Crypto bridging protocol LayerZero is expanding to Solana. Starting Wednesday, the blockchain will provide a new route for transferring cryptocurrency assets between Ethereum and its biggest rival.
This integration will allow Solana users to move their assets to Arbitrum, Ethereum, and Polygon.According to LayerZero Labs, the company that developed the bridging protocol, there are 70 different connected chains and vice versa.
LayerZero acts as a bridging platform, enabling communication between blockchains that do not naturally interact. As reported by Messari, in the first quarter of 2024, LayerZero users transferred $6.7 billion worth of cryptocurrency, generating $11.5 million in revenue.
Last April, private venture investors valued LayerZero Labs at $3 billion in a significant funding round. 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, already has three major bridging protocols connecting it to the larger Ethereum ecosystem, the most notable of which is Wormhole.
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