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The cross-chain messaging platform LayerZero has integrated Flare, connecting the Layer 1 blockchain for data to 75 blockchain networks.
As announced on Wednesday, the integration means Flare 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.
Flare to benefit from LayerZero V2 integration
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.”
LayerZero’s growing traction in crypto
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.