After The Merge and Shanghai, Ethereum plans toother upgrades to make the blockchain more efficient. Pending the promised major changes, Solana offers a “plausible” kind of contingency to the Ethereum team. Discover in this article the details of Anatoly Yakovenko, co-founder of Solana Labs.
Ethereum mutated in layer 2 of Solana?
Vitalik Buterin wreaked havoc in the crypto-sphere recently by announcing that he only stakes a tiny part of his ETH. The reason is that the security of ethereum wallets remains problematic at this time. Hence the integration of this point in the new roadmap for the development of this blockchain in the future.
Anatoly Yakovenko, aka Toly, tweeted this message recently.
” Would it be possible for Ethereum tobe a layer 2 of Solana ? This is probably more plausible than one might think at first sight. L2s form bridge protocols that provide one-way security. In this setup, holders of Solana assets on Ethereum would have finality guarantees that they can revert to Solana even if Ethereum doubles its spend or creates an invalid state transition. »
What are the conditions to be met?
The Solana co-founder advanced three distinct conditions in the same tweet:
- submission of all ethereum transactions to Solana;
- submitting an SPV root for the corresponding state;
- the establishment of a waiting period for the bridge which would make it possible to prove the existence of a defect.
Of course, this has its drawbacks. And he cited three: basic SPV conflicts, invalid calculation at the base (which could be fixed by EVM’s Neon Labs Org, and censorship.
In other words, Solana, with high throughput and low transaction costs, is able to come to the aid of Ethereum to solve its problems of congestion and astronomical gas fees. Note that during peak periods, the network can no longer keep up. Vitalik Buterin really fears for the future of his blockchain.
Scenario
Decrypt took as an illustration the loan on Ethereum of USDC stablecoins based on Solana. In case the borrower decides to withdraw their real USDC on the Solana network, the lender will receive a “junk token” on Ethereum.
” It would be safe to hold Solana assets on Ethereum, but not to loan them out or hold positions against them. Indeed, in the event of Ethereum failure, the state of the latter on Solana is separated from Ethereum, given the social consensus fork “says Yakovenko.
From this will arise the problems of inefficiencies as well as the constraints of providing liquidity and trading. Obviously, this will result in the expulsion of several exchange blockchains, the most famous of which are already suffering from the attack of the SEC.
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