In this text, we’re going to navigate through the basics of Solana ecosystem bridges and most common ways to bridge to Solana. Alongside other blockchains, GetBlock is going to demonstrate how to bridge ETH to Solana without using centralized exchanges.
What is a Solana bridge?
In modern blockchain development, Solana cross-chain bridge is a decentralized technology that connects the Solana blockchain with other blockchains, enabling the transfer of assets and information across different networks.
This bridge facilitates interoperability, allowing users to seamlessly move cryptocurrencies, tokens, and data between Solana and other chains. By leveraging smart contracts and specialized protocols, cross-chain bridges ensure secure and trustless transactions, minimizing the need for centralized exchanges.
This interoperability expands the utility and reach of assets, empowering developers and users with broader ecosystems for trading, lending, and complex decentralized applications, thereby enhancing the overall value and functionality of the Solana network within the blockchain space.
Benefits of Solana bridges
Sending value over BSC to Solana bridge or Solana to Ethereum bridge has a number of benefits over simply exchanging BNB on SOL or SOL on AVAX via centralized exchanges.
Better interoperability for cross-chain systems. Solana bridges enable the seamless transfer of assets and information between Solana and other blockchains, breaking down barriers between isolated networks. This interoperability allows users and developers to access a wider range of applications, assets, and services across the blockchain ecosystem, enhancing the utility and liquidity of digital assets.
No liquidity fragmentation. By connecting Solana with other blockchains, bridges facilitate the movement of assets, contributing to increased liquidity in the Solana ecosystem. Users can take advantage of arbitrage opportunities, access diverse DeFi products, and participate in cross-chain transactions, fostering a more vibrant and dynamic financial environment.
Accelerated ecosystem growth for Solana. Solana bridges encourage innovation by enabling developers to build cross-chain applications and services. This fosters a more integrated and collaborative blockchain environment, where projects can leverage the strengths of different networks. The increased interoperability and connectivity drive ecosystem growth, attracting more users and developers to the Solana platform.
Also, using cross-chain bridges removes the need for money storage on custodial services like centralized wallets or exchanges. Largely, cross-chain Solana bridges are automated mechanisms; they can be used with no KYC checks in a fully legitimate manner.
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How to bridge to Solana using Portal
Here’s how you can move your liquidity to Solana (SOL) blockchain with no centralized exchanges being employed. Secure Solana bridge Portal ensures seamless and confidential Solana to Ethereum bridge operations.
Wallet connection and authorization. Visit the Portal bridge interface and connect your cryptocurrency wallet that holds the assets you wish to bridge. This wallet should be compatible with the blockchain of your assets and the Solana blockchain. Ensure your wallet is secure and that you're connecting to the official Portal bridge website to avoid scams.
Setting up assets and destination blockchain. Choose the specific assets you want to transfer to Solana from the dropdown menu. Enter the amount you wish to bridge. Then, select Solana as the destination blockchain. You’ll need to provide your Solana wallet address if it's not automatically detected or if you're using a separate wallet for Solana.
Kicking off the value transfer. Follow the on-screen instructions to initiate the transfer. This may involve confirming the transaction in your wallet and paying any required fees. The bridge will lock your original assets on the source blockchain and mint equivalent assets on the Solana blockchain, a process that can take some time. Once completed, check your Solana wallet to confirm the receipt of the bridged assets.
Remember to review transaction fees and any liquidity limits. Also, consider the security of the assets during the bridging process, as cross-chain transfers can vary in risk and complexity.
Best Solana bridges in 2024
In this section, let’s review the most popular SOL bridge systems that are necessary for moving value across various blockchains.
Wormhole
Known as the largest cross-chain bridge, Wormhole is actually a “blockchain connectivity platform” or full-stack ecosystem of decentralized bridges. It ensures secure, fast and cost-efficient communication between 23+ blockchain networks including Ethereum, BNB Smart Chain, Injective and Solana. Therefore, Wormhole is considered the best way to bridge USDC to Solana amidst other tokens.
Image by Wormhole
Besides decentralized networks, Wormhole establishes connections between dApps: Frax Finance, Uniswap, Circle and other products are connected to its mechanisms as well as NFT projects DeGods and MadLads.
Wormhole powers Portal, a mainstream cross-chain bridge on the Solana blockchain suitable for the majority of wallets and exchanges.
Allbridge
Initially launched as Solana bridge in July, 2021, Allbridge now connects 24 blockchains. It is leveraged by 400,000 wallets across Solana, Ethereum, NEAR, Celo, Fuse, Tezos, and so on.
Image by Allbridge
Besides the opportunity of creating Polygon to Solana bridge, Allbridge offers cross-chain stablecoin swap module Allbridge Core and versatile bridging solution Allbridge Classic.
In total, Allbridge managed to amass over $100 million in TVL equivalent, as of late Q1, 2024. These metrics made Allbridge one of the premium Solana to Arbitrum bridges and a popular mechanism for interaction between other EVM and non-EVM blockchains.
Carrier
Not unlike top-tier protocol Portal, top Solana bridge Carrier is developed on the top of Wormhole protocol. Powerful token and NFT cross-chain bridge for Web3 enthusiasts and entrepreneurs, Carrier is a brainchild of Automata Network’s team. Carrier mainnet operations kicked off on March 1, 2023.
Relatively novel solution, Carrier merges the benefits of EVM and non-EVM bridges as it connects Ethereum-based blockchains, Solana, and networks of CosmWasm and Polkadot ecosystems (Acala, Karura, etc.)
Currently, Carrier facilitates crypto and NFTs transfer between 11 blockchains.
Mayan Finance
Mayan Finance is an unusual bridge for Solana blockchain. It acts as a cross-chain swap auction protocol. Mayan Protocol ensures fair and resource-effective assets bridging: customers get their liquidity on the target chain at best possible rates.
At its core, Mayan Finance leverages CCTP: it converts the input tokens to USDC and moves them to the target chain with no third-party custodial involved. The project is also a partner of Wormhole ecosystem and can be integrated as a widget into cryptocurrency products.
Symbiosis
Symbiosis or Symbiosis Finance is a cross-blockchain AMM DEX that pools together liquidity from different networks: L1s and L2s, EVM and non-EVM. It means that with Symbiosis, one can establish AVAX to Solana bridge and exchange Bitcoin to Ethereum and assets on EVM-based networks.
Besides bridging, Symbiosis offers cross-chain liquidity providing interfaces, supplying liquidity to DeFi protocols, and a variety of other services.
Symbiosis is backed by the eponymous DAO; its backers are holding and staking SIS tokens to get veSIS rewards.
Top Solana bridges: Review
Let’s sum up the key specifications of mainstream Solana bridges, cross-chain DEXes, and similar tools.
| N | Name | Launch date | Networks supported | Specifications |
|---|---|---|---|---|
| 1 | Wormhole | August 2021 | 30 | Universal cross-chain messaging mechanism |
| 2 | Allbridge | July 2021 | 24 | Ecosystem of decentralized bridges |
| 3 | Carrier | March 2023 | 11 | System of token and NFTs bridges for EVM and non-EVM blockchains |
| 4 | Mayan Finance | June 2022 | 6 | CCTP-based cross-chain swap auction protocol |
| 5 | Symbiosis | May 2022 | 13 | Multi-blockchain AMM DEX with EVM, Solana, and Bitcoin support |
As such, supporting EVM, Cosmos, Polkadot, and Bitcoin ecosystems within a single interface as well as L1/L2 interoperability is the hottest trend of the bridges segment.
Conclusion
In 2024, the ecosystem of cross-chain bridges for Solana includes a variety of multi-chain liquidity routing protocols, AMM DEXes, and so on. Wormhole and its associated product Portal, Allbridge, Carrier, Mayan Finance, and Symbiosis are popular Solana bridges.
FAQ
To sum up, let’s answer the most important questions about the status of cross-chain bridges on Solana and the main tendencies of this ecosystem.
What is the purpose of a Solana bridge?
Solana bridges are aimed at enabling asset and data transfer between Solana and other blockchains, enhancing interoperability, liquidity, and allowing users and developers access to a broader ecosystem of decentralized applications.
How do Solana bridges work?
Solana bridges work by locking assets on a source blockchain and minting equivalent assets on Solana, facilitating cross-chain transfers through smart contracts, ensuring secure and seamless interoperability between different blockchain networks.
Can I transfer assets from Solana to Ethereum using a bridge?
Yes, you can transfer assets from Solana to Ethereum using a cross-chain bridge. These bridges enable the secure and seamless transfer of assets between the two blockchains by locking assets on Solana and minting equivalent assets on Ethereum, and vice versa.
Are Solana bridges secure?
Solana bridges aim to be secure, utilizing smart contracts and cryptographic proofs to ensure safe asset transfers. However, their security depends on the bridge's design, implementation, and ongoing maintenance to mitigate vulnerabilities.
Which Solana bridges support cross-chain swaps?
Several Solana bridges support cross-chain swaps, including Wormhole, Allbridge, and Carrier. These platforms facilitate the seamless exchange of assets between Solana and various other blockchains, enhancing interoperability and liquidity across the ecosystem.
