Try Quests to earn cryptoGoing Down The Wormhole
Introduction
The wormhole functions as a communication bridge between Solana and other leading decentralized finance (DeFi) networks, making it possible for users to exchange information in both directions. Solana enables already-established businesses, platforms, and communities to transfer tokenized assets between different blockchains in a frictionless manner and to reap the benefits of faster speed and decreased cost. These benefits include the ability to transfer tokenized assets between different blockchains. These benefits are attainable through the transfer of tokenized assets utilizing the Solana platform. The category encompasses a wide range of topics, including the infrastructure, among other things. Apr 3, 2020 Share.
Method
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I checked the Ethereum and Solana Tables for that transaction's hash. I found that Ethereum Tables worked better for me than either of the other two options. I was able to locate three origin function signatures that might identify the transfers that were place from Solana to Ethereum and vice versa. In addition to that, I organized my findings according to chain id ( Only Sol to ETH and vise versa ). Consequently, I made use of them in the Transactions table, and in order to compute the volume and symbols, I coupled the results of my investigation to the EZ Token transfer.
After calculating the volume and symbols, I added my findings to the fact event table in order to obtain information regarding the first activity of Users both before and after the bridge from and to Ethereum.
Conclusion
- In Crypto World, bridges are quickly becoming one of the most important tools. Buying tokens from CEXs have itself concerns like Fees. Users typically move their assets from their wallets that are hosted on one chain to wallets that are hosted on another chain.
- One of these bridges is referred to as a wormhole. Although there are not a lot of users on the Wormhole, those that are there have generated enormous volumes by bridging their assets. On either path, stablecoins are by far the most common form of payment. Both SOLANA and Ethereum can be converted to one another.
- The top three bridging assets, which are all Satablecoins, are USDC, USDT, and BUSD respectively.
- After bridging, more than thirty percent of users transferred the assets they had.
- And then, once the transfer and approval had been completed, they went ahead and exchanged their assets.
About:
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Author: HaM☰d
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Discord: 0xHaM☰d#8391
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Twitter: @arjmandi_hamed
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Email: h_arjmandi2012@yahoo.com
Q103. Create a dashboard that can refresh daily with metrics that provide a detailed picture of Wormhole activity both from Ethereum to Solana and from Solana to Ethereum.
What are we looking at?
- How are tokens being bridged from chain to chain and which actions seem to be popular among users of Wormhole? What actions seem to influence bridging behavior?
- What are users doing before and after bridging?
- Do users seem to think that bridging is safe or more risky relative to transfers to centralized exchanges?
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