YEREVAN (CoinChapter.com) – A token bridge between the largest DeFi platform Ethereum (ETH) and August’s star programmable blockchain Solana (SOL), went live on Sep. 17. The “important milestone” in asset-bridging capabilities, dubbed Wormhole v2, promises easier value transfer from one blockchain to the other.
Solana announced the news on Friday, emphasizing the plans to include the Terra network and Binance Chain into the fold.
According to the announcement, the second iteration of the Solana-Ethereum bridge was up and running on Friday. The bridge is primarily focused on two layer-1 blockchains at the moment: Ethereum and Solana. However, Wormhole v2 did not specify the timeframe of incorporating Terra Network and Binance Chain.
Wormhole is a simple, generic protocol that delivers a pathway for any kind of information—funds, votes, programs and more—from any blockchain in the network to any other.
The first step in implementing the new Wormhole would be to migrate the liquidity from v1 to v2. The project estimated that liquidity at $250 million in multiple assets. Solana’s cross-chain product Saber HQ will support the migration.
The team working on the asset bridge specified that the demand for such a cross-chain connection is immense. They also added that the time is perfect to “add fuel to the fire.”
There couldn’t be a better time for Wormhole V2 to launch its token bridge and add fuel to the fire, so let’s talk about what’s coming and how Wormhole will power interoperability cross chain.
SOL/USD pair traded at 144 in the Monday session. The digital asset registered a green candle on Friday, after the announcement. It put on 17 percent but corrected over the weekend, complying with the rest of the market. ETH didn’t seem affected by the news either and lost 12 percent since Friday.
Despite the setback, the daily chart paints an optimistic picture for SOL. The token formed a falling wedge that consisted of two descending trendlines enveloping the price action and driving it down. The upper trendline topped the bullish attempts, and the bottom trendline assisted the digital asset and kept it afloat. The falling wedge is a bullish pattern. It predicts gains after the token exhausts the formation.
Michael Van de Poppe, the CEO of the analytical service Eight, offered a bullish stance on SOL. According to the analyst, Solana could bounce ahead as it arrived at a significant support line.
Meanwhile, Ethereum’s ETH didn’t react to the Wormhole news. Instead, it consolidated throughout the weekend, just like the rest of the altcoin market. The second-largest cryptocurrency traded at $3,190 in the Asian-Pacific session Monday. Both digital assets seemed to mimic the Bitcoin chart, which initiated a correction across the crypto market.
Ethereum and Solana complied with the ubiquitous correction led by Bitcoin but hinted at bullish continuation on the chart. However, the upcoming sessions will show if the prediction is correct.
Lilit is a Yerevan-based Markets writer, skilled in 3 languages, and interested in writing about the tech world, trading, art, and science. She also has a background in psychology and marketing, which helps deliver the right message to the target audience.
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