About LayerZero
What Is LayerZero?
LayerZero is an omnichain interoperability protocol designed for lightweight message passing across chains. LayerZero provides authentic and guaranteed message delivery with configurable trustlessness. It is a “blockchain of blockchains” that allows other blockchain networks to communicate directly and in a trustless manner.
LayerZero’s key feature is Ultra Light Nodes (ULNs). These smart contracts run on each blockchain and act as endpoints for cross-chain communication. ULNs verify the validity of transactions and messages from other chains using block headers and transaction proofs, ensuring security and efficiency.
LayerZero supports any blockchain that can run smart contracts, such as Ethereum, BNB Chain, Avalanche, Polygon, Arbitrum, Optimism, Fantom and other chains. LayerZero also supports non-EVM chains like Aptos. These so-called omnichain applications should become a key layer of a multi-chain future, where different blockchains interact simultaneously.
The chain does not have a dedicated roadmap but plans to integrate with more blockchains and DeFi protocols in the future. There are plans to create its own governance token and DAO.
LayerZero aims to create the optimal interoperability solution for blockchains with seamless and trustless cross-chain transactions.
Who Are the Founders of LayerZero?
LayerZero Labs, the company behind LayerZero protocol, was co-founded by Bryan Pellegrino, Ryan Zarick, and Caleb Banister in 2021.
Bryan Pellegrino is the CEO of LayerZero Labs. He has a PhD in Computer Science from Carnegie Mellon University, where he focused on game theory and artificial intelligence.
Ryan Zarick is the CTO of LayerZero Labs. He is a former software engineer at Google and a co-founder of Predictive AI, a machine learning startup that was acquired by Facebook in 2019.
Caleb Banister is the Principal Engineer of LayerZero Labs. He is a former software engineer at Facebook and a co-founder of Predictive AI and has a BS in Computer Science from Carnegie Mellon University, where he also focused on game theory and artificial intelligence.
LayerZero Labs has also attracted some of the most prominent investors in the crypto space, such as a16z, Sequoia, Paypal Ventures, Polygon, Coinbase Ventures, Binance Labs, DeFiance Capital, Spartan Group, Sino Global Capital, Multicoin Capital and more. The company raised $135 million in a Series B round in March 2022 and another Series B of $120 million in April 2023.
What Makes LayerZero Unique?
LayerZero distinguishes itself from other interoperability solutions in several ways:
Ultra Light Nodes (ULNs): LayerZero uses on-chain ULNs, which are smart contracts that run on each blockchain and act as endpoints for cross-chain communication. ULNs verify the validity of transactions and messages from other chains using block headers and transaction proofs, ensuring security and efficiency.
Generic Messaging: LayerZero enables any type of cross-chain communication, not just asset transfers. LayerZero can support any kind of payload, such as function calls, data exchange, governance votes, NFT transfers and others. This allows developers to create omnichain applications that can leverage the features and advantages of multiple blockchains simultaneously.
State Sharing: LayerZero allows applications to share state across chains, meaning that they can synchronize their data and logic without relying on centralized servers or databases. This enables applications to operate as a single entity across multiple chains, creating a seamless user experience and reducing complexity.
Instant Finality: LayerZero guarantees instant finality for cross-chain transactions, meaning that they are confirmed as soon as they are included in a block on the source chain. This eliminates the need for waiting periods or confirmations on the destination chain, improving speed and usability.
How Many LayerZero Coins Are There in Circulation?
LayerZero does not have a token yet. An airdrop of its token is widely expected since the ZRO token is mentioned on the protocol’s GitHub. However, there has been no official announcement of ZRO yet.
How Is LayerZero Secured?
LayerZero is secured by a combination of validation mechanisms. A key role is played by the Oracle and the Relayers.
The Oracle forwards the block headers from the source chain to the destination chain and helps to secure the network. The Relayer submits the transaction proofs to the ULNs on the destination chain. Put differently, it delivers messages between the different blockchains communicating via LayerZero. The Oracle and the Relayer are incentivized by fees paid by the users who initiate cross-chain transactions.
Where Can I Buy LayerZero?
The LayerZero token has not launched yet. Users should be careful when interacting with any tokens claiming to be the LayerZero token.
