Key Points:
- Migration to Ethereum: Canto and Astar, two prominent blockchains, are making the transition to Ethereum’s Layer 2 solutions.
- Boosting Decentralization: Ethereum’s security and robustness attract Canto and Astar, promising heightened decentralization.
- Trustless Asset Bridging: The move ensures trustless guarantees during asset bridging, promoting security and user confidence.
Canto, a Cosmos-native layer-1 blockchain, and Astar, another layer-1 blockchain, have both announced plans to migrate to the Ethereum ecosystem as layer 2 zero-knowledge rollups. This strategic move aims to leverage Ethereum’s robust security and enhance decentralization while enabling trustless asset bridging, according to Polygon Labs.
Canto, designed as a permissionless general-purpose blockchain compatible with the Ethereum Virtual Machine (EVM), has set its sights on bridging the traditional financial sector with decentralized finance applications. Upon reaching an agreement within the Canto Commons framework, the core developers will construct a ZK rollup on Ethereum’s second layer. Polygon Labs elaborated on this development on September 18, stating that Canto will leverage a shared ZK bridge to access the liquidity of the unified Polygon ecosystem and Ethereum seamlessly.
See Also: Blockchain Capital Raises Unprecedented $580M Amid Crypto Turbulence
Polygon Labs emphasized that Canto will “inherit” Ethereum’s security, enhancing decentralization and ensuring trustless guarantees during asset bridging. This heightened security relies on a state-of-the-art ZK prover, ensuring community security through cryptography and Ethereum’s established security mechanisms rather than relying solely on social-economic incentives like fraud proofs.
Neofinance at scale – Canto is migrating to a ZK-powered Ethereum L2, built with @0xPolygon CDK.
The @CantoPublic community will tap Ethereum’s deep liquidity via a shared ZK bridge without sacrificing user security – a big stride toward neofinance.https://t.co/8uDhLYk1G9
— Polygon (Labs) (@0xPolygonLabs) September 18, 2023
Importantly, there will be no alterations to Canto’s validators or staking system, preserving its existing ecosystem.
Canto’s migration to Ethereum follows a growing trend in the industry, with Astar, Gnosis Pay, Palm, and IDEX also announcing plans to build ZK layer 2 solutions using Polygon’s Chain Development Kit (CDK) in recent months, as noted by Polygon Labs co-founder Sandeep Nailwal.
I’m excited to welcome @AstarNetwork, the leading @Polkadot chain to Ethereum. They are going to launch a zkEVM chain using @0xPolygon CDK, an Ethereum L2 secured by ZK!@AstarNetwork is the leading blockchain of Japan. After launch, it quickly became among the most notable… pic.twitter.com/0SgYE6ENet
— Sandeep Nailwal | sandeep. polygon 💜 (@sandeepnailwal) September 13, 2023
On September 14, the Astar team disclosed their intention to create their own Ethereum layer-2 scaling solution, named Astar ZK-Ethereum Virtual Machine (EVM), using Polygon’s CDK. This solution aims to establish a trustless bridge to Ethereum with high EVM compatibility, enabling dApp developers to utilize existing tools across the ecosystem.
The largest chain from polkadot just moved to Ethereum. (Astar)
The largest public commons chain from Cosmos just became a Polygon Validium. (Canto)
And…I hear the world’s first Solana Virtual Machine (SVM) L2 is dropping tomorrow. 👀
Ethereum rollups are eating the world.
— RYAN SΞAN ADAMS – rsa.eth (@RyanSAdams) September 18, 2023
Polygon Labs envisions that this ZK-powered blockchain will facilitate the rapid implementation of Web3 solutions, offering improved speed, scalability, and security, particularly in Japan, where Astar is headquartered, and globally.
Ryan Sean Adams, co-host of the Ethereum-focused show Bankless, suggests that these recent migrations to Ethereum may mark the beginning of a trend toward more rollup-based solutions.
The last phase of Endgame is the launch of a native blockchain for Maker with the codename NewChain
It will make the ecosystem more secure and efficient
After some research, I believe the Solana codebase should be considered as the basis for NewChainhttps://t.co/KyGxBBGlVH
— Rune (@RuneKek) September 1, 2023
However, it’s worth noting that not all protocols are following the same path. Decentralized exchange dYdX, for instance, intends to build a “purely decentralized” order book exchange on Cosmos as part of its migration plan away from Ethereum. Maker, an Ethereum-native protocol, is considering severing ties with Ethereum to create a new, more “efficient” chain using Solana’s codebase. According to Maker’s co-founder Rune Chistensen, Solana appears to be the most promising ecosystem due to its resilience and the high-quality developer talent building on the platform. Additionally, the nonfungible token collection OnChainMonkey is transferring its entire collection of 10,000 NFTs from Ethereum to Bitcoin, citing a more secure base layer and a thriving Bitcoin Ordinals ecosystem as the primary motivations for the migration.
___________________________________________________________________________________________________
Join us on Telegram, Twitter and Facebook for the latest insights and discussions in the world of crypto.
Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
