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LayerZero has been selected as the interoperability provider for BitGo’s Wrapped Bitcoin (WBTC) to enhance its cross-chain capabilities.
LayerZero’s choice highlights the chain’s growing influence in the blockchain space and it has caused its native token, ZRO, to rebound from a crucial support level in its price chart.
LayerZero’s key role in BitGo’s WBTC expansion
With LayerZero as the official interoperability provider, BitGo will expand its tokenized wrapped bitcoin (WBTC) product to Avalanche and BNB Chain.
Leveraging LayerZero’s Omnichain Fungible Token (OFT) standard, BitGo aims to facilitate seamless and cost-effective transfers of WBTC across these networks.
The OFT standard, widely adopted by over 100 protocols including Ethena, Ether.fi, and Swell, is designed to mitigate traditional cross-chain risks such as double-spending and bridge hacks.
With LayerZero’s advanced protocol, WBTC transactions are processed as omnichain messages, ensuring security and efficiency.
BitGo’s security model includes a 1-of-2-of-3 decentralized verifier network (DVN), comprising LayerZero Labs, Polyhedra, and BitGo itself. This configuration is crucial for approving transfers and maintaining the integrity of WBTC transactions.
ZRO price breaks out from symmetrical triangle pattern
Last week, the ZRO token was forming a symmetrical triangle pattern with a risk of a bearish breakout amid increased crypto bear pressure.
The symmetrical triangle pattern is characterized by converging trendlines that indicate a consolidation phase before a potential breakout.
The token saw a bounce off the symmetrical triangle pattern’s support on September 8, reviving hopes of a bullish trend that have been actualized after today’s announcement of LayerZero’s selection for BitGo’s WBTC interoperability.
Following today’s announcement, the price of ZRO saw an immediate surge causing a bullish breakout above the symmetrical triangle pattern’s resistance at $3.623, reaching a daily high of $3.63 before slightly pulling back to $3.54 at press time.
With a 5.46% increase in value over the past week, the token’s market cap stands at $389,558,365, and its 24-hour trading volume is $63,106,496.
As LayerZero continues to enhance its interoperability solutions and BitGo’s WBTC expands across major chains, both LayerZero and ZRO are poised to benefit from increased visibility and adoption in the broader crypto ecosystem.
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