What is LayerZero ($ZRO)?

The future of Web3 is here.

Get ready to dive into LayerZero which is connecting leading blockchains and protocols to enable a fully interoperable ecosystem, where no blockchain, protocol or token is restricted to its native network.

Let’s start from layer zero.

What is LayerZero ($ZRO)?

LayerZero is an interoperability-focused protocol which was first founded in 2021 and utilizes omnichain technology to seamlessly connect blockchains and protocols, into one united Web3 ecosystem. With LayerZero, no user, developer, dApp or blockchain is left behind.

Interoperability is vital for the success of Web3 and that is why LayerZero has created the ultimate cross-chain communication protocol that allows for private, secure and efficient message/data transfers across an enormous, growing list of networks.

To make this all possible, LayerZero has implemented Ultra Light Nodes (ULN) which are smart contracts that run on each integrated blockchain to enable cross-chain communication. The ULNs will process and verify the block headers and transaction proofs of each transaction and message from corresponding chains.

LayerZero Ecosystem

Since the creation of LayerZero, many blockchains and protocols have started to integrate this superior omnichain technology. LayerZero is compatible with over 80 chains any of which can run smart contracts such as Ethereum and every EVM chain, Aptos and many more soon to come.

Within the LayerZero ecosystem of blockchains are over 200 dApps that utilize LayerZero for cross-chain communication such as PancakeSwap, Radiant Capital, Aave, MagicEden, Layer3, Stargate Finance and many other popular protocols.

Already, in such a short time, LayerZero has facilitated over 134.7M transactions/messages with over $50B worth of value. At the moment, the top protocols facilitating the most transactions are Stargate Finance, Merkly and Angle Protocol.

Both volume and transactions have dropped on LayerZero, now that the $ZRO airdrop has concluded. This tends to be very natural but it could only be a matter of time before we see a serious spike in users, volume and transactions once again, as we progress into an interoperability-focused future.

LayerZero ($ZRO) Token

The newly airdropped token $ZRO is the governance token of the entire protocol and allows $ZRO token holders to vote and propose any protocol decisions. Many people were actually eligible for the $ZRO airdrop without realising it due to the incredible amounts of dApps using LayerZero’s omnichain technology.

LayerZero ($ZRO) Airdrop

If you think there is a possibility that you’ve used LayerZero in the past, why not check your wallet address to see if you’re eligible? For those who made it, congratulations!

Here is the LayerZero ($ZRO) airdrop checker (No need to connect your wallet unless you’re eligible).

Conclusion

According to CoinMarketCap, at the time of writing, $ZRO is currently priced at $2.79 with a market cap of $697.91M. $ZRO is currently down over 41% from its ATH of $4.80 when it first launched and was airdropped to the community. Nonetheless, market conditions are rough but a bull run could very well fix things.