Solana set to launch decentralized Ethereum bridge to power DeFi

Solana, the smart contract platform that recently entered the spotlight thanks to FTX’s Serum, announced the upcoming release of what it says is a decentralized bridge for Ethereum ERC-20 tokens. Called Wormhole, the bridge would allow users to transfer value between the different blockchains, turning ERC-20 tokens into Solana’s corresponding SPL standard.

Wormhole uses a set of “guardians” picked from Solana’s existing validators on the proof-of-stake network. The Wormhole nodes are able to decide on the new guardian set, which the company says is “established with an off-chain governance system.”.

Timeline of Ethereum, Serum