an absolute rift with growth since its inception, having just topped $ 4 billion in TVL. ”The Wormhole Network team’s tweetstorm ended.
What do you think of the launch of the Wormhole Network’s Ethereum-Solana Bridge? Let us know what you think on this matter in the comments below.
Tags in this story
Andre Cronje, Boca Chica, Cross-Chain, DeFi, Defi Apps, Grape Protocol, Mango Markets, Matrixetf, Orca, Oxygen, Parrot Protocol, Phantom Wallet, Raydium, Saber, Saber HQ, Serum, SOL, Solana, Solana (SOL) , Solanium, wormholebridge.com, Yearn Finance project
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source https://www.bisayanews.com/2021/09/19/wormhole-network-launches-ethereum-solana-bridge-solana-amm-saber-surpasses-4-billion-tvl-defi-bitcoin-news/
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