Redstone Finance has announced a strategic partnership with Solana – a move that aims to advance cross-chain development within the Web3 landscape.
As per the announcement, Redstone’s native token, RED, is now available on the Solana blockchain, powered by Wormhole’s NTT.
The partnership marks a substantial development aiming to create a genuine Web3 ecosystem where tokens move across networks seamlessly.
Why Redstone Goes for Wormhole
Redstone uses Wormhole’s advanced NTT (Native Token Transfers) infrastructure to enable efficient moves of its tokens within the Solana network. The strategic move will unleash new forms of multi-chain transfer abilities and improve blockchain interoperability.
Bringing its native asset to Solana is a tactical move with multiple major impacts. First, it enables RED token holders and users on Solana to engage with the asset within the Solana network.
Redstone is utilizing Wormhole’s infrastructure to widen the accessibility and utility of its primary token across various blockchain networks. Wormhole’s NTT model is the core infrastructure facilitating such efficient cross-chain operation.
The NTT standard resolves challenges associated with traditional wrapped tokens, which are known to be affected by liquidity fragmentation and loss of native properties.
Based on the use of a burn-and-mint mechanics, the NTT technology keeps the asset native wherever it moves to. In this case, it burns Redstone tokens on the source blockchain and mints the equivalent quantity on the intended chain, preserving native qualities and integrated total supply.
This integration means that Redstone tokens are now inherently available across multiple protocol networks, including Base, Solana, and Ethereum. This implies that users can now utilize, stake, and hold Redstone tokens on any of these blockchains without undergoing complicated bridging procedures that might cause liquidity fragmentation.
Shaping the Future of Web3 Ecosystems
The strategic partnership between Redstone and Solana through Wormhole’s NTT infrastructure is a crucial move contributing to continued improvement of blockchain interoperability within the Web3 landscape.
As more chains adopt models like Wormhole NTT, the obstacles between various blockchains will continue to disappear, contributing a more liquid and accessible experience to everybody across the world.
The integration of Redstone RED on Solana is more than a technical success. It is a testimony to the future course of action regarding blockchain tech advancement. The need for efficient multi-chain transfer is indisputable as it allows developers and users across different blockchains to access a seamless experience at low cost with advanced applications.
