My DYOR notes on LayerZero

My DYOR notes on LayerZero

By cryotosensei | CryptoSensei | 21 Sep 2023


Token2049 conference was held in Singapore recently and it seems that LayerZero confirmed the likelihood of an airdrop via their swag. This got me motivated to research more about them:

  • LayerZero is a lightweight and omnichain interoperability protocol that facilitates cross-chain communication and seamless sharing of information
  • It comprises an off-chain oracle, an off-chain relayer, and a set of non-upgradeable smart contracts (Endpoints) deployed on every chain that LayerZero supports. So, User Applications (UAs) will integrate with LayerZero by sending message requests to these Endpoints. There, they will declare an oracle-relayer pair so that their messages can be transported from the source to the destination chain.
  • LayerZero and Google Cloud recently announced a partnership. in which Google Cloud will be a new “oracle" option for applications built on LayerZero’s interoperability protocol.
  • Launched in March 2022, Stargate Finance was the first application to be deployed by utilised LayerZero’s tech stack. You can bridge your assets between various chains. Has launched its governance token, STG, which led to the creation of the first Omnichain Fungible Token (OFT).
  • Stargate Bridge (stargate.finance) and Bungee Exchange (with Stargate chosen as a route) are useful platforms if you are keen to farm the LayerZero airdrop.
  • LayerZero labs created the Omnichain Fungible Token (OFT) standard to establish a multichain standard for fungible tokens. This OFT standard is interoperable with ERaC-20s, BEP-20s, fungible tokens on Aptos, and more, so cross-chain communications can take place.
  • During its Series B funding round, its valuation was determined at $3 billion, which made it comparable to the fully diluted valuation of many established Layer-1 smart contract networks. 
  • Altitude is a cross-chain bridge powered by LayerZero. People who are keen to farm a $ZRO airdrop may want to use this bridge to transfer assets between Ethereum, BNB, Avalanche, Arbitrum, Polygon, Optimism, and Fantom.
  • DeFi enthusiasts will gravitate towards Tapioca, which aims of offer a wide range of DeFi services like borrowing and lending across 17+ EVM and non-EVM chains.

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cryotosensei
cryotosensei

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