Solana Unveils Plan for Cross-Chain Bridge to Bitcoin by Q3 2024: Details
Solana is set to expand its ecosystem liquidity by bridging to the Bitcoin network.
Slated for Q3 2024, the project will be facilitated by the Zeus Network.
The Solana network is set to launch a cutting-edge cross-chain bridge meant to connect its ecosystem to Bitcoin by the third quarter of 2024.
Solana Virtual Machine and Cross-Chain Integration
The Solana-to-Bitcoin cross-chain bridge project, facilitated by the Zeus Network, will utilize the Zeus Program Library (ZPL). This is a suite of Solana Virtual Machine (SVM) programs that will bridge the gap between the two blockchain networks.
Zeus Network, in a statement on Medium provided details on how the new bridge, powered by ZPL will open up a variety of opportunities for Solona blockchain developers and users. Developers will access a range of decentralized activities, including GameFi, DeFi, SocialFi, and decentralized physical infrastructure networks (DePIN). Previously, these were challenging to achieve on the Bitcoin blockchain because of its design limitations.
The Zeus Program Library (ZPL) is at the heart of this cross-chain bridge, as it is built on the Solana Virtual Machine (SVM) designed to eliminate the gap between different blockchains and facilitate interoperability at scale. This will enable developers to integrate native Solana support into decentralized applications.
The SVM-based programs allow transactions across multiple blockchains, bridging the gap between Bitcoin and Solana. These ZPL assets can take various forms, including cryptocurrencies and NFTs, further enhancing interoperability.
The Zeus Network’s Medium post emphasized the potential for value transfer, stating that the Bitcoin blockchain, with its market cap of approximately $1.2 trillion, offers immense opportunities. According to the post:
“With a market cap of approximately 1.2 trillion dollars, and over 11,000 Runes generating over $135 million in fees within the first week on the Bitcoin blockchain, the potential for value transfer is immense.”
Solana’s Co-Founder Anatoly Yakovenko and Stacks Co-Founder Muneeb Ali are both backing the Zeus Network. Analysts believe this adds major credibility and experience to the cross-chain bridge project and will reshape the way blockchains interact.
Functionality and Use Cases for the Solana-Bitcoin Bridge
The Solana-to-Bitcoin bridge will allow users to deposit their Bitcoin and, in return, receive ZPL-wrapped zBTC tokens. The received tokens are usable across the Solana network which will grant access to a wide range of decentralized applications and marketplaces.
With zBTC, users can engage in activities like decentralized exchanges, NFT trading, borrowing, lending, gaming, and SocialFi within Solana’s vibrant community.
Industry experts say the cross-chain bridge represents a significant step forward in blockchain interoperability, offering a seamless way to move value between Bitcoin and Solana. It not only expands the use cases for both blockchains but also creates new opportunities for developers to innovate.
With the launch of the bridge scheduled for Q3 2024, the broader cryptocurrency community will be watching closely to see how this integration impacts the future of decentralized finance and cross-chain collaboration. Meanwhile, developers are still processing the news of a collaboration between Web3 Data Lake and query engine Subsquid with Solana-powered Neon EVM to provide dApp developers easier access to the latter’s on-chain data.
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Filed under: Bitcoin - @ May 4, 2024 12:00 am