Wormhole, a protocol for blockchain interoperability
Wormhole already allowed token transfers between different blockchains. Originally, the project focused on the decentralized finance sector (DeFi). The solution had caught the attention of Solana’s teams, who have a particular interest in fostering bridges with Ethereum.
As of yesterday, Wormhole has extended its services to Solana and Ethereum’s non-fungible tokens (NFT). The timing is no coincidence: Solana has been gaining momentum in recent months. Despite a big scare last week, the blockchain is getting more and more used. Its NFTs are starting to find their place, even if they are sometimes just copies of Ethereum’s NFTs.
NFT transfers between Ethereum and Solana
As Wormhole’s announcement explains, users can now send their CryptoPunks, BoredApes, and the like in a “wrapped” version. For now, this bridge is only compatible with ERC-721 tokens, but ERC-1155s are expected to arrive.
It works as follows: if one wishes to send an Ethereum NFT on Solana, it is first locked into a Wormhole smart contract on Ethereum. A new version is then produced (minted) on Solana. The NFT on Solana is therefore native, and can be used and transferred in the same way as the others. The process is fully reversible.
Interoperability, the key to the future of blockchains?
All this shows that the NFTs of the “Ethereum killer” Solana will perhaps find a wider audience. It also indicates that the trend of the moment is firmly towards interoperability. As new blockchains gradually unlock features that were once monopolized by Ethereum, bridging is an increasingly important issue.
Wormhole is not the only one to embark on this type of project. The OVR platform, for example, is in the process of offering services to bring together the NFTs of the various metaverse in one place. For the moment, these projects are still in their infancy, so we should see more of them in the coming months.
Receive a summary of the crypto news every Sunday and that’s it.
About the author : Marine Debelloir
<img src=”https://yellowrocketagency.com/wp-content/uploads/2021/09/marine-debelloir-redactrice-crypto-150×150..jpg” alt=” width=”100″ height=”100″ />
Deputy Editor-in-Chief on Cryptoast, I fell into the crypto-currency pot a few years ago. I’m passionate about the innovative technologies that stem from blockchain and I love to dig up the most juicy news to share with you.
All articles by Marine Debelloir.