LayerZero Labs has successfully managed to collect an amount to the tune of $3 billion. This was duly obtained through a Series B funding round. In order to remain in sync with its plans for the future, this amount will be duly utilized for the onboarding of a fresh lot of employees, along with its aim of further expansion related to Asia. The funding amount was raised through 33 investors. Out of them, some of the big names happen to include Sequoia Capital, along with OKX Ventures, Circle Ventures, Samsung Next, as well as OpenSea Ventures.
The LayerZero protocol happens to provide the facility of messaging amongst blockchains. SushiSwap, which happens to be a decentralized exchange, utilizes the protocol for carrying out trading-related activities through various blockchains in the process of building a cross-chain aggregator by the name of Unison. On the anvil also happens to be an NFT project going by the name of Gh0stly Gh0sts, which claims to be the very first omnichain NFT ever.
However, since the time of its official deliverance, which happens to be only a year back, the protocol has successfully managed to process over $6 billion, in terms of transactions carried out, as per the information received from reliable sources in the firm. However, the model of LayerZero does come with certain setbacks.
In this regard, applications that have been duly positioned on the protocol can come under reconfiguration in order to be able to siphon off the assets belonging to the users. This happens when two of the parts, known as the Oracle and the Relayer, happen to be managed by one single party. This conclusion has been arrived at through a research exercise conducted by L2BEAT, which happens to be a website looking into Ethereum Rollups, as well as bridges.
According to the Co-Founder and CTO of LayerZero Labs, Ryan Zarick, the technology of the company will be in the position to be able to link various blockchains effectively. He also happens to envision a future where a sole user-facing application will be able to control the sheer quickness of Solana, along with the safety features of Ethereum and the cost-effective storage of Arweave. In his opinion, in the days ahead will be witnessing omnichain applications.