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About LayerZero
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The Wormhole Foundation, the entity dedicated to supporting the growth of the Wormhole ecosystem, announced...
The plan would see all STG tokens converted into ZRO at a fixed rate, effectively retiring STG as a standalone governance and rewards token.
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LayerZero is an omnichain interoperability protocol that supports communication and data exchange between blockchain networks. Its technology aims to address the limitations of today’s blockchains, where networks operate and store valuable data independently, by acting as a bridge between networks.
LayerZero intends to prioritize intrinsic security and universal semantics with the omnichain messaging protocol (OMP) it has developed. The OMP supports a fully connected mesh network that can be scaled to all blockchains for a wide variety of use cases.
By enabling greater crosschain interoperability, solutions such as LayerZero have the potential to bring about significant advancements to blockchain technology and create new possibilities for developers and end users. Close to 100 decentralized applications now integrate LayerZero across use cases including decentralized autonomous organizations, decentralized finance, non-fungible tokens (NFT), gaming, and more.
In May 2024, LayerZero Labs announced the expansion of the protocol to the Solana blockchain. Users can now transfer their assets to more than 70 chains including Ethereum, Arbitrum, and Polygon.
How does LayerZero work?
Four core components allow LayerZero to provide a secure, high-performance bridge between different blockchains.
Immutable endpoints
Immutable endpoints are the metaphorical bridges between blockchain networks, providing secure communication between them. The endpoints are immutable smart contracts that provide a standardized interface for omnichain applications to manage security and send and receive messages.
Immutable endpoints are censorship resistant to prevent disruption to the transfer of messages. Meanwhile, exactly-once delivery guarantees that a message is delivered to the destination chain only once, preventing data duplication or loss. Liveness — which refers to a system’s ability to continuously process transactions — is another key feature of immutable endpoints, guaranteeing that messages will eventually be delivered even during network delays or congestion.
MessageLibs
MessageLibs are on-chain security modules that prevent messages from being tampered with as they’re transferred across chains. To achieve this, MessageLibs are pre-defined and cryptographically secured on the blockchain. The technology’s modularity means that various MessageLibs can be developed to manage different verification needs depending on the type of data being transferred. This modularity also allows MessageLibs to be tailored to developers’ different requirements, so they can choose a module best suited to their application.
Decentralized Verifier Networks (DVNs)
DVNs are the decentralized security layer of the LayerZero ecosystem. The feature uses collective verification, where multiple independent verifiers confirm the cryptographic proofs within a message packet, to create a resilient verification process. A DVN’s security level can be configured to suit an application’s specific needs, while permissionless participation allows anyone to stake tokens and support the verification process.
Security Stacks
Security Stacks allow developers to choose, modify, and combine various verification methods to meet the specific requirements of their application. Security Stacks comprise DVNs and MessageLibs, and its modularity gives developers the flexibility to change their security configuration in the case of DVN failure or changing security needs.
ZRO price and tokenomics
The ZRO token launched on June 20, 2024, with the project owners stating the launch wasn’t a conventional airdrop. Those wanting to claim the token are required to donate $0.10 in USDC, USDT, or native ETH per each ZRO claimed to hold the tokens. Called Proof of Donation, the claiming mechanism was designed to bring around $18.5 million to Protocol Guild — a collective funding mechanism for Ethereum’s Layer-1 developers.
ZRO has a current market cap of $627.25 million and a total circulating supply of 250,000,000 ZRO.
About the founders
LayerZero is the product of LayerZero Labs, founded in 2021 by Bryan Pellegrino, Ryan Zarick, and Caleb Banister. The idea for the protocol was born during the development of an NFT game, when the team realized the need for a cross-chain mechanism to support the transfer of NFTs between networks.
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