An Overview of the Layer Zero Project
LayerZero enables interaction between various blockchains, with a promise of continuous expansion of their numbers as the ecosystem evolves.
Occasionally, transferring a token from one blockchain to another may require numerous actions: locating a suitable bridge with the required token liquidity, purchasing the token on one network and additional tokens for gas on each network, and paying a commission. Although feasible, it's not always practical.
However, there's a project named LayerZero aimed at resolving these issues by establishing a new principle of interaction among smart contracts and applications across various networks. This will enable easier movement of tokens between different blockchains, eliminating the need for complex procedures.
LayerZero is an application that facilitates the sending and receiving of transfers between distinct blockchains, effectively creating an intermediate bridge supporting numerous networks between different DeFi platforms. This ensures rapid operation of applications, as if they were running on a single blockchain. The project is already working with networks like Ethereum, BSC, Avalanche, Polygon, Arbitrum, Optimism, Fantom and Metis.
Project investors
The project has successfully raised $173.3 million through four funding rounds.
Large funds such as Andreessen Horowitz (a16z), Sequoia Capital, Animoca Brands, Spartan Group, Multicoin Capital, and others have participated in the investment rounds.
LayerZero investments according to Crunchbase
The primary product of the LayerZero project is Stargate.Finance.
Logo of the Stargate Finance project
Stargate.Finance is an cross-chain liquidity protocol that allows users to exchange tokens between different Ethereum Virtual Machine (EVM) compatible networks. Currently, the Stargate Finance protocol supports Ethereum, Avalanche, BNB Chain, Arbitrum, Optimism, Fantom, and Polygon (MATIC).
Plans for the future include integrating non-EVM networks like Solana, Algorand, and others.
Project token
As of now, the project doesn't have a token. However, their technical documentation confirms its future existence. Users have found a ticker $ZRO, which indicates this.
Technical documentation of LayerZero.
Currently, retrodrop hunters are actively using Stargate bridges, Aptos Bridge, BTC-b, and participating in activities on Guild, all in hopes of future rewards.
Summary:
LayerZero aims to integrate the latest advancements of the crypto world. Considering the significant support it has received from its audience and partners, there's strong potential for this project to succeed.
