Delphi Daily

Certus One has released Wormhole, a bidirectional bridge ERC-20 and SPL Token bridge between Ethereum and Solana.ย 

Surprisingly, the project doesnโ€™t use any moon math and is a very simplistic implementation, details below.

  • The use of Guardians to certify token lockups and burns on one chain in order to mint them on another chain.

  • Wormhole is a proof-of-authority network, not a proof-of-stake network. This means the guardians are selected by Solana/Serum.

  • Wormhole states it is leaderless, in that if all guardians observe the same event, then it is automatically considered valid.

  • All guardians have equal weight since it is a PoA network.

  • The project uses an M/N multisig scheme, no crazy cryptography.

  • Consensus is established through a gossip network. Once a Validator Action Approval or VAA is observed, if โ…”โ€™s of guardians observed it is is considered automatically valid.ย  Also once a VAA has been signed by a sufficient number of nodes, it is posted to Solana for data availability where it is either immediately executed or of the VAA is to be executed on Ethereum it is retrieved by the user who triggered the tx.ย 

Wormhole is currently undergoing a security audit by Kudelski and certain upgrades (batch signature verification) need to occur on Solana to support Wormhole. As such it will likely be a few weeks or months be

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