2023-07-19
One blockchain is difficult to run on
another blockchain. For example, it is difficult for BTC to run on Ethereum
blockchain and vice versa. LayerZero wants to develop interoperability between
blockchains. It wants to develop a system that better than traditional bridge
method.
LayersZero wants one blockchain to have
the ability to deploy on other blockchains using LayerZero endpoint. LayerZero
will create an endpoint for each blockchain and uses endpoint to send
information from one blockchain to another blockchain.
LayerZeo lets developers build their
dApps on LayerZero’s infrastructure and the role of LayerZero is to facilitate
cross-chain transactions by using endpoint, proof of transactions, and Oracle.
Blockchain that LayerZero wants to enable
interoperability such as Ethereum, Arbitrum, BNB Chain, Polygon, and Aptos.
Stargate Finance already uses LayerZero’s technology for its cross-chain
service.
LayerZero Labs the company that develop
LayerZero, raised $120 million at a $3 billion valuation for series B round from 16z crypto, Christie's, Circle Ventures, OpenSea Ventures, Samsung
Next, and Sequoia Capital. A lot of money is pouring into LayerZero because the
future of blockchain is interoperability.
LayerZero airdrop is expected to happen
this year. The valuation of LayerZero token is expected to be more than $400
million because another interoperability project called Axelar, its token AXL
has a fully diluted market cap of $385 million.
