Anatoly Yakovenko says Ethereum Could Become Layer-2 for SOL, VC Spectra Drives Innovation in FinTech
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Solana’s (SOL) cofounder has indicated that Ethereum (ETH) could provide a layer 2 for SOL, sparking a series of questions across the crypto community.
What it means and how it will impact the world remains to be seen.
Meanwhile, VC Spectra (SPCT) is giving a new meaning to innovation by raising $2.4 million in its private presales alone. Let’s dive a little into details.
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Despite significant concerns regarding the scalability and security of using the Ethereum (ETH) blockchain as Layer 2 for Solana (SOL), the co-founder of the Solana (SOL) blockchain, Anatoly Yakovenko, says to be more likely than seen at first glance.
He raised his points in a series of tweets by suggesting Ethereum (ETH) be an upcoming layer 2 for Solana (SOL).
A movement like this across two major blockchains will likely result in a finality guarantee of Solana (SOL) holders on the Ethereum (ETH) blockchain, even in the event of invalid state transactions and double spends.
Furthermore, this will result in lower transaction fees and less congestion during high Ethereum (ETH) blockchain activities.
All Ethereum (ETH) transactions must be submitted to Solana (SOL) along with an SPV root for the resulting state for this bridge protocol.
A bridge timeout mechanism will also need to be put in place to troubleshoot and identify potential faults.
In the long run, however, all of these measures do not guarantee the safety of lending Solana (SOL) on the Ethereum (ETH) blockchain and opening positions using Solana (SOL) as well.
Although, it would be safe to conduct transactions and hold Solana (SOL) tokens on Ethereum Blockchain.
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