NEW YORK, NY, Sept. 15, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire – Nitro, the first Layer 2 scaling solution for Solana, announced today it is coming out of stealth. Nitro is building a Layer 2 for Solana that combines Solana’s powerful execution environment and rapidly expanding developer community with the thriving Cosmos and IBC ecosystem. Nitro will serve as the gateway between Solana and Cosmos.
Over the past few years, Solidity and EVM have grown to become a development standard across crypto with major Layer 1s like BNB Chain, Polygon, and Avalanche all adopting the EVM standard. Nitro is taking the first step in making the Solana VM (SVM) a core development standard like the EVM.
Nitro will feature Solana Virtual Machine (SVM) compatibility which will enable developers to easily launch their Solana dApps on Cosmos and instantly access the broader IBC ecosystem. Apps built on Nitro can leverage the SVM for high performance while gaining the interoperability that is native to IBC.
Over the last few years, Solana has fostered an incredible developer community with global reach. Solana developers have access to comprehensive resources and tooling like the Anchor framework, Metaplex, and Solana Tool Suite to learn how to build new smart contracts.
Nitro lets developers deploy existing Solana smart contracts with no changes while users can seamlessly access these apps with Phantom and other common Solana wallets. Incubated by contributors at Sei Labs, Nitro provides a full-featured platform for Solana developers looking to expand to the Cosmos and IBC markets.
The crypto industry has seen the explosive growth of EVM-compatible chains alongside the growth of Solidity and EVM. At the same time, Solana has seen a huge inflow of developers. Nitro is the first SVM-compatible scaling solution that gives Solana developers unique access to the rapidly growing Cosmos ecosystem and allows Cosmos assets to easily get bridged back to Solana.
“Nitro serves as the gateway between Solana and Cosmos, combining Solana’s unparalleled developer community with the rapidly expanding Cosmos ecosystem. For the first time, Solana apps and users can access the Cosmos market,” said Kevin Lim, Lead of Nitro. “The Nitro vision is to marry the powerful Solana execution environment with the interoperable mission of Cosmos and IBC.”
About Nitro
Nitro is the first Layer 2 scaling solution for Solana. Built for the Cosmos ecosystem, Nitro serves as the gateway between Solana and Cosmos. Nitro features Solana Virtual Machine (SVM) compatibility which enables developers to access the broader Cosmos user base and expand their applications. Nitro is the first step in making SVM a development standard in crypto like the EVM. Apps built on Nitro can leverage the Solana VM (SVM) for high performance while gaining the interoperability that is native to IBC.
About Sei
Sei is the first Layer 1 blockchain built for trading, designed to give exchanges an unfair advantage. Most Layer 1s fall into two extremes: general purpose chains on one end (Ethereum, Solana) and app-specific on the other (dYdX, Osmosis). Sei unlocks an entirely new design space between the two, not general-purpose nor app-specific, but use case-specific. This allows Sei to create the best layer 1 for financial apps, featuring a built-in order matching engine, frontrunning protection, and the fastest finality of any chain (600 ms). Backed by Multicoin, Delphi, Coinbase, Hudson River, GSR, Flow Traders and angels from LayerZero, Frax, and Anchorage, Sei has 50+ teams from Solana, NEAR, Polkadot, and Terra building ahead of mainnet.
Jon Phillips
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jon@phillcomm.global
