Klaytn enhances interoperability with Wormhole Bridge

Interoperability between chains is a key element to building a unifying metaverse. Here at Klaytn, we’re excited to announce our integration with the Wormhole Bridge to bring us one step closer to a cross-chain future!

Integrated with 13 other high-value chains, Wormhole at its core is a decentralised notary. Wormhole works by monitoring a set of chains for messages emitted by smart contracts on those chains. The resulting messages are then routed to target chains, allowing a form of cross chain message passing.

This single primitive is enough to enable cross-chain communication protocols such as token and NFT bridges, cross-chain oracles, and all kinds of other messaging applications.

When tokens are bridged through Wormhole’s Portal Bridge, the original token is locked in a smart contract while a new Portal-wrapped version of that token gets minted on the target chain. Then, the wrapped tokens can be traded for tokens native to the target chain and used for decentralized finance (DeFi). 

“Integration with Wormhole is one of the key steps in building the tech layer for the metaverse of the future. It unlocks access to the vast opportunities presented by Web3, through connecting projects and people across top chains,” shared Sangmin Seo, Director at Klaytn Foundation, during his keynote speech at the Korea Blockchain Week, happening from 7 – 14 August at the Grand Intercontinental Seoul Parnas.

Klap Finance, a decentralized non-custodial liquidity market protocol for lending and borrowing, will be the first DeFi project to tap on this newly established connectivity to build cross-chain liquidity.

Check out Klaytn’s feature on Wormhole Chains here!

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© Klaytn Foundation 2022. All rights reserved.
© Klaytn Foundation 2022. All rights reserved.