🌋 Raydium Launched Teleport for EVM to Solana Transfers
posted 3 Oct 2024
Raydium, an Automated Market Maker on the Solana blockchain, has announced a new feature enabling transfers from EVM networks to Solana.
Called Teleport, this feature is part of the ongoing Raydium V3 protocol upgrade.
Raydium has integrated Circle’s Cross-Chain Transfer Protocol (CCTP) and the interoperability platform Wormhole to facilitate token swaps between chains.
Launched in 2021, Raydium is one of the largest decentralized exchanges. According to DefiLlama, the platform’s Total Value Locked (TVL) currently exceeds $1 billion.
This cross-chain compatibility allows traders to move assets between ecosystems without the hassle of using multiple platforms or bridges, reducing both complexity and transaction costs.
With the introduction of Teleport, Raydium is poised to strengthen its role as a cross-chain liquidity provider, paving the way for more capital inflow from EVM-compatible networks.
Cross-chain solutions play an important role in DeFi, as they lay the foundation for a multi-chain future where users can transfer funds efficiently between different networks.
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