Solana’s ecosystem is experiencing a significant uptick in bridging activity, especially since November 2023. Bridges like Wormhole, Allbridge, and deBridge (early supporters of the Solana ecosystem) are well-positioned to benefit from this surge.
The user demand to move funds to Solana has sparked a rush for liquidity bridges to expand to Solana. In December alone, Synapse, Meson, and Hashflow added routes to Solana. Soon, the need for aggregation platforms like Jumper to support Solana will become apparent.
Wormhole offers the most robust offering for developers in terms of messaging protocols, while deBridge's DLN is emerging as the preferred liquidity bridge for asset transfers.
Very few applications on Solana feature built-in bridging, but the landscape is evolving. Phantom and Jupiter are at the forefront of this change, embedding bridging functions within their services.
Upcoming projects like Circle's CCTP, Wormhole's cross-chain queries, and Jumper Exchange's cross-chain swaps will enhance Solana's connectivity with the broader blockchain ecosystem. Moreover, innovations such as Tinydancer's light clients and Picasso's IBC guest blockchain concept can potentially enable trust-minimized cross-chain interactions.
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This report covers the Interoperability sector in October 2023.