DeFi

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

Foxy

CoinCu News

Victor

Recent Posts

Trump Media Company Is Pushing New Venture For Crypto Service

With the platform facing a cracked whip, Trump Media company is expanding into new business…

24 minutes ago

Crypto Advisory Council Now A White House Position Attracting Leaders

Major crypto firms, including Ripple, Kraken, and Circle, are competing for spots on President-elect Donald…

48 minutes ago

Analyst Sounds Major Breakout Alert Amid Shiba Inu, WallitIQ, And Dogecoin Price Recoveries

Analysts highlight a breakout alert as Shiba Inu (SHIB), and Dogecoin show signs of recovery…

1 hour ago

SEC Chair Gary Gensler Will Lose Power From January 20

SEC Chair Gary Gensler will step down on January 20, 2025, coinciding with President-elect Donald…

1 hour ago

MicroStrategy Convertible Notes Now Out of Stock With $3B Raised

The MicroStrategy convertible notes offering, initially set at $1.75 billion, was increased to $2.6 billion…

2 hours ago

Qubetics, Cosmos, and Chainlink: Why These Cryptos Are Your Best Bet for November 2024

Discover why Qubetics, Cosmos, and Chainlink are the best cryptos to buy in November 2024.…

5 hours ago

This website uses cookies.