The heavily used cross-chain communications system LayerZero has announced its next version, v2.
In preparation for its v2 update, LayerZero released a testnet on December 14th. The new protocol’s primary goals are to improve throughput, strengthen security, and simplify third-party development.
Permissionless infrastructure roles make security simpler to implement, enhancing throughput and decreasing liveness issues, according to LayerZero Labs Co-Founder and CEO Bryan Pellegrino. “If you’re constructing your project on LayerZero, it suggests a lack of trust in others and a strong belief in your own abilities.”
One of the most notable changes in version 2 is the addition of “unified semantics,” which lets decentralized application (dApp) developers create apps “that work the same across every blockchain LayerZero has an endpoint on.”
For more decentralization, builders may set up their own security stack and choose from a number of third-party DVMs. Notable web3 infrastructure providers, including Google Cloud, BlockDaemon, and Nethermind have committed to provide DVN services upon the mainnet launch of v2, while LayerZero has pointed out that anybody may now function permissionlessly as a DVN.
LayerZero maintains that a two-of-two multisignature account ensured the project’s security and that increasing the decentralization of its DVN infrastructure resolved criticisms leveled against it.
LayerZero says that v2 will let destination chains reach their full throughput by “lazy nonce-order enforcement” and “verifying messages progressively while permitting out-of-order execution.”
After a banner year for the project, LayerZero has announced v2. After raising $120 million in a Series B round in April at a value of $3 billion, the team tripled LayerZero’s valuation compared to its last round thirteen months earlier.
A much-anticipated token will be released and distributed by LayerZero in the first part of next year, as stated last week. After Arbitrum’s $1B airdrop in March, LayerZero-based transactions tripled, making it a prime target for airdrop opportunists looking to launch a token.
Applications built on the LayerZero platform have also been making waves this year; according to DeFi Llama, Stargate has had $25 million worth of traffic in the last 24 hours, making it the most active bridge. After the Arbitrum Bridge and the ZkSync Era Bridge, Stargate comes in third in terms of bridged volume over the last week and month.
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