Stargate Finance

Token

DeFi

LayerZero

Flare

The cross-chain messaging platform LayerZero has integrated Flare, connecting the Layer 1 blockchain for data to 75 blockchain networks.
As <a href="https://x.com/FlareNetworks/status/1808502172901896623" target="_blank" rel="noopener noreferrer nofollow">announced</a> on Wednesday, the integration means <a href="https://crypto.news/tag/flare/" rel="noopener noreferrer nofollow">Flare</a> can now connect to major blockchain networks such as Ethereum and Solana. The milestone also makes Flare accessible to multiple Ethereum Layer 2 (L2) networks, bringing over 50,000 decentralized applications (dApps) to Flare.
“This is an incredibly valuable integration for all users and builders on Flare. Deployment of LayerZero V2 will help accelerate Flare’s expansion, paving the way for builders to develop a wide variety of innovative interoperable products,” Flare co-founder Hugo Philion said.
<h2 class="wp-block-heading" id="flare-to-benefit-from-layerzero-v2-integration">Flare to benefit from LayerZero V2 integration</h2>
While the integration will also help any chain connect and leverage Flare’s decentralized data, there are numerous benefits to Flare.
Apart from Flare becoming a DVN on LayerZero V2, the integration also brings benefits such as secure connectivity to dApps, access to new users, and liquidity. Flare will also benefit from greater decentralization.
“Of great interest to me is the ability of LayerZero to help Flare facilitate a cross-chain money market, leveraging in addition, the integration on Flare of non smart contract tokens, such as BTC and XRP,” the Flare co-founder noted. “Other interesting angles are the ability of Flare builders to create omnichain fungible tokens or chain-agnostic NFTs. The opportunity for Flare to serve as a highly secure DVN on LayerZero V2 is of particular interest.”
You might also like: <a href="https://crypto.news/layerzero-zro-price-prediction/" rel="noopener noreferrer nofollow"> LayerZero (ZRO) price prediction for 2024 </a>
<h2 class="wp-block-heading" id="layerzero-s-growing-traction-in-crypto">LayerZero’s growing traction in crypto</h2>
Protocols leverage a key feature of LayerZero V2 – the modular security stack that allows protocols to confirm and validate cross-chain messages.
The technology behind this infrastructure is Decentralized Verifier Networks (DVNs), and networks can create their own DVNs to bolster security. Applications can also tap into LayerZero’s Omnichain Fungible Token standard to drive DeFi growth.
LayerZero’s cross-chain messaging protocol has facilitated more than 134 million cross-chain messages and helped secure the bridging of over $50 billion in crypto.
For instance, LayerZero-based bridge protocol Stargate Finance recorded nearly $800 million worth of bridged assets in June alone.
You might also like: <a href="https://crypto.news/consensys-acquires-wallet-guard-to-bolster-metamask-user-protection/" rel="noopener noreferrer nofollow"> Consensys acquires Wallet Guard to bolster MetaMask user protection </a>

Flare integrates LayerZero V2, connecting to 75 blockchains

Indice dei contenuti

crypto.news

Altri articoli pubblicati su 3 lug 2024

Will Solana ETF Observe A Strong Inflow And Push The Price To $500

Gala Games and Animoca Brands Join Forces, Surges GALA Token

$1.2 billion of crypto loss in six months, Will it control or not?

Tokenization Trend: Chainlink and Fidelity Brings $6.9 Billion Fund Data On-Chain

Mantra Chain Announces $500M Real Estate Tokenization Deal With Dubai’s MAG Group

Silvergate Settles SEC Lawsuit For $50 Million; Fed, California Regulator Demand $63 Million Fine

Iscriviti alla nostra newsletter gratuita per aggiornamenti giornalieri sulle criptovalute!