Harmony Chooses Layer Zero As A New Partner To Restore The Bridge

Harmony’s Horizon Bridge is announced to be back in operation after a $100 million hack. With this return, LayerZero, a cross-chain messaging protocol, has been chosen by fire as a bridge recovery partner.

In an announcement on August 27, Harmony’s Horizon bridge announced the selection of LayerZero as a bridge partner to resume Horizon after careful consideration.

LayerZero is an omnichain interoperable protocol specifically designed for lightweight messaging across blockchains. LayerZero’s implementation of stargate.finance is the fastest growing DeFi protocol reaching $4.4 billion TVL 2 weeks after launch.

Currently the protocol is working on 7 blockchains such as Ethereum, BSC, Avalanche, Polygon, Arbitrum, Optimism and Fantom. LayerZero is currently live on 16 mainnets and many other test networks.

The developers of Harmony stated the reason for choosing LayerZero because of its outstanding protocol in terms of technical strength, security and support from leading VCs and ecosystem developers.

“When evaluating our choices for bridge partner, LayerZero stood out in terms of technical strength, security, and support from top-tier VCs and ecosystem developers. We believe they are the right partner for Harmony as we resume Horizon bridge.”

Stephen Tse, Founder of Harmony said

In addition, Horizon has replaced the previously existing multisig authentication layer with LayerZero’s authentication layer. This greatly reduces risk, as Harmony does not need to maintain any backend infrastructure.

As was previously updated, on June 23, the Horizon crossbow underwent a massive attack worth over $100 million. The hack was quickly discovered and the project halted Horizon to investigate the vulnerability, as well as notify exchanges to prevent hackers from laundering money.

The project’s ONE token is currently trading at $0.01814 down 0.49% in 24 hours.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com


CoinCu News

970x90.gif (970×90)