Wormhole
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Overview
Wormhole is a cross-chain interoperability protocol that lets blockchains communicate and move assets, data, and tokens between one another. CoinMarketCap describes it as launching in 2020 as "the industry's first cross-chain bridge" connecting Ethereum and Solana, with early backing from the Solana Foundation, and notes it was incubated inside trading firm Jump for roughly two years before its core contributor teams decentralized.
Wormhole's own site describes the protocol today as "the connective layer that moves assets, data, and applications across ecosystems as if they were one," supporting connections across more than 45 blockchains including Solana, Arbitrum, Base, BNB Chain, and Avalanche, through products it calls Connect, Messaging, Native Token Transfers (NTT), Queries, and Settlement.
In November 2023, CoinDesk reported that Wormhole and Jump Trading Group were parting ways as Jump scaled back its crypto operations amid a tough market; shortly after, CoinDesk reported Wormhole had raised $225 million in a funding round at a $2.5 billion valuation, with backers including Jump Trading, Brevan Howard, Coinbase Ventures, and Multicoin Capital. Development is now carried out by a decentralized set of contributor organizations that CoinMarketCap names as the Wormhole Foundation, Wormhole Labs, Asymmetric Research, and xLabs.
In February 2022, Wormhole suffered a major exploit; Wikipedia's article on cryptocurrency and crime states that "hackers created a signature account on a blockchain bridge called 'Wormhole' and stole more than $300 million worth of ether." CoinDesk's contemporaneous coverage (headlined "Blockchain Platform Wormhole Says It's Retrieved $324M Stolen by Hackers") reported the funds were made whole and bridge operations resumed after the vulnerability was patched. Wormhole's bridge had earlier been the subject of a Wikipedia note on Jump Trading's business dealings, which describes "Jump Trading['s] acquisition of the wormhole bridge and investment in the Solana blockchain."
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