The Internet Computer Protocol (ICP) recently integrated with Solana. It joins Bitcoin and Ethereum and benefits from ICP's Chain Fusion.
So, let’s take a closer look at how ICP and Solana integrate.
Before ICP integrated with Solana, it already integrated with both Bitcoin and Ethereum. This gives access to the DeFi ecosystems in all three chains. ICP’s canister smart contracts can now interact with these DeFi ecosystems. ICP’s smart contracts are also known as canisters. You can see them as the building blocks for dApps on ICP.
ICP’s Chain Fusion allows these smart contracts to interact with various networks. This is ICP’s interoperability solution. It gives devs the opportunity to build multichain dApps with various use cases. For example, devs can build on Bitcoin whilst taking advantage of ICP’s speed. Ethereum still offers the biggest DeFi ecosystem. With ICP smart contracts, devs can add functionality to smart contracts on Ethereum. This also includes other EVM chains.
Now ICP added Solana to this list. This allows for communication with the full Solana ecosystem. Chain Fusion doesn’t need bridges or wrapping. There’s also no need to migrate dApps onto ICP. Chain Fusion’s tech allows devs to extend and enhance their dApps in a secure and efficient way. Chain Fusion also makes sure that there’s no longer a single point of failure. Here’s a blog by DFINITY with a more technical view of the integration.
Source: ICP
So, to clarify, with this newest integration, you can swap $SOL straight into $BTC or the other way around. It’s also part of Chain Fusion’s roadmap. The Solana integration is part of their Helium milestone. ICP has plenty of more milestones scheduled in their general roadmap.
ICP also has an extensive ecosystem. This covers sectors, like, Chain Fusion, DeFi, Bitcoin, wallets, NFTs, or AI. Currently, 370 projects are active in ICP’s ecosystem.
ICP has now integrated three giants into the crypto sector. Solana was the missing part of the puzzle, that also includes Bitcoin and Ethereum. With ICP’s Chain Fusion, devs can build multichain dApps. There’s no more need for bridges or wrapped tokens. This way, ICP keeps building an impressive ecosystem.
The current $ICP price is $5.02. It has a market cap of $2.68 billion. However, it has an unlimited token supply. Nonetheless, it ranks 46th measured by market cap.
Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment and informational purposes only. Any information or strategies are thoughts and opinions relevant to accepted levels of risk tolerance of the writer/reviewers, and their risk tolerance may be different from yours.
We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments, so please do your due diligence.
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Swapping SOL for BTC fully onchain is no longer a dream.  🚀 The completion of the ICP Roadmap's Helium milestone brings Solana and ICP closer together with the SOL RPC canister. Other canisters now have the services they'd have if a Solana RPC node were directly on the Show more
