LayerZero, The Developer Of Omnichain, Raises $135 Million

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LayerZero Labs is a company that constructs protocols that enables decentralized applications of omnichain or DApps. LayerZero Labs this Wednesday declared that they have raised approximately $135 million in the last round of funding. The value of the deal for LayerZero Labs is $1 billion which will help to expand the growth of its namesake protocol that is used to span numerous blockchains. 

LayerZero Protocols Wants To Connect DApps Across Chains

The last round of funding was led by famous venture groups namely PayPal Ventures, Uniswap Labs, Coinbase Ventures, Tiger Global, and many more along with some pro investors like Andreessen Horowitz, FTX Ventures, and Sequoia Capital. 

The objective of the funding is to bring all the applications together like NFTs, gaming, media apps, marketplace, and other applications so that they can be operated across realms of multichain. All the capable new use cases through the protocol consist of applications of DeFi that use borrowing lending and trading across numerous blockchains, media DApps, and games. 

These new use cases are known for their high-throughput transactions that are shifted to one blockchain when they are buying and then to another when they are selling NFTs with enormous amounts of liquid markets.

LayerZero recently launched their beta version and in addition to that, they also announced and launched Stargate, which is a cross-chain transfer protocol. After ten days of its launch, the company stated that Stargate have crossed $3.4 billion in securing assets and approximately $264 million after transferring to LayerZero.  

The next objective of the protocol is to integrate it with blockchains of non-ETH virtual machines like Terra and Solana. In the words of Ryan Zarick, the co-founder of the company and the chief officer of technology, all the users can conduct interaction with omnichain dApps that is present on various blockchains and they will anyway communicate with LayerZero, and the users can never even realize it.