LayerZero, the cross-chain messaging platform, has successfully integrated Flare, linking the Layer 1 blockchain for data with 75 different blockchain networks. This integration, announced on Wednesday, allows Flare to connect with major blockchain networks like Ethereum and Solana. This crucial milestone also enables Flare to be accessible to multiple Ethereum Layer 2 (L2) networks, bringing over 50,000 decentralized applications (dApps) to the Flare ecosystem.
“This integration is incredibly valuable for all users and developers on Flare. The deployment of LayerZero V2 will significantly accelerate Flare’s growth and open the door for developers to create a wide range of innovative interoperable products,” said Hugo Philion, the co-founder of Flare.
The integration will not only help any chain connect and utilize Flare’s decentralized data but also brings several advantages to Flare. Apart from becoming a DVN on LayerZero V2, the integration provides secure connectivity to dApps, access to new users, and liquidity, as well as greater decentralization.
“Of particular interest to me is LayerZero’s ability to assist Flare in establishing a cross-chain money market, utilizing the integration of non-smart contract tokens, such as BTC and XRP, on Flare,” noted the Flare co-founder. “Other exciting possibilities include Flare’s builders creating omnichain fungible tokens or chain-agnostic NFTs. The opportunity for Flare to function as a highly secure DVN on LayerZero V2 is particularly appealing.”
LayerZero’s growing traction in the crypto world is also evident in the protocols leveraging its key feature, the modular security stack, which allows protocols to confirm and validate cross-chain messages. This technology is powered by Decentralized Verifier Networks (DVNs), enabling networks to create their own DVNs to enhance security. Additionally, applications can utilize LayerZero’s Omnichain Fungible Token standard to drive the growth of decentralized finance (DeFi).
LayerZero’s cross-chain messaging protocol has facilitated over 134 million cross-chain messages and has contributed to securing the bridging of over $50 billion in crypto. For example, the LayerZero-based bridge protocol Stargate Finance reported nearly $800 million worth of bridged assets in June alone.
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