Flare Network connects 75 Blockchains via LayerZero

Flare, a Blockchain that is data-driven, has formed a partnership with LayerZero, a system that facilitates cross-chain communications, to distribute decentralized data across 75 Blockchains. This encompasses Ethereum and Solana. 

This will enable users to employ the accessible data on 50,000 dApps belonging to Flare, which are spread across a diverse ecosystem.

According to Flare Network CEO Hugo Philion, this is an absolute landmark move that will have an extremely positive impact on every user, as well as the Flare developers.

He also stated that the placement of LayerZero V2 will serve as a catalyst for the advancement of Flare, enabling all connected developers to generate a comprehensive portfolio of innovative and interoperable products. Furthermore, this will allow Flare to function as a completely secure decentralized verifier network (DVN) on LayerZero 2 V2, which is a significant feature.

Considering the fact that Flare comes with only a figure of $9 million with regards to total value locked (TVL) on DeFilama, the network has been experiencing a substantial upswing in terms of popularity from September 2023 onwards. At that point in time, the figure stood at $40,000.

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In the case of Flare Network’s FLR token, it is witnessing a decline to the extent of 12%, with a market capitalization of $930 million.

Harsh Chauhan

Harsh Chauhan is an experienced crypto journalist and editor at CryptoNewsZ. He was formerly an editor at various industries and has written extensively about Crypto, Blockchain, Web3, NFT and AI. Harsh holds a Bachelor of Business Administration degree with a focus on Marketing and a certification from the Blockchain Foundation Program. Through his writings, he hold the pulse of rapidly evolving crypto landscape, delivering timely updates and thought-provoking analysis. His commitment to providing value to readers is evident in every piece of content produced.

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