{"id":12282,"date":"2021-09-19T04:54:09","date_gmt":"2021-09-19T04:54:09","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/wormhole-network-launches-ethereum-solana-bridge-solana-amm-saber-surpasses-4-billion-tvl\/"},"modified":"2021-09-19T04:54:09","modified_gmt":"2021-09-19T04:54:09","slug":"wormhole-network-launches-ethereum-solana-bridge-solana-amm-saber-surpasses-4-billion-tvl","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/wormhole-network-launches-ethereum-solana-bridge-solana-amm-saber-surpasses-4-billion-tvl\/","title":{"rendered":"Wormhole Network Launches Ethereum Solana Bridge, Solana AMM Saber Surpasses $4 Billion TVL"},"content":{"rendered":"

On September 17, 2021, Solana protocol fans were introduced to the launch of the Wormhole Network\u2019s ethereum \u2013 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.<\/strong><\/p>\n

Wormhole Launches Ethereum \u2013 Solana Bridge<\/h2>\n

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\u2019s a circulating supply of 296,830,872 SOL, according to Coingecko data<\/a>. On Friday, the Wormhole Network announced<\/a> the launch of the Wormhole Token Bridge.<\/p>\n

\u201cToday we\u2019re incredibly excited to announce the launch of our Wormhole Token Bridge starting with Ethereum and Solana,\u201d the Wormhole Network\u2019s Twitter account said<\/a>. \u201cFirst up \u2013 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.\u201d<\/p>\n

\u201cThe 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,\u201d the Twitter thread added.<\/p>\n<\/p>\n

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<\/a> hosted by Sanctor Capital, the founder of the Yearn Finance project, Andre Cronje, emphasized the importance of cross-chain compatibility.<\/p>\n

\u201cThe whole defi wave gave a reason for people to begin interacting with different blockchains. And the more we\u2019re interacting, the more we are realizing that there\u2019s actually a little bit too much activity for any one chain to handle this stuff,\u201d Cronje said. The Yearn Finance founder added:<\/p>\n

While I can\u2019t specifically pinpoint a big bang moment, it\u2019s 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.<\/p>\n

<\/p>\n

Solana IDOs Explode With Demand, Saber TVL Surpasses $4 Billion<\/h2>\n

There\u2019s 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<\/a>, Parrot Protocol<\/a>, Solanium<\/a>, Grape Protocol<\/a>, Boca Chica<\/a>, and more have caused significant demand.<\/p>\n

$4B <\/p>\n

? +$3B (+329%) increase in 7 days ?<\/p>\n

According to @DefiLlama<\/a>, Saber is the 13th largest protocol in all of DeFi by TVL. pic.twitter.com\/HiCshuTzzN<\/a><\/p>\n

\u2014 Saber (@Saber_HQ) September 12, 2021<\/a><\/p>\n<\/p>\n

Saber<\/a> has $4 billion TVL and projects like Serum<\/a>, Raydium<\/a>, Orca<\/a>, Mango Markets<\/a>, and Oxygen<\/a>. Moreover, tokens like cope, step finance, maps.me, kin, and bonfida have caught the attention of SOL proponents. \u201cWormhole V2 assets will initially show up as NFTs in the Phantom<\/a> wallet until a few upgrades to the wallet are rolled out next week,\u201d the Wormhole Network further tweeted.<\/p>\n

\u201cSpeaking of TVL, we\u2019re excited to announce that Saber HQ<\/a> 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.\u201d the Wormhole Network team tweetstorm concluded.<\/p>\n

What do you think about the Wormhole Network\u2019s ethereum \u2013 solana bridge launch? Let us know what you think about this subject in the comments section below. <\/em><\/strong><\/p>\n

Bitcoin News
\nDefi, 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<\/p>\n","protected":false},"excerpt":{"rendered":"

On September 17, 2021, Solana protocol fans were introduced to the launch of the Wormhole Network\u2019s ethereum \u2013 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…<\/p>\n","protected":false},"author":0,"featured_media":12283,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-12282","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/12282"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=12282"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/12282\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/12283"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=12282"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=12282"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=12282"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}