LayerZero goes live on Astar Substrate

LayerZero Labs has announced that it is now live on Astar Substrate, an extended arm of Astar Network. The L1 blockchain is known to support not just EVM environments but also Wasm environments. Moreover, it has introduced the Build2Earn Program for developers who choose to build on Astar.

Additionally, LayerZero is backing the collaboration with a Bug Bounty Program with rewards of up to $15 million. The objective for users in this context is to identify potential areas for security enhancements and other forms of improvement. 

LayerZero has, so far, distributed approximately $1 million to white hats who have participated in the Bug Bounty Program. Moving forward, LayerZero is working to merge its previously working bounty program worth $2 million with an expanded scope.

The integration of LayerZero and Astar Network has paved the way for developers to leverage omnichain functionality between Astar and over 49 different chains, possessing an optionality of LayerZero endpoints.

Astar Network has called this just a beginning, signaling that plans are underway to further the association in the days to come. The community has responded positively to this development, with most members saying that Astar is indeed a promising project. Members are hopeful that LayerZero will make up for slow development with its recent partnership.

LayerZero is fresh from the introduction of ColorTrace, defined as a practical implementation of colored coin problems. Also, LayerZero now supports a seamless movement of CAKE through OFT Standard while enabling members to cast their votes from anywhere via the new cross-chain gauges.

Astar Network now has its eyes set on the implementation of Tokenomics 2.0. The process is underway, with two advantages for developers and users. These include a reduction in cost for developers and a reduction in fees for dApps for their users at the time of minting non-fungible tokens (NFTs).

The results of every development are evident in the rise in the trading value of ASTR. The native token is up by 5.36% in the last 24 hours at the time of articulating this piece. ASTR is now exchanging hands at $0.06531. However, this is a slip of 5.80% in the last 7 days. Nevertheless, the coin could rebound in the next 30 days in a similar fashion that the previous 30 days have sported for a 54.15% rise.

Astar Network is simultaneously celebrating a milestone of 43% of circulation supply being staked on-chain with dApp staking. This roughly translates to 21,000 community members backing the efforts of the team of gamers, developers, and NFT artists, among others. Another milestone that Astar Network has achieved recently is housing 10,000 wallets on the platform. The next target is to surpass 20k wallets, with no definite timeline announced right now.

LayerZero and Astar Network are a perfect fit for integrating Astar Substrate, especially since the target is to boost omnichain functionality between Astar and more than 40 other blockchains with LayerZero endpoints.

David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.

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