thenewscrypto.com
Flare, the layer 1 blockchain for data, has announced a collaboration with LayerZero V2, which would link it to 75 blockchains, including Ethereum, Solana, and Ethereum Layer 2 networks. Over 50,000 decentralized apps that have embraced LayerZero’s cross-chain messaging protocols may now utilize Flare, which is a significant milestone for the platform. Furthermore, LayerZero enables any chain to incorporate Flare’s safe and decentralized data.
LayerZero is a cross-chain messaging protocol that facilitates safe message transmission between decentralized apps and allows information exchange across blockchains. Over 134 million cross-chain messages have been made possible by LayerZero so far. It has also provided the decentralized infrastructure necessary for bridging digital assets valued at over $50 billion. Stargate Finance, a native asset bridge based on the LayerZero general message passing protocol, has seen almost $800 million in bridging transaction activity in the last month alone.
The ability for dapps to use a modular security stack to confirm and validate messages from other blockchains is one of LayerZero V2’s main advantages. Many Decentralized Verifier Networks, or DVNs, comprise this stack. On Flare, individual application developers may strike a compromise between the security and efficiency needs for their application and user base by requiring message approval from one or more of these DVNs. Because LayerZero V2 DVNs are permissionless, networks may establish their own DVNs to increase security even further. Flare has the ability to function as a highly secure DVN on LayerZero V2 thanks to its embedded data protocols, which are secured at the network layer.
Flare has instantaneous, secure connection to thousands of dapps and services developed on top blockchains thanks to the LayerZero V2 integration. With interaction available across all Chains linked to LayerZero, such as Solana, Ethereum, and EVM L1s and L2s, the integration gives Flare dapp developers access to a plethora of new consumers and sources of liquidity.
Flare is well-positioned to retain the highest levels of decentralization and security while growing its network, user base, and liquidity sources via its integration with LayerZero.
Flare Co-Founder Hugo Philion stated:
“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. 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. 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.”
For instance, tokens that may be utilized on any chain linked to LayerZero can be created thanks to the Omnichain Fungible Token (OFT) standard from LayerZero. Innovative DeFi use cases, such the ability for users to deposit an item as collateral on one chain and use that to borrow assets from another chain, will arise from the development of new cross-chain money markets. Flare’s embedded oracles will facilitate price discovery in this process.
Philion added:
“Flare is built to achieve extremely high standards for decentralization and security. The permissionless integration of LayerZero V2’s Decentralized Verifier Networks and modular security model is a great step forward for the space.”
Kenny Zhang, Ecosystem Growth Lead of LayerZero stated:
“Permissionless, censorship-resistant, immutable. These are core principles that we share with Flare, which we’re glad to welcome to our ecosystem. Their enshrined data protocols provide an interesting value proposition that will hopefully inspire many builders in the space. We are looking forward to the development of omnichain applications deployed on both Flare and LayerZero.”