Flare incorporates LayerZero V2 establishing connections with 75 blockchains
LayerZero, the cross-chain messaging platform, has successfully integrated Flare, linking the Layer 1 blockchain for data to 75 different blockchain networks. This development, which was made public on Wednesday, will now enable Flare to connect with major blockchain networks like Ethereum and Solana. Furthermore, as a result of this integration, Flare will be accessible to various Ethereum Layer 2 (L2) networks, opening the door for over 50,000 decentralized applications (dApps) to join Flare.
Hugo Philion, the co-founder of Flare, expressed his enthusiasm for the integration, highlighting the potential for Flare’s expansion and the prospect of creating innovative and interoperable products. He stated, “This is an incredibly valuable integration for all users and builders on Flare. Deployment of LayerZero V2 will help accelerate Flare’s expansion, paving the way for builders to develop a wide variety of innovative interoperable products.”
The benefits of this integration are not limited to Flare alone. While it will enable other chains to connect and utilize Flare’s decentralized data, it also brings several advantages to Flare itself. With Flare now being a DVN on LayerZero V2, it will gain secure connectivity to dApps, access to new users, enhanced liquidity, and increased decentralization. Moreover, Flare will be capable of facilitating a cross-chain money market and integrating non smart contract tokens, such as BTC and XRP.
The LayerZero V2’s modular security stack is a key feature that allows protocols to confirm and validate cross-chain messages, and it has been leveraged by various protocols to drive their growth. The underlying technology, Decentralized Verifier Networks (DVNs), empowers networks to create their own DVNs, enhancing their security. Additionally, applications can utilize LayerZero’s Omnichain Fungible Token standard to promote the growth of decentralized finance (DeFi).
LayerZero’s cross-chain messaging protocol has already facilitated over 134 million cross-chain messages and has contributed to securing the bridging of more than $50 billion in crypto assets. For example, Stargate Finance, a bridge protocol based on LayerZero, recorded almost $800 million worth of bridged assets in June alone.
In conclusion, the integration of Flare with LayerZero is a significant milestone that will not only benefit Flare and its users but also contribute to the broader development and expansion of the decentralized finance ecosystem.
