Solana ($SOL) is currently up 10.47% in the last 24 hours. Its trading volume has also surged by 86% to $570million in the same period.
As of the time of writing, the current trading price of SOL stands at $17.92.
The upward surge is attributed to the release of the new deBridge feature that allows Solana to interact with EVM-compatible blockchains.
DeBridge, a platform which powers interoperability and high performance cross-chain applications, announced the new feature in a blog post today.
The solution which took a year to develop will allow EVM smart contracts to generate on-chain instructions that are executable on Solana, while Solana programs will effortlessly prepare messages to be transmitted to smart contracts on EVM chains. In addition to resolving the interoperability challenge, deBridge’s solution addresses liquidity problems by incorporating support for Solana into its high-performance trading infrastructure known as DLN. This integration empowers DLN to create an orderbook and efficiently price assets across various EVM chains, extending the functionality to include native assets on the Solana blockchain.
The DLN Application Programming Interface (API) will be available for decentralised applications on either chain to integrate, allowing users to trade them on the other.
New feature addresses shortcomings of Wormhole
deBridge CEO and Co-founder Alex Smirnov highlighted the limitations and challenges faced by users and projects in using Wormhole to achieve cross-chain interoperability prior to the new development.
He told Coindesk: “Wormhole used to be the only interoperability solution available for the Solana ecosystem, but the problem here is that interoperability was not seamless… Users and projects that needed to transfer liquidity to Solana have always faced limitations due to the lack of liquidity in Wormhole pools and high slippage during the exchange of the wrapped assets, which often made developers have to deal with non-liquid Wormhole assets.”
The newly introduced feature has garnered praise from Solana enthusiasts as it effectively bridges the gap between Solana and EVM-based blockchains. It also ushers in a sense of optimism for them as it allows Solana to tap into the expanding ecosystems of EVM chains as their user base continues to record unprecedented growth.