Landscape of blockchain technology, the quest for scalability, security, and efficiency is a relentless pursuit.
Blockchain projects are constantly exploring new avenues to enhance their capabilities and meet the growing demands of the decentralized world.
Canto and Astar Network, have announced their intentions to migrate to the Ethereum ecosystem as layer 2 solutions.
In a recent and remarkable turn of events, two prominent blockchain ecosystems, Canto and Astar, have made a bold decision to embark on a journey of transformation, migrating to the Ethereum ecosystem as layer 2 solutions.
This strategic shift is set to have a profound impact on the blockchain industry, ushering in an era of enhanced decentralization and trustless asset bridging.
In this exploration, we are going into the compelling narrative behind Canto and Astar’s migration, uncovering the motivations, implications, and wider context of this pivotal moment in blockchain history.
The Canto Migration: Enhancing Decentralization and Trust
Canto, a Cosmos-native layer-1 blockchain, has captured the industry’s attention with its decision to become a part of Ethereum’s layer 2 landscape.
This migration represents a significant step towards a more decentralized and secure blockchain ecosystem.
Canto’s Role in the Decentralized Finance Space
Canto is not just any blockchain; it’s a permissionless general-purpose platform with compatibility with the Ethereum Virtual Machine (EVM).
Its primary objective is to facilitate the onboarding of the traditional financial sector onto decentralized finance (DeFi) applications.
This ambitious goal positions Canto as a pivotal player in the ongoing DeFi revolution.
Neofinance at scale – Canto is migrating to a ZK-powered Ethereum L2, built with @0xPolygon CDK.
The @CantoPublic community will tap Ethereum’s deep liquidity via a shared ZK bridge without sacrificing user security – a big stride toward neofinance.https://t.co/8uDhLYk1G9
— Polygon (Labs) (@0xPolygonLabs) September 18, 2023
The Genesis of Canto’s Migration
The journey towards Ethereum’s layer 2 began with an official agreement within the Canto Commons framework.
Canto Commons serves as a platform where contributors collaborate to shape the protocol’s future.
According to Polygon Labs, on September 18, Canto’s core developers announced their plans to construct a zero-knowledge rollup (ZK-rollup) on Ethereum’s second layer.
Leveraging Ethereum’s Security
One of the key advantages of this migration is Canto’s ability to “inherit” Ethereum’s robust security infrastructure.
This inheritance translates into increased decentralization and trustless guarantees when bridging assets.
The security is upheld through a state-of-the-art ZK prover, emphasizing the role of cryptography rather than relying on social-economic incentives associated with fraud proofs.
Continuity in Validation and Staking
For the existing Canto validators and staking system, there will be no alterations.
Polygon Labs, the driving force behind Canto’s migration, has assured the community that these fundamental aspects of the blockchain will remain intact.
This continuity maintains stability and reliability within the Canto ecosystem.
Astar Network Move: Aligning with Ethereum’s Vision
Canto is not alone in its migration towards Ethereum’s layer 2 solution.
Astar Network, another prominent layer-1 blockchain, has also announced its plans to transition from the Polkadot ecosystem to Ethereum.
This decision aligns Astar Network with Ethereum’s vision of a more interconnected and scalable blockchain landscape.
I’m excited to welcome @AstarNetwork, the leading @Polkadot chain to Ethereum. They are going to launch a zkEVM chain using @0xPolygon CDK, an Ethereum L2 secured by ZK!@AstarNetwork is the leading blockchain of Japan. After launch, it quickly became among the most notable… pic.twitter.com/0SgYE6ENet
— Sandeep Nailwal | sandeep. polygon 💜 (@sandeepnailwal) September 13, 2023
Astar Network Ethereum Layer-2 Scaling Solution
Astar has unveiled its Ethereum layer-2 scaling solution, known as Astar ZK-Ethereum Virtual Machine (EVM).
This move signifies a commitment to building a trustless bridge to Ethereum, featuring high EVM equivalency right from the start.
Astar Network aims to empower decentralized application (dApp) developers by offering compatibility with existing tools across their ecosystem.
Polygon Labs’ Aspirations for ZK-Powered Chains
Polygon Labs, the driving force behind both Canto and Astar Network migrations, envisions these ZK-powered chains as a catalyst for businesses looking to implement Web3 solutions with enhanced speed, scalability, and security.
This vision extends beyond geographical boundaries, with a particular focus on Japan, where Astar Network is based, and global adoption.
The Ripple Effect: A Rollup Avalanche?
The simultaneous migrations of Canto and Astar Network to Ethereum’s layer 2 solution have sparked discussions about a potential rollup avalanche in the blockchain space.
Ryan Sean Adams, co-host of the Ethereum-focused show Bankless, suggests that these migrations could be the precursor to a broader trend.
Diverging Paths: Ethereum Protocols Exploring Alternatives
While some projects are migrating towards Ethereum, others are exploring alternative ecosystems.
Ethereum-native protocols like dYdX and Maker have indicated their intention to seek new horizons.
dYdX’s Pursuit of a “Purely Decentralized” Order Book
Decentralized exchange dYdX has set its sights on building a “purely decentralized” order book exchange on Cosmos.
This strategic move is part of dYdX’s plan to migrate away from Ethereum, signifying a shift in their long-term vision.
The last phase of Endgame is the launch of a native blockchain for Maker with the codename NewChain
It will make the ecosystem more secure and efficient
After some research, I believe the Solana codebase should be considered as the basis for NewChainhttps://t.co/KyGxBBGlVH
— Rune (@RuneKek) September 1, 2023
Maker’s Quest for Efficiency with Solana
Maker, a prominent Ethereum-native protocol, has signaled its desire to sever ties with Ethereum and embark on a journey toward a more “efficient” blockchain.
This journey involves adopting Solana’s codebase, which Maker’s co-founder Rune Christensen views as the “most promising” ecosystem.
Solana’s resilience during challenging times and its vibrant developer community has made it an attractive alternative.
The Exodus of Nonfungible Tokens: OnChainMonkey’s Migration to Bitcoin
The trend of migration isn’t limited to protocols alone.
Nonfungible token (NFT) collections are also making strategic moves.
OnChainMonkey, a notable NFT collection consisting of 10,000 unique tokens, is shifting its entire collection from Ethereum to Bitcoin.
A Secure Base Layer and Thriving Ecosystem
The decision to migrate to Bitcoin is underpinned by the allure of a more secure base layer and a thriving Bitcoin Ordinals ecosystem.
This move underscores the importance of security and sustainability in the world of NFTs.
Conclusion: A Dynamic Blockchain Landscape
In the ever-changing realm of blockchain technology, migration is a testament to the industry’s dynamism.
Canto and Astar Network’s shift to Ethereum’s layer 2 solutions reflects the ongoing pursuit of scalability, security, and efficiency.
Simultaneously, other protocols and projects are exploring divergent paths, seeking new opportunities and innovations in alternative ecosystems.
As the blockchain ecosystem continues to evolve, one thing remains clear: the quest for excellence drives progress.
Whether through migration, innovation, or exploration, the blockchain industry will continue to redefine the boundaries of what is possible, ultimately shaping the decentralized future we envision.
