Canto Joins Ethereum as Layer 2 Rollup, While Some Protocols Explore Alternative Chains
Summary:
Canto, a Cosmos-native blockchain, has migrated to Ethereum as a zero-knowledge rollup, following Astar's similar move. This migration aims to onboard the traditional financial sector to decentralized finance applications, leveraging the liquidity and security of Ethereum. Other protocols are also exploring different chains, with dYdX planning to move to Cosmos and Maker considering building on Solana. OnChainMonkey is shifting its NFT collection from Ethereum to Bitcoin for a more secure base layer.
Canto, a layer-1 blockchain in the Cosmos ecosystem, has decided to migrate to Ethereum as a layer 2 zero-knowledge rollup. This move follows Astar's announcement to do the same. Canto aims to bring traditional finance to decentralized finance applications and will build a ZK rollup on Ethereum's second layer through an agreement reached by Canto Commons. The migration will provide Canto with access to Ethereum's liquidity and inherit its security guarantees. Canto's validators and staking system will remain unaffected.
Canto is joining other projects such as Astar, Gnosis Pay, Palm, and IDEX in leveraging Polygon's Chain Development Kit (CDK) to build ZK layer 2 solutions. Astar has also announced plans to build its own Ethereum layer-2 scaling solution named Astar ZK-EVM. Polygon Labs co-founder Sandeep Nailwal believes these migrations signify the start of a rollup avalanche.
Polygon Labs expects the ZK-powered chain to accelerate the implementation of Web3 solutions with enhanced speed, scalability, and security. However, some protocols seem to be moving away from Ethereum. Decentralized exchanges like dYdX are planning to migrate to Cosmos, while Maker intends to cut ties with Ethereum and build a more efficient chain using Solana's codebase. Additionally, the nonfungible token collection OnChainMonkey is shifting from Ethereum to Bitcoin due to reasons like a more secure base layer and a thriving Bitcoin Ordinals ecosystem.
Published At
9/19/2023 1:06:50 AM
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