coindesk.com
29 May 2024 14:22, UTC
Crypto bridging protocol LayerZero is set to expand to the Solana blockchain on Wednesday, adding another route for crypto assets transferring between the Ethereum world and its largest singular competitor.
Crypto holders on Solana will be able to move their assets to Arbitrum, Ethereum, Polygon and the 70 other chains it links to – and vice-versa, Layer Zero Labs, the company developing the bridging protocol, said.
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LayerZero is a so-called bridging platform: a messenger between blockchains that don’t naturally communicate with each other. Its users moved $6.7 billion worth of cryptocurrencies in the first quarter of 2024, generating $11.5 million in revenue, according to research outfit Messari.
Private venture investors valued LayerZero Labs at $3 billion in a major funding round announced in April. The protocol is expected to issue its own token shortly.
Solana, whose native token $SOL is the fifth-largest cryptocurrency by market cap per CoinGecko, has three other major bridging protocols that link it to the far-larger Ethereum ecosystem, most notably Wormhole.
