If we want a globally adopted and thriving Web3 ecosystem, then we will need the finest interoperability protocols to connect the best Layer 1 and Layer 2 networks.
Introducing LayerZero, the infamous interoperability protocol making crypto a more unified space.
What is LayerZero?
LayerZero is an omnichain interoperability protocol that was founded in 2021 enabling applications to achieve fast, secure and efficient transfer of data across blockchains, empowering developers to build omnichain apps (OApps) that can connect across various chains as if they were on a single network.
Web3 needs unification, and before LayerZero, developers were restricted to building an app only on one blockchain. Devs were using cross-chain solutions for interoperability, which are known to carry security risks and fragmented liquidity. Although these cross-chain solutions were great in their time, it is not sustainable for the globally adopted future of Web3.
Why LayerZero?
With LayerZero, all liquidity is unified, everything is secure and decentralized, devs can build on any compatible network, connecting all apps and assets across all the supported chains, and the overall Web3 experience for the average user is unmatched, making it easy to enjoy every network on any app.
Devs can now supercharge their dApps and unlock a wide range of features:
- Omnichain Tokens: Launch tokens across every chain with unified liquidity and supply.
- Omnichain NFTs: Launch NFTs across every chain with preserved ownership records.
- Unified Liquidity DEXs: Aggregate liquidity from various chains into one.
- Cross-Chain Lending and Borrowing, Governance, Gaming & Data Queries: Providing your every cross-chain need, all in one place.
LayerZero Ecosystem
Creating the ultimate foundation for a unified and interoperable Web3, LayerZero is compatible with over 128 networks such as Ethereum, Solana, the BNB Chain, Optimism and many others. Within those networks, over 300 built and integrated applications such as Aave, PancakeSwap and other leading DeFi applications are utilizing this superior interoperability protocol.
LayerZero Statistics
Showcasing its impressive statistics, they have accumulated over 145M+ transactions/messages and $50B in volume, marking it as one of the interoperability protocol leaders. As Web3 grows, the need for a more unified space becomes more essential, and $ZRO stands at the very core of this mission.
LayzerZero ($ZRO) Token
Let’s learn about LayerZero’s token. $ZRO, the native token of the protocol, is primarily and strictly a governance Omnichain token, available on many chains with unified liquidity, enabling users to vote on proposals and move $ZRO across chains.
LayzerZero Airdrop Round 2
In June 2024, the $ZRO token was airdropped to loyal users who interacted with the LayerZero ecosystem, netting users hundreds, if not thousands of dollars. Rumour has it, there is a second airdrop underway and it could be bigger than the first. So, if you want all the alpha and a complete tutorial, check out this guide on the AltCryptoTalk YouTube channel.
Watch the 2nd LayerZero Airdrop Tutorial, here!
Conclusion
According to CoinMarketCap, at the time of writing, $ZRO is currently priced at $2.27 with a market cap of $249.73M. In December 2024, six months after the airdrop, $ZRO achieved an ATH of $7.53, and although we are down almost 70%, this is mostly due to the rough market conditions across the board. But, the bull run is yet to return, and the ATH may be broken once again.
Official LayerZero Links
Disclaimer
The content provided in this article is purely informational and nothing said is financial advice. Proceed with caution and always invest what you are prepared to lose. Remember that you are entirely responsible for your assets and investments and the author and the publication do not endorse any of the cryptocurrencies, protocols and/or strategies in this article.
