Blockchain
Crypto Bridge LayerZero connects to the Solana Blockchain
The LayerZero crypto bridging protocol will expand to the Solana blockchain on Wednesday, adding another path for transferring crypto assets between the world of Ethereum and its largest singular competitor.
Crypto holders on Solana will be able to move their assets to Arbitrum, Ethereum, Polygon and the 70 other chains it links to — and vice versa, said Layer Zero Labs, the company that developed the bridging protocol.
LayerZero is a so-called bridge platform: a messenger between blockchains that do not naturally communicate with each other. According to the research institute, its users moved $6.7 billion into cryptocurrencies in the first quarter of 2024, generating $11.5 million in revenue. Messari.
Private investors have valued LayerZero Labs at $3 billion in a major round of financing announced in April. The protocol is expected to issue its own token soon.
Solana, whose native token $SOL is the fifth largest cryptocurrency by market capitalization according to CoinGecko, has three other major bridge protocols connecting it to the much larger Ethereum ecosystem, most notably Wormhole.