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Wormhole, an interoperability protocol that connects Solana with other networks, has announced the launch of its mainnet. With the launch of the mainnet, Wormhole would now support inter-blockchain message transfers.
Wormhole: Communication Bridge Supporting Arbitrary Data
Wormhole is not just an asset or communication bridge, it also supports arbitrary data. This means it enables the cross-chain transfer of any information. This information includes oracle data, governance votes, non-fungible tokens (NFTs), amongst others. The protocol aims to fill the interoperability gap by connecting messages to other chains through a verifiable, trustless network. This network is supported by validator nodes, also known as Guardian nodes. According to the announcement, the Wormhole mainnet would also support Ethereum, Terra, and Binance Smart Chain (BSC). The protocol plans to add other prominent chains in the near future. The Wormhole protocol testnet was first announced in October 2020 by Solana. At the time, it only supported cross-chain transfers between Solana and Ethereum. The added support of the Terra and BSC blockchains is an improvement from Wormhole's testnet phase. Wormhole describes itself as a messaging protocol that allows information to flow freely cross-chain between previously siloed blockchains. Furthermore, Wormhole comes with 19 validators where projects can monitor if an asset is locked up in one chain and is copied before freely moving to the next chain. The protocol is built to be synchronous, enabling low-latency consensus. This capability ensures information is utilized freely without any delays. With this mainnet, Wormhole opens a faster and simpler route for non-native assets to enter Solana's bustling decentralized finance ecosystem. Projects like Serum, a decentralized exchange (DEX) platform backed by FTX, could unlock added cross-chain liquidity through Wormhole. Wormhole was formed as a result of a partnership between Solana and Certus One, a premier validator for distributed ledger technology (DLT). As of October, it was intended to connect ETH and ERC20 tokens to SPL Tokens, the fungible tokens of the Solana blockchain. Wormhole was formed to be the first of many bidirectional cross-chain bridges planned for the Solana network. Founded in 2017, Solana is a high-performance Proof of Stake (PoS) blockchain that aims to solve problems in decentralized finance (DeFi). The blockchain focuses on solving problems surrounding speed, scale, and transaction fees, making it a preferred platform for decentralized applications (DApps).
Wormhole's Partnership With Pyth Network
Wormhole had previously partnered with Solana-based network, Pyth in May this year. Pyth is an oracle protocol designed to retrieve data on-chain instantaneously. The partnership enabled Ethereum users to connect to the Solana network, including gaining Pyth's data sourcing access. Meanwhile, the Solana blockchain continues to thrive alongside the decentralized platforms built on it. Solana recently joined hands with music streaming service Audius and NFT marketplace Metaplex to launch a $5 million fund to attract artists and musicians to its platform.