LayerZero omnichain interoperability protocol emerges from stealth and could launch in weeks
An ambitious new protocol to unite liquidity pools across different blockchains has come out of stealth mode to announce that it will be launched as soon as three ongoing audits are completed.
Vancouver-based LayerZero Labs said the project was due to launch “early in the fourth quarter of 2021”.
An administrator on the project’s Discord channel told users that a “rough guess” was that the launch was in six weeks, but that depended on the speed of the audits.
The project also announced that it had raised $ 6.3 million in a serial funding round co-led by Binance Labs and Multicoin Capital with participation from Sino Global Capital, Defiance, Delphi Digital, Robot Ventures, Spartan, Hypersphere Ventures, Protocol Ventures, Gen Block Capital.
Cross-chain interoperability is vital in a multi-chain reality. I can’t be more excited to come back @LayerZero_Labs in their quest to take cross-chain communication to the next level. https://t.co/MD8Ar4anuo
– Wangarian 🔺 (@ 0xWangarian) September 16, 2021
The new funds will be used to further develop LayerZero endpoints in the ecosystem and drive adoption of the protocol, the company said. LayerZero has already raised US $ 2 million in seed funding
The protocol aims to connect disparate blockchains using a different method than the hub-and-spoke model used by Peas and Kusama and the light chain knots used by the Cosmos inter-blockchain communication network.
Instead, LayerZero aims to combine these methods with what it calls ultralight nodes using decentralized oracles.
“DeFi applications have spread and rolled out across multiple chains due to high fees and changing investor preferences,” said LayerZero co-founder Bryan Pellegrino.
“This has led to a serious fragmentation of the market. You can currently trade on Sushi using Ethereum, Moonbeam, Fantom, xDAI, and Binance Smart Chain, and more chains are coming.
“While all of these apps are sushi, none are Sushi on their own. LayerZero solves this problem by uniting liquidity across chains and making it easy to transact in, out, and across disparate networks. “
This is no pie in the sky full of hope for the future. All of this is natively enabled from day one on top of LayerZero.
Contracts are currently undergoing (3) audits and will be posted to us shortly after completion.
– Bryan Pellegrino (@PrimordialAA) September 16, 2021
LayerZero says that by using decentralized on-chain oracles it is able to achieve speed, security, and profitability.
“LayerZero is paving the way for the first omnichain applications, opening the door for loans, MAs, governance and more to become truly chain agnostic,” said Kyle Samani, Managing Partner of Multicoin Capital.
“Dapp developers no longer have to write chain-specific code; instead, they can just use LayerZero to develop an interface that sends messages to all channels.
“Anyone that wants to share or consolidate state across multiple channels – which is pretty much every app today – should use LayerZero. “
LayerZero plans to support Ethereum, Binance smart chain, Polygon, avalanche, Ghost, Arbitrator and Optimism during launch.
It will add support for more EVM chains and non-EVM chains, such as Solana, Peas, and Algorand, in the months following the launch.
“Binance Labs is investing in disruptive innovations that have incredible potential to shape the crypto landscape. We see the future crypto space as a multi-chain universe, with a strong demand for lightweight and secure interoperability solutions. This is the future we see in LayerZero and why we fully support the team, ”said Chase Guo, Director of Investments at Binance Labs.