The Canto blockchain has become the latest chain to migrate to Ethereum as a layer 2 ZK rollup, whereas Astar has expressed similar plans. If the plans of Astar are finalized, the blockchain will shift from the Polkadot ecosystem to Ethereum.
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
Canto Aims to Enhance Performance and Security
Canto is a permissionless general-purpose blockchain that is fully EVM compatible. It aims to onboard the traditional finance sector to decentralized finance applications.
As per the decision of Cantos Commons, a framework where contributors coordinate ideas and solutions to the protocol, its developers would initiate building a zk rollup on Ethereum’s second layer. Polygon continued to explain that by harnessing the capabilities of a shared zk bridge, Canto would be able to effortlessly tap into the liquidity of a unified Polygon ecosystem along with easy access to Ethereum. Moreover, the Canto blockchain would inherit Ethereum’s security which would allow greater decentralization along with trustless guarantees when bridging assets over.
Following this development, Canto has joined the ranks of other blockchains including Astar, Gnosis Pay, Palm, and IDEX. Just recently, the Astar team announced its plans to build its own Ethereum layer 2 scaling solution, dubbed the Atsar ZK-EVM. Polygon Labs stated that it hopes that the ZK-powered chain would enable multiple businesses to implement Web3 solutions with increased speed, scalability, as well as security in Japan and other parts of the world.
Not Every Blockchain Wants to Stick to Ethereum
Despite a number of blockchains wanting to adopt Ethereum, there are a few that appear to be moving away. The decentralized exchange, dYdX recently announced its plans to build a decentralized order book exchange on Cosmos as a plan to migrate from Ethereum in September. At the same time, Maker also expressed its intentions of cutting ties with Ethereum to build a more efficient blockchain using Solana’s codebase.
The co-founder of Maker stated that Solana currently stands as the most promising ecosystem to explore as it managed to prove its resilience during the FTX collapse. The network also has a high-quality pool of talent developers building on Solana. Furthermore, the NFT token collection OnChainMonkey is also looking forward to shifting its entire collection from Ethereum to Bitcoin.
