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The developers of the Interface Protocol LayerZero expect to attract additional funding, which will triple the valuation of the startup – up to $ 3 billion.
The investment round will be headed by FTX Ventures. Participants will receive a share in the capital, warrants for LayerZero tokens and native tokens of the Stargate bridge being developed.
FTX Ventures, along with Sequoia, FTX Ventures and Andreessen Horowitz, led a $135 million Series A+ funding round for the project in March 2022. Then LayerZero Labs was estimated at $ 1 billion.
The startup is a key developer of the LayerZero protocol. It is designed to connect different blockchains, allowing applications to transmit messages between chains. According to the team, their project combined the cost-effectiveness of Polkadot and the safety of Cosmos.
Stargate allows you to transfer tokens using a single transaction, without resorting to blocking, issuing and burning, as well as buying back “wrapped” assets.
LayerZero supports Ethereum, Binance Smart Chain, Polygon, Avalanche, Fantom, Arbitrum and Optimism. It was assumed that this list will be replenished with Solana, Terra, Cosmos Hub and Osmosis.
At the time of writing, the amount of funds involved in the Stargate crosschain bridge is $ 733.6 million Two weeks after the launch in March 2021 TVL reached $ 2.5 billion, at the peak in early April – $ 4.17 billion.
Recall, the startup KaJ Labs raised $ 400 million to develop a cross-chain application platform.
Previously focused on the interoperability of blockchains, the Connext project introduced the native next token and announced the creation of the DAO.
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