The developers of the omnichain protocol LayerZero intend to raise additional financing that would triple the startup’s valuation—to $3 billion. The report, citing sources, appears in The Block.
According to media reports, the investment round will be led by FTX Ventures. Participants will receive equity, warrants on LayerZero tokens, and native tokens of the Stargate bridge under development.
FTX Ventures, alongside Sequoia, FTX Ventures and Andreessen Horowitz led the project’s $135 million Series A+ round in March 2022. At that time LayerZero Labs оценили at $1 billion.
The startup is a key developer of the LayerZero protocol. It is designed to connect disparate blockchains, enabling applications to pass messages between chains. According to the team, their project combines the economic efficiency of Polkadot with the security of Cosmos.
Stargate enables token transfers in a single transaction, without locking, minting, burning, or repurchasing wrapped assets.
LayerZero supports Ethereum, Binance Smart Chain, Polygon, Avalanche, Fantom, Arbitrum and Optimism. It was expected that the list would be expanded to include Solana, Terra, Cosmos Hub and Osmosis.
As of writing, the amount of funds committed to the cross-chain Stargate bridge stood at $733,6 млн. Two weeks after the March 2021 launch, TVL TVL достигал $2,5 млрд, peaking in early April at $4,17 млрд.
Earlier, KaJ Labs привлек $400 млн to develop a cross-chain applications platform.
Earlier, the interoperability-focused blockchain project Connext представил native token NEXT and announced creation DAO.
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