Monday, May 20, 2024

Canto, Astar blockchains plan migration to Ethereum ecoystem as layer 2s

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Cosmos-native layer-1 blockchain Canto has turn out to be the most recent chain to migrate to Ethereum as a layer 2 zero-knowledge rollup, after one other layer-1 blockchain, Astar, introduced comparable plans shifting from the Polkadot ecosystem to Ethereum.

Canto is a permissionless general-purpose blockchain, which is Ethereum Digital Machine (EVM)-compatible with goals to onboard the normal monetary sector to decentralized finance purposes.

Upon an official settlement reached by Canto Commons — a framework the place contributors coordinate concepts and options to the protocol — its core builders will build a ZK rollup on Ethereum’s second layer, Polygon Labs explained on Sept. 18:

“By leveraging a shared ZK bridge, Canto will finally faucet the liquidity of a unified Polygon ecosystem with quick access to Ethereum.”

Polygon Labs mentioned Canto will “inherit” Ethereum’s safety, enabling extra decentralization and trustless ensures when bridging property over:

“Person safety comes by the use of a best-in-class and in-production ZK prover, that means group safety is ensured by cryptography and inherited from Ethereum, somewhat than the social-economic incentives of fraud proofs.”

There will probably be no modifications to Canto’s validators or staking system, Polygon Labs added.

Canto follows strikes from Astar

Canto joins the likes of Astar, Gnosis Pay, Palm and IDEX to have introduced plans to construct ZK layer 2s utilizing Polygon’s Chain Development Kit in latest months, according to Polygon Labs co-founder Sandeep Nailwal.

On Sept. 13, the Astar workforce introduced it should quickly start constructing its personal Ethereum layer-2 scaling answer, named Astar ZK-Ethereum Digital Machine (EVM), additionally utilizing Polygon’s CDK.

“We’re constructing a trustless bridge to Ethereum with excessive EVM equivalency proper out-of-the-box, so dApp builders can use current instruments to construct options throughout our complete ecosystem,” the Astar workforce explained in a Sept. 14 assertion.

Polygon Labs hopes the ZK-powered chain will allow companies to implement Web3 options with elevated pace, scalability, and safety in Japan — the place Astar is predicated — and world wide.

Ryan Sean Adams, co-host of Ethereum present Bankless mentioned the 2 most up-to-date migrations to Ethereum might be the beginning of a rollup avalanche.

Not each protocol is sticking round on Ethereum

In the meantime, some protocols seem to shifting the opposite method.

Decentralized change dYdX introduced its intention to construct a “purely decentralized” order e-book change on Cosmos as a part of a plan to migrate away from Ethereum in early September.

One other Ethereum-native protocol, Maker, signaled plans to transfer to cut ties with Ethereum and construct a brand new, extra “environment friendly” chain with Solana’s codebase in September too.

Associated: Idealistic Ethereum community-built zkEVM Scroll launching in weeks

Maker’s co-founder Rune Chistensen added Solana at the moment stands as the “most promising” ecosystem to discover as it proved its resilience throughout the FTX debacle and has a high-quality pool of expertise builders constructing on Solana.

Nonfungible token assortment OnChainMonkey can also be shifting its complete assortment of 10,000 NFTs from Ethereum to Bitcoin. The workforce behind the protocol cited a safer base layer and a thriving Bitcoin Ordinals ecosystem as the principle purpose behind the migration plan.

Journal: DeFi Dad, Hall of Flame: Ethereum is ‘woefully undervalued’ but growing more powerful