Introduction to LayerZero Project
LayerZero (ZRO) is an omnichannel interoperability protocol designed to facilitate lightweight message passing across various blockchains. It ensures authentic and guaranteed message delivery with configurable trustlessness, functioning as a "blockchain of blockchains" to enable direct and trustless communication between different networks. Aiming to provide an optimal interoperability solution, LayerZero supports seamless and trustless cross-chain transactions.
Though the protocol lacks a dedicated roadmap, it plans to integrate with more blockchains and DeFi protocols in the future. Potential plans include introducing a governance token and establishing a DAO. LayerZero's decentralized verification process eliminates the need for trust in a single entity, promoting secure and trustless cross-chain communication. The protocol focuses on optimizing trustlessness, extensibility, and generalizability to enable adaptable and versatile cross-chain interoperability.
About ZRO airdrop
On June 20 at 11:00 am UTC, LayerZero finally opened the airdrop qualification inquiry link. This link allows users to check if they qualify for the LayerZero airdrop, an opportunity for early adopters and supporters to receive tokens for free. Airdrops are often used by blockchain projects to distribute tokens, encourage participation, and reward the community.
LayerZero Labs plans to airdrop 12 million ZRO tokens in the first half of 2024 to eligible users who conducted transactions on Ethereum mainnet between Q1 2023 and Q3 2023. Holding and using ZRO may increase eligibility for future token airdrops and benefits from the LayerZero ecosystem.
Key Features of ZRO
ZRO is the native token of LayerZero, an omnichannel interoperability protocol. Here are the key features and use cases of the ZRO token.
- Governance token: ZRO holders can participate in governance proposals and voting, influencing the future development and policies of the LayerZero protocol.
- Staking rewards: Users can stake their ZRO tokens to earn rewards, incentivizing long-term holding and active participation in the ecosystem.
- Airdrop eligibility: Holding and engaging with LayerZero projects using ZRO may increase eligibility for future token airdrops and benefits.
- Transaction fees: As LayerZero's adoption grows, ZRO tokens may be used to facilitate and secure cross-chain transactions across the supported blockchains.
Ecosystem and Applications
- Stargate: The first dApp built on LayerZero, Stargate is a composable asset bridge that enables cross-chain liquidity transfers within a single transaction. It allows users to swap native tokens across different chains without intermediary tokens.
- Broad Adoption: LayerZero supports over 50 networks and has integrated with more than 80 dApps across various sectors, including DeFi, gaming, enterprise, and NFTs.
Ultra-Light Nodes (ULNs)
Instead of relying on expensive and complex light nodes or centralized bridges, LayerZero uses innovative Ultra-Light Nodes (ULNs) to validate transactions across chains. These ULNs act like lean bridges, extracting just the essential data from the source blockchain and integrating it into the destination chain.
This lightweight approach significantly reduces the cost and complexity involved in cross-chain communication, making LayerZero more scalable and practical for use across various blockchains, even those with high transaction fees like Ethereum.
LayerZero Endpoints
The cores of LayerZero are its Endpoints – smart contracts deployed on each supported blockchain. These Endpoints function as nodes, sending, verifying, and receiving messages directly between chains.
Unlike traditional bridges that rely on intermediary chains, LayerZero Endpoints maintain a direct connection with every other node in the network. This direct cross-chain communication is what enables seamless and trustless transactions across ecosystems.
The lightweight nature of these Endpoints ensures cost-effective operation, even on expensive Layer 1 chains like Ethereum.
Decentralized Oracles
To facilitate cross-chain verification, LayerZero employs decentralized oracles like Chainlink and Band Protocol. These oracles read block headers from one chain and send them to another, providing the necessary data for Endpoints to validate transactions.
When an Endpoint on Chain A receives a message, the oracle collects the relevant block header data and sends it to the Endpoint on Chain B. If the data and its proof from the oracle and the relayer are correct, the transaction is posted on Chain B.
Relayers
Relayers play a crucial role in the LayerZero ecosystem by reading the proof for a given transaction and performing on-chain verification. Once verified, they deliver and execute the message on the destination chain, ensuring the integrity and security of cross-chain transactions.
Censorship-Resistant and Immutable
LayerZero is designed to be censorship-resistant, ensuring that all messages are delivered without selective interference, and maintaining the integrity of cross-chain communications.
Moreover, the underlying technology for sending and receiving messages is immutable, meaning it will never change. This ensures long-term reliability and trust in the protocol.
Permissionless Development
One of the key strengths of LayerZero is its permissionless nature. Anyone can run the necessary infrastructure to service applications using the protocol, promoting a decentralized and open ecosystem for cross-chain development.
This accessibility empowers developers and communities to build innovative cross-chain applications without barriers, fostering a vibrant and collaborative environment for blockchain interoperability.
OraclesThe Oracle forwards the block headers from the source chain to the destination chain and helps to secure the network. The Relayer submits the transaction proofs to the ULNs on the destination chain. Put differently, it delivers messages between the different blockchains communicating via LayerZero. The Oracle and the Relayer are incentivized by fees paid by the users who initiate cross-chain transactions.
How LayerZero Works?
In the LayerZero protocol, Decentralized Verifier Networks (DVNs) are essential for checking the validity of messages being sent. When application owners use LayerZero for their projects, they can set up DVNs according to their specific needs. These networks can use various methods for verification, like bridges, oracles, attestation services, or even other blockchains themselves, integrated as DVNs in Version 2 (V2).
LayerZero aims to make it easy for different blockchain networks to connect seamlessly. This means users can perform transactions on various chains without realizing they're using different networks. It supports decentralized applications (DApps) across multiple blockchain platforms, whether they use EVM (Ethereum Virtual Machine) or non-EVM systems, essentially creating the first omnichannel applications globally.
Where Can I Buy and Trade ZRO?
CoinEx is a global cryptocurrency exchange trusted by more than 6+ million users worldwide with a 100% reserve. With its 1000+ coins supported, users can now trade easily and seamlessly on CoinEx.
Overview
- Name: ZRO
- Official link: https://layerzero.network/
- Whitepaper link :
- https://layerzero.network/pdf/LayerZero_Whitepaper_Release.pdf
- Explorer :
- https://etherscan.io/token/0x6985884C4392D348587B19cb9eAAf157F13271cd
- Total supply :1 Biliom
- Contract address: 0x6985884C4392D348587B19cb9eAAf157F13271cd
- Twitter: https://x.com/LayerZero_Labs
- Telegram: https://t.me/joinchat/VcqxYkStIDsyN2Rh
- Supported CEX: CoinEx, OKX
- Convenient for users to know in time: https://www.coinex.com/en/info/ZRO
*This article does not constitute investment advice.
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