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Information about LayerZero (ZRO)
LayerZero is an immutable, censorship-resistant, and permissionless smart contract protocol that enables anyone on a blockchain to send, verify, and execute messages on a supported destination network. LayerZero provides authentic and guaranteed message delivery with configurable trustlessness. It is a “blockchain of blockchains” that allows other blockchain networks to communicate directly and in a trustless manner.
LayerZero’s key feature is Ultra Light Nodes (ULNs). These smart contracts run on each blockchain and act as endpoints for cross-chain communication. ULNs verify the validity of transactions and messages from other chains using block headers and transaction proofs, ensuring security and efficiency.
Since its launch, LayerZero has processed approximately 132 million transactions across 70 different blockchains, with a total transaction volume of over $50 billion. The project has also successfully raised $263.3 million through 3 funding rounds from leading venture capital firms such as Binance Labs, Andreessen Horowitz (a16z), Sequoia Capital, Circle, and Multicoin Capital.
ZRO is a native coin of the LayerZero ecosystem, operating on Ethereum according to ERC20 standard, and can be used to:
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News
The settlement involved a significant fund dispute, where FTX sought the recovery of over 21 million USD. LayerZero plans to return the repurchased funds to the FTX bankruptcy estate, marking a pivotal moment for the company as it moves forward without legal hindrances.
The positive market response is evident as the ZRO token experiences a notable increase in value, reflecting investor optimism. With a clear focus on development, LayerZero aims to strengthen its position in blockchain interoperability.
Upcoming vote on LayerZero fees: LayerZero will decide on imposing fees for message transfers, including a total of 0.02 USD for interactions between Arbitrum and Optimism. Revenue will fund ZRO token buybacks and burns, enhancing scarcity.
Voting participation requirements: To validate the voting, at least 60% of circulating token supply or 65,968,349.4 ZRO must participate. This initiative aims to boost token value through community engagement in governance.
Ondo Finance has partnered with LayerZero to bring USDY, a yield-generating stablecoin, to multiple blockchain networks. This is achieved through the integration of the Omnichain Fungible Token standard. USDY is now fully fungible on Ethereum, Mantle, and Arbitrum, with further expansion plans for the future.
Decentralized technology is rapidly advancing with key steps. Aethir partners with LayerZero to optimize services, The Graph announces GRC-20 standard improving Web3 data, and DCG launches Yuma to support AI startups. This event promises to bring many positive changes to the tech sector.
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