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Cross-chain decentralized applications (DApps) have seen a notable increase in use over the past few years. The “old” mode of using blockchains in which all crypto operations are confined to a single chain — typically Ethereum (ETH) — has been growing increasingly obsolete. Given the colorfully increasing range of blockchains, Layer 2 protocols and multichain DApps on the market, solutions that facilitate cross-chain communications are increasingly relevant.
One of the most notable and recognized players in the niche of cross-chain communications is Wormhole (W). Having originated as a crypto bridge platform in late 2020, Wormhole has evolved into a comprehensive cross-chain protocol, offering a diverse array of products essential for crypto activities spanning multiple networks. It has recently achieved two critical operational milestones — over 1 billion cross-chain messages and more than $40 billion worth of crypto funds processed since it launched operations.
Key Takeaways:
Wormhole (W) is a decentralized messaging protocol that facilitates cross-chain communications across more than 30 blockchains and Layer 2 platforms, including every major smart contract–capable network.
Its services offer a diverse line of products, such as its main messaging protocol, a crypto bridge and an on-demand, on-chain data querying tool.
Having operated for more than three years without a native cryptocurrency, Wormhole is set to launch its W token in late March 2024. The W token is already available exclusively via Bybit’s Pre-Market Trading platform.