Vancouver-based Unicorn LayerZero Labs Provides Summer 2022 Update (Following Massive $135 Million Financing in March)Thursday, September 8, 2022
Vancouver, BC, September 8, 2022--(T-Net)--Vancouver-based blockchain startup company (and now unicorn) LayerZero has provided a summer update on the company and its progress following their massive $135 million financing raised earlier this year.
LayerZero is the developer of an omnichain interoperability protocol that allows dApps to build across multiple blockchains in a trustless, efficient manner.
LayerZero connects dApps across chains using on-chain Ultra Light Nodes, which achieve the security of a light node with the cost-effectiveness of a middle-chain. Using the protocol, developers can turn their dapps into omnichain-applications using a single, simple interface.
As noted above, the company announced earlier this year (in March 2022) that it had raised a massive $135 million financing round co-led by Sequoia Capital, FTX Ventures and Andreessen Horowitz and with participation from Coinbase Ventures, PayPal Ventures, Tiger Global, Uniswap Labs, and more.
This funding round valued LayerZero Labs at $1 billion and was intended to accelerate the development of cross-chain decentralized applications (dApps) powered by LayerZero, a decentralized omnichain interoperability protocol.
"LayerZero unlocks a future of blockchains without borders. Users will interact with omnichain dApps that exist on multiple blockchains. These dApps will seamlessly communicate over LayerZero without the user even realizing it," said Ryan Zarick, CTO and co-founder, LayerZero Labs.
The company has now reported significant adoption on top of LayerZero so far with contracts steadily rising to over 7,000 active contracts on testnet. The company has also expanded on four new mainnets, and is also live on eight other pre-launch chain's testnets, among other developments.
Following is a full outline of what the company has been up to this summer, as reported by Ryan Zarick (Co-founder and CTO at LayerZero Labs), in a company Medium post yesterday, for those interested in more detail.
LayerZero Update: Summer 2022 (Credit: LayerZero Labs and Medium)
It's been a busy few months since the last update and a lot has happened. Pre-Crime is set to open up to the world, LayerZero Scan is live, we've migrated to ULNv2 and we're moving to new chains!
Pre-Crime is Live
While we've spoken about it a few times publicly since our initial post, Pre-Crime has actually been live and successfully securing Stargate since May. We're now ready to officially move to the next phase: opening up Pre-Crime to all applications and allowing developers to define their own custom security guarantees by setting their own invariants for all messaging. We'll have a full set of documentation available for public consumption soon and we've launched a private Pre-Crime integration beta with several teams.
While we've seen incredible adoption on top of LayerZero so far with contracts steadily rising to over 7,000 active contracts on testnet, we realize that great developer tooling is what makes a great developer ecosystem, and frankly the existing tooling for wrangling cross-chain transactions sucks.
Today we introduce LayerZero Scan which allows both developers and users to tie together two transactions across chains and pull state, status, and timing in one interface. This will be a huge improvement in the user experience offered to developers building on top of LayerZero and the first of many such toolings we hope to make available to the community over the coming years. Try it out here: https://layerzeroscan.com/
Today marks a big step forward in the evolution of LayerZero with the release of the new ULNv2 library. ULNv2 contains required support for upcoming non-EVM supported chains, LayerZero Scan, over 20% improvement in gas efficiency, and patches a ULNv1 security issue related to potential chain pathway griefing.
LayerZero has Expanded
Beyond the original seven chains, we're on four new mainnets: Moonbeam, Harmony, Swimmer, and DFK. LayerZero is also live on eight other pre-launch chain's testnets; and will be live on mainnet launch for all of them, including our first non-EVMs: Aptos, Sui and Solana.
LayerZero is an omnichain interoperability protocol that allows dApps to build across multiple blockchains in a trustless, efficient manner. LayerZero connects dApps across chains using on-chain Ultra Light Nodes, which achieve the security of a light node with the cost-effectiveness of a middle-chain. Using the protocol, developers can turn their dapps into omnichain-applications using a single, simple interface.
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