Ethereum Could be a Layer-2 for Solana: Co-Founder

Paigambar Mohan Raj
Source: Blockworks

Solana (SOL) co-founder Anatoly Yakovenko believed that Ethereum (ETH) can act as a layer-2 network for the SOL blockchain. Yakovenko took to Twitter to express his views on the possibility. According to Yakovenko, the collaboration is “probably more likely than you might think at first glance.”

Layer-2 solutions try to solve the scalability problems that blockchains often face. Despite its popularity, Ethereum has seen congestion and high transaction costs when there has been a spike in activity. On the other hand, Solana is famous for its high throughput and cheaper transactions.

According to Yakovenko, if Ethereum (ETH) becomes a layer-2 for Solana (SOL), SOL assets on the ETH blockchain would have “finality guarantees” of being able to exit back to Solana safely. This would happen even in the face of transaction double spends or an invalid state transition.

Yakovenko mentioned that making the setup work will require submitting all the Ethereum transactions into Solana. In addition, it will need to submit a Simplified Payment Verification (SPV) root. This will demonstrate that the network’s current state has been agreed upon by all Ethereum validators. Finally, a bridge timeout mechanism will be required to detect and correct potential protocol flaws.

Yakovenko also emphasized the restrictions and possible dangers connected to this integration. It would be secured to store SOL assets on the Ethereum blockchain, but it would not be secure “to lend them or maintain positions against them.”

Ethereum’s Vitalik Buterin speaks on Solana

Yakovenko’s tweet about ETH being a potential layer-2 for SOL follows Ethereum co-founder, Vitalik Buterin’s comment about SOL’s current predicament. Buterin expressed displeasure with the way U.S. officials are going after cryptocurrency initiatives like Solana.

Also Read: Vitalik Buterin Reveals His ETH Staking Strategy

According to Buterin, the real competition is the “rapidly expanding centralized world that is imposing itself on us as we speak,” and not other chains. Buterin took to Twitter and said that “I feel bad that Solana and other projects are getting hit in this way.”

Solana (SOL) has had a series of hard times, especially after the collapse of FTX. FTX founder, Sam Bankman-Fried had a lot riding on SOL, and the exchange’s collapse left a heavy blow on the project. Many developers left the SOL network to join rival chains. However, the project has since made a healthy recovery, despite the ongoing crackdown on crypto projects in the U.S. At press time, SOL was trading at $19.33, up by 2% in the last 24 hours.

Also Read: Mark Cuban Gets into Heated Debate With SEC Official Over Crypto Regulation