- LayerZero enables a future of borderless blockchains. Omnichain dApps, which exist on various blockchains, will be used by users. These dApps will communicate over LayerZero without the user being aware of it.
- LayerZero, which can be thought of as the underlying technology on which other applications can be built, has a number of potential new use cases in mind, including games and media applications with high throughput transactions relocated to one blockchain with NFT trading onto other blockchains with high liquid markets.
- Major venture capital firms and investors such as Sequoia Capital, FTX Ventures, and Andreessen Horowitz co-led the fundraising round, which also included PayPal Ventures, Coinbase Ventures, and Uniswap Labs, and Tiger Global.
LayerZero Labs, the developer of the onmichain decentralized apps protocol that can store several blockchains, has raised $135 million in a Series A+ financing round. LayerZero has reached a $1 billion value thanks to $135 million in fundraising aimed at speeding up the development of its namesake protocol.
LayerZero Has Been Appraised at Around $1 Billion
Major venture capital firms and investors such as Sequoia Capital, FTX Ventures, and Andreessen Horowitz co-led the fundraising round, which also included PayPal Ventures, Coinbase Ventures, and Uniswap Labs, and Tiger Global. The primary purpose of the additional investment is to bring together services like gaming, NFTs, media apps, and marketplaces so that they may be used across many blockchains.
Bryan Pellegrino, CEO, and co-founder of LayerZero commented on firms’ competing goals: We’ve gathered some of the world’s brightest and most well-respected organizations to work toward a common goal: creating the generic message layer that supports all blockchain interoperability.
LayerZero, which can be thought of as the underlying technology on which other applications can be built, has a number of potential new use cases in mind, including games and media applications with high throughput transactions relocated to one blockchain with NFT trading onto other blockchains with high liquid markets; DeFi applications with trading, lending, and borrowing across multiple blockchains.
LayerZero’s Achievements
LayerZero Labs is one step closer to achieving its aim of making crypto more accessible to end consumers, resulting in the eventual acceptance of digital assets. Instead of using the potential of numerous blockchains to produce world-class crypto user experiences, the LayerZero team expects that dApps created on the platform will segregate blockchains from their apps. Following the beta launch of LayerZero, LayerZero Labs has unveiled Stargate, a cross-chain liquidity transfer protocol whose incorporation of Sushi has been endorsed by the SushiSwap community.
According to the developers, the LayerZero protocol will be merged with non-Ethereum Virtual Machine blockchains like Solana and Terra in the next few months. LayerZero Labs’ CTO and co-founder Ryan Zarick explained: LayerZero enables a future of borderless blockchains. Omnichain dApps, which exist on various blockchains, will be used by users. These dApps will communicate over LayerZero without the user being aware of it.
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Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2022/04/02/sequoia-capital-ftx-ventures-and-a16z-lead-the-135-million-financing-deal-for-layerzero-technologies/