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Wanchain has expanded its reach in the non-EVM world with Solana integration.
Key Notes
Wanchain has integrated Solana to provide EVM connectivity.With the integration, users can transfer USDC to and from Solana.Wanchain has implemented similar integration for Polkadot and Cardano in the past.Decentralized blockchain interoperability solution Wanchain recently demonstrated support for Solana SOL $153.5 24h volatility: 0.4% Market cap: $72.25 B Vol. 24h: $3.30 B by integrating the scalable Layer-1 blockchain into its cross-chain infrastructure.
Consequently, users can bridge assets between Solana and any of the 35 networks supported by the protocol. This new development comes amidst a growing adoption in the Solana ecosystem.
Solana Integration Kickstarts with USDC Transfers
According to OKG, the Solana network recorded a massive annual growth rate of 1,816% in daily active users as of March 2024. The integration of the L1 network with PayPal and Stripe significantly contributed to this enormous momentum for Solana.
USDC USDC $1.00 24h volatility: 0.0% Market cap: $34.70 B Vol. 24h: $4.63 B is the first token that would be available for transfer to and from Solana.
As the bridge is gradually established, Wanchain will develop more tokens as well as accessible routes. As announced, it will pursue a systematic addition to the bridge. The plan is to also introduce the exchange of native USDT USDT $1.00 24h volatility: 0.0% Market cap: $119.77 B Vol. 24h: $40.55 B to and from Solana as part of Wanchain’s XFlows protocol.
It is worth noting that the platform introduced USDT XFlows about two years ago as an upgrade. As of that time, the upgrade brought native-to-native USDT cross-chain transfers for Ethereum, BNB Chain, Polygon, and Arbitrum.
Owing to its non-EVM chain design, Solana has yet to successfully ink connections with some of the most prominent EVMs.
The Wanchain Bridge changes these connection shortcomings by allowing access between Solana and the likes of BNB Chain. In the long run, this will play a huge part in propelling Solana’s surging popularity among crypto users even further. Wanchain CEO Temujin Louie hinted at the team’s enthusiasm towards the integration.
“Solana’s ecosystem is attracting avid user engagement, and it’s important to serve growing communities with accessible solutions that make transferring assets as simple and efficient as possible,” Louie highlighted.
On a larger scale, Wanchain hopes that this move will facilitate more efficient asset exchange. The interoperability solution anticipates that it will serve as the basis for increased innovation between Solana and other blockchain ecosystems.
Wanchain Launched Bridge for Polkadot and Cardano
Only four months ago, it introduced a new bridge to connect Cardano and the Polkadot Relay Chain.
This allowed two prominent non-Ethereum Virtual Machine (EVM) chains to communicate with each other and implement hassle-free transfers of DOT to Cardano and vice versa. Their non-EVM feature made the bridge more commendable.
In addition to the Polkadot-Cardano brìge, Wanchain introduced the Convert n’ Burn program for its native Bridge. This program aims to cover the on-chain costs incurred by the bridge and create value for the entire Wanchain ecosystem.
At the time, the integration fueled some positive sentiment for both networks. Polkadot recorded a surge past 600,000 active wallet addresses within its ecosystem. In the same period, Cardano experienced a 40% increase in activity. With the latest development, Solana is expected to have a similar experience.
Apart from the attention this integration brings to Solana, it equally showcases Wanchain’s commitment to providing solutions to Web3’s most prominent ecosystems.
In the future, the decentralized interoperability solution plans to integrate more networks.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
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Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
