Binance Labs and Multicoin Capital are leading Series A funding of $ 6.3 million in the Omnichain Interchain Protocol LayerZero

LayerZero, an omnichain interoperability protocol that today unites decentralized applications (dApps) on different blockchains notification $ 6.3 million in a Series A financing round jointly led by Binance Labs and Multicoin Capital, with participation from Sino Global Capital, Defiance, Delphi Digital, Robot Ventures, Spartan, Hypersphere Ventures, Protocol Ventures, Gen Block Capital and Echelon Capital.

The project previously raised $ 2 million in a seed round, bringing the total to $ 8.3 million to date. The new funds will be used to evolve LayerZero endpoints across the ecosystem and encourage wider adoption of the protocol. LayerZero is currently being reviewed and is expected to be launched early in the fourth quarter of 2021.

“DeFi applications are exploding and being used in many different chains. This has resulted in severe market fragmentation. You can currently trade on Sushi through the Ethereum Network, Moonbeam, Fantom, xDAI, Binance Smart Chain and many more coming soon. While all of these apps can be used on sushi, none of them are from sushi. LayerZero solves this problem by consolidating liquidity across chains and making it easy to trade in, negotiate and across networks, ”said Bryan Pellegrino, Co-Founder of LayerZero.

LayerZero achieves speed, security and cost efficiency by performing the same validation as a lamp node in the chain, but instead of keeping all block headers sequentially, block headers are sent online on demand using decentralized methods. This is a new interoperability model that fundamentally improves security by coordinating authentication between nodes and Oracle. LayerZero currently uses Chainlink’s Oracle and Band Protocol.

“LayerZero paved the way for the first omnichain applications and opened the door to lending, AMM, governance and more to be truly chain independent,” said Kyle Samani, managing partner at Multicoin Capital. “DApp developers no longer have to write thread-specific code, but can use LayerZero to develop an interface that sends messages to all chains. Anything that wants to share or merge the status across multiple chains – practically every application today – should use LayerZero. “

LayerZero plans to support Ethereum, Binance Smart Chain, Polygon, Avalanche, Fantom, Arbitrum and Optimism at launch. It will add support for several EVM and non-EVM chains like Solana, Polkadot, and Algorand shortly after launch.

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Thach Sanh

According to AZCoin News

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