LayerZero(ZRO)

LayerZero ($ZRO) has seen a remarkable 45% increase over the past two days, driven by savvy investors who caught the dip on June 29. The team has identified two smart wallets on different chains that hold significant positions in $ZRO and have not sold yet. On the Ethereum chain, Wallet […]

In this week's issue of CoinDesk's weekly blockchain tech newsletter, we're covering $100 million of fundraisings, project updates from Solana and other teams, complaints over LayerZero's "pay-to-claim" airdrop and nervousness surrounding the Mt. Gox bitcoin distribution.

SEC closes Ethereum probe; Kraken faces $3M exploit. What's next for LayerZero and zkSync tokens?

Revolutionizing Airdrops: LayerZero's Charitable Twist

The donations appear to be mandatory and the LayerZero Foundation will match proceeds upto $10 million.

Crypto holders on Solana will be able to move their assets to Arbitrum, Ethereum, Polygon and the 70 other chains it links to – and vice versa.

The interoperability protocol indicated that there will be a series of airdrops.

[PRESS RELEASE – London, United Kingdom, February 5th, 2024] Reunit Wallet, an omnichain wallet built on technology developed by LayerZero & Stargate Finance, is launching a volume-based reward program. In an effort to stimulate trading activity on its integrated platform and attract new users, Reunit Wallet is implementing a reward system for traders. Starting now, […]

LayerZero launched a Lido stETH bridge last October without asking for Lido DAO's permission. The community responded this week by endorsing a pair of its biggest competitors.

Interoperability protocol, LayerZero is integrating with the Shimmer Network to facilitate smoother cross-chain communications and enhance DeFi on IOTA’s ShimmerEVM.

IOTA Network’s ShimmerEVM has unveiled plans to incorporate LayerZero’s cross-chain messaging technology, enabling users to engage and transact seamlessly across multiple networks. Shimmer, situated within the IOTA ecosystem, serves as a blockchain platform granting developers access to unique features for creating and launching decentralized apps (dApps). ShimmerEVM, the platform’s layer […]

The Shimmer bridge, a tool that transfers value between different blockchains that connect to LayerZero, will launch today.

In this week's issue of The Protocol newsletter, we're covering Worldcoin's latest update, airdrop season, the new Bitcoin wallet from Jack Dorsey's company and the "data availability" network Celestia's market-moving plan to plug into Polygon's blockchain development kit.

LayerZero announces ZRO token launch and commits $3 million for airdrop.

As of Friday, LayerZero has not outright mentioned how it intends to reward users for using its network.

FTX previously tried to recover funds from the likes of LayerZero, Shaquille O’Neal, and Naomi Osaka.

Connext, Chainsafe, Sygma, LiFi, Socket, Hashi, Across, Celer, and Router issued a joint statement criticizing the new token.

The partnership between LayerZero and Conflux Network is set to significantly enhance the capabilities of China Telecom's BSIM card ecosystem.

According to LayerZero’s CEO, FTX’s accusations are unfounded and ignore previous attempts by his company to smooth things over.

The background of the dispute goes back to a series of transactions between LayerZero and Alameda Ventures, the investment division of Alameda Research, from between January to May 2022

FTX is seeking the cancellation of agreements made days before it collapsed, as well as the return of millions transferred to LayerZero Labs and its affiliates.

The growth in daily addresses and transactions on BNB Chain was majorly driven by increased activity from LayerZero.

More developments in the FTX saga, where the former CEO of the now-defunct crypto exchange has come under fire for conducting an interview with the New York Times, which prosecutors have claimed amounts to witness tampering. He has been put under a gag order which prevents him from discussing the case publicly. Let’s find out more. Bitcoin Democratic presidential candidate Robert F. Kennedy Jr. confirmed his recent purchase of a significant amount of Bitcoin earlier this year. Wednesday’s announcement of the widely expected 25 basis point rise in the interest rate led to a higher move in cryptocurrencies. A team of Bitcoin developers and enthusiasts have introduced the "Frostsnap" method to provide multisig wallets with a range of new capabilities. DeFi The Bank of Italy's Milano Hub innovation center will support a project spearheaded by Cetif Advisory that aims to develop a security token ecosystem for institutional DeFi. DeFi protocol Parrot Finance will begin implementing an activist investor-led plan to phase out the platform’s PRT token, with redemptions set to begin as early as Monday. Altcoins An obscure altcoin called the X token has surged by over 1000% following Elon Musk’s announcement that Twitter is rebranding itself to X.com. Technology Bridge Protocol LayerZero has revealed that it has achieved a significant landmark, crossing 50 million cross-chain messages. Archax, a leading global digital asset exchange, broker, and custodian, has unveiled its latest offering: a crypto exchange designed specifically for institutional investors. Avalanche Foundation has earmarked a whopping $50M to acquire assets that are tokenized on its blockchain. The highly controversial Arkham Intel Exchange has approved its first-ever bounty hunt, with crypto sleuths set to go after crypto wallets belonging to Terra co-founder Do Kwon. Business Venture capital firm, Sequoia Capital, has cut its cryptocurrency fund by over 65% from $585 million to $200 million. Bankrupt crypto lender Celsius Network has reached two crucial settlements to end its bankruptcy proceedings and clear a path for the return of customer assets. Flashbots, an Ethereum software infrastructure provider, has raised $60 million from venture capitalists and other prominent players from the blockchain ecosystem. Cryptocurrency exchange KuCoin has responded to recent rumors about mass layoffs within the company, clarifying that the adjustments to its headcount are part of routine organizational development. Deloitte and Chainalysis have joined forces in a strategic alliance to tackle compliance challenges within the digital asset ecosystem. BlackRock and India’s Jio Financial Services will soon enter a joint venture to launch a “digital-first offering” in India. Crypto derivatives and copy trading platform Bitget announced the listing of its native token BGB on the renowned cryptocurrency exchange MEXC. Regulation The South Korean Financial Services Commission's (FSC) decision to seize Delio’s assets cast doubts over its future operations. In a recent statement, the SEC claimed that the recent Ripple ruling was incorrect while disclosing that it has already decided and is currently moving in to post an appeal. The United States Federal Reserve has officially launched its new instant payment system, dubbed FedNow, to modernize and streamline the United States’ payment system. FTX founder Sam Bankman-Fried has agreed to a gag order that prevents him from publicly discussing his case after prosecutors alleged he was discrediting their witness, Caroline Ellison. Changpeng Zhao and other defendants associated with the Binance crypto exchange plan to appeal to the court to dismiss a lawsuit from the CFTC. Worldcoin, the high-tech cryptocurrency initiative supported by Sam Altman, might soon be under the scrutiny of data protection regulators in the UK. The Republic of Namibia pivots on its crypto stance by introducing a law regulating the digital asset industry, ending the country’s total ban on cryptocurrencies. Block.one, a significant investor in the blockchain industry, is now under fire from the EOS Network Foundation (ENF) for purportedly defaulting on its $1 billion investment commitment. Blockchain security firm Quantstamp is under scrutiny from the SEC for conducting an unregistered initial coin offering (ICO) in 2017. The United States House Financial Services Committee passed two crucial bills that could pave the way for regulatory clarity. The SEC has intensified its oversight of financial institutions that use AI and predictive algorithms. Democrat Congressman Brad Sherman said on Wednesday during a key congressional committee that only the US government has the right to print money out of thin air. The United States Senate has passed an $886 billion military spending bill with strict anti-money laundering provisions for cryptocurrency. In a letter addressed to the SEC, Grayscale Investments has appealed for the equal treatment of all spot Bitcoin ETFs. Singapore-based crypto exchange Crypto.com announced it obtained registration with the central bank of the Netherlands, De Nederlandsche Bank (DNB). The Supreme Court of India came down heavily on the central government, expressing displeasure over the lack of a clear law or regulations regarding cryptocurrencies. NFT NFT art gallery Bright Moments held its live minting event at the Gotham store, one of New York City's "luxury" cannabis dispensaries. CyberKongz partners with Axie Infinity’s creator Sky Mavis to migrate its existing Play and Kollect NFT game and mint the new Genkai NFT collection on the Ronin chain. Web3 CEO Mark Zuckerberg remains hopeful about the company’s metaverse prospects despite sinking $3.7 billion in operating losses in the second quarter of this year. Japan is set to embrace Web3 technology with the backing of major companies like Fujitsu and Mitsubishi, going beyond just entertainment and gaming. The Binance crypto exchange platform is set to start operations for Japanese customers, according to an announcement from CEO Changpeng Zhao. Security Crypto payments platform CoinsPaid believes North Korean Lazarus Group was behind the hack that saw $37 million stolen from the platform. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Bridge Protocol LayerZero has revealed that it has achieved a significant landmark, crossing 50 million cross-chain messages. The landmark shows the surging demand among users in the crypto space to conduct cross-chain token swaps and transfer liquidity between different chains. What Is LayerZero? Interoperability issues have plagued the blockchain ecosystem. For seamless interoperability between blockchains, projects must implement standardized data formats, secure communication channels, common consensus mechanisms, and secure, scalable interoperability protocols. This is where LayerZero comes into the picture. LayerZero is a cross-chain communication protocol that facilitates trustless, direct communication between different blockchains, supporting prominent players such as Solana, Aptos, SUI, EVM Chains, and others. The communication protocol could potentially revolutionize how blockchains interact with one another, eliminating the need for intermediaries such as bridges and facilitating direct communication instead. LayerZero’s Unique Approach LayerZero uses a unique approach called Ultra Light Nodes (ULNs) to facilitate interoperability. Ultra Light Nodes are essentially lightweight blockchain clients that can validate transactions on other chains without requiring them to download the entire blockchain state. This allows LayerZero to achieve a significantly high throughput, along with low latency during inter-chain communication with blockchains that have different architectures and consensus mechanisms. The Ultra Light Nodes are deployed on chains that wish to communicate with one another and maintain a partial view of the chain they are deployed on, which is then used to validate transactions. Relayers, a type of off-chain service, are responsible for relaying messages between ULNs on different chains. As an incentive, relayers are adequately compensated for each message they transmit between chains. Oracles, another third-party service, are used to pass on the block header to the target chain’s endpoint, following which the transaction proof is submitted. Once submitted, the destination chain validates the proof using its consensus mechanism. The 50 Million Milestone LayerZero crossed the 50 million messages milestone for messages between blockchains on Tuesday. The landmark achievement highlights the high demand among users in the crypto space to conduct cross-chain token swaps and liquidity transfers between chains, despite several vulnerabilities and risks. This is because data from Chainalysis has shown that bridge exploits accounted for over $2 billion in stolen assets in 2022 alone. The news also comes just three months after LayerZero Labs, the entity behind LayerZero raised $120 million in capital from over 33 backers. The list of backers included prominent names such as auction house Christies’ Sequoia Capital, Samsung Next, and Andreessen Horowitz. The Series B funding round was done at a valuation of $3 billion, nearly tripling its valuation from its $135 million round, held in March 2022. Other backers in the latest funding round included OpenSea Ventures, Circle Ventures, and BOND. The funding round also marked a rare funding deal in a prolonged crypto bear market that has seen funding dry to a crisp. Co-founder and CEO of LayerZero Labs stated, “LayerZero is to blockchains what the internet was to computing clusters. LayerZero allows chains not only to build bridges (to transfer assets/value between them) but send and execute arbitrary data just like a packet on the internet. What this means is that you can now build applications that are orders of magnitude more complex than existing applications and do so with a completely seamless experience between chains.” Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.