LayerZero Bridges Solana for Expanded Crypto Transfers
Crypto bridging protocol LayerZero is expanding to the Solana blockchain, providing a new pathway for transferring crypto assets between Ethereum and its largest competitor, starting Wednesday. This integration will allo...
Archive context
Older archive item. Useful for background and entity history, but not a fresh market-moving signal.
Crypto bridging protocol LayerZero is expanding to the Solana blockchain, providing a new pathway for transferring crypto assets between Ethereum and its largest competitor, starting Wednesday.
This integration will allow Solana users to move their assets to Arbitrum, Ethereum, Polygon, and 70 other connected chains, and vice-versa, according to LayerZero Labs, the company behind the bridging protocol.
LayerZero functions as a bridging platform, enabling communication between blockchains that do not naturally interact. In the first quarter of 2024, LayerZero users transferred $6.7 billion worth of cryptocurrencies, generating $11.5 million in revenue, as reported by Messari.
In April, private venture investors valued LayerZero Labs at $3 billion during a significant funding round. The protocol is expected to issue its own token soon.
Solana, whose native token $SOL is the fifth-largest cryptocurrency by market cap according to CoinGecko, already has three major bridging protocols linking it to the larger Ethereum ecosystem, with Wormhole being the most notable.
Featured Image: Freepik
Why this matters
This altcoin story adds another data point to the current market tape and is useful when read alongside nearby source coverage.
Original source
Read on CryptoCurrencyNewsRelated market context
Binance Puts Net Outflow at 2.1% of Its $171 Billion in Assets as Withdrawals Restart
Binance said it processed $4.649 billion in withdrawals against $1.01 billion in deposits from 06:00 UTC to 15:30 UTC on Nov. 1, p...
Tokenized assets must prove investor rights after DTCC launch, CineNow executive says
Tokenized assets must establish clear legal rights and investor protections to gain institutional trust and expand beyond traditio...
Solana Labs opens applications for Incubator Cohort 6
Solana Labs' incubator fosters innovation by supporting diverse teams, potentially accelerating Web3 and Web2 integration into the...
Crypto Fear Index Drops to 30 After Binance Hack as Ethereum ETFs See $1B in Outflows
The developments highlight growing caution across cryptocurrency markets, although available data do not establish that the Binanc...
Anchorpoint Plans Native HKDAP on Solana as Hong Kong Dollar Access Expands
TL;DR Anchorpoint announced its Solana collaboration on October 30. Native minting and redemption are planned capabilities. The is...
Binance hackers begin swapping stolen Solana tokens for Bitcoin: Chainalysis
Crypto exchange Gate said it froze two linked accounts as US investigators urged platforms to block transactions tied to the $6.3...