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The outlook for the crypto industry is bright. As a matter of fact, the present isn\u2019t even all that grim, Bryan Pellegrino, CEO of cross-chain interoperability protocol LayerZero, told Cointelegraph at the Collision conference in Toronto. \u201c2015 was basically unbearable. [\u2026] Nobody cared; there was nothing. This really doesn’t seem that bad to me,\u201d Pellegrino said.<\/p>\n
LayerZero has seen surging use of its protocol, from 10,000 messages a day six months ago to 650,000 a day now, Pellegrino told Cointelegraph U.S. news editor Sam Bourgi. Its market is rapidly evolving. Pellegrino said:<\/p>\n
\u201cHistorically, it\u2019s been largely DeFi [decentralized finance]. Probably 70% of our overall volume is real DeFi use cases, [\u2026] but probably 80% of our inbound is split between gaming and NFTs.\u201d<\/p><\/blockquote>\n
\u201cI think the 36 months moving forward are going to look a lot different than the last 12,\u201d he added, referring to LayerZero and the industry as a whole. \u201cA ton of amazing things are being built. A huge number of really important external parties have been getting involved.\u201d<\/p>\n
Related: LSD for DeFi: Tenet, LayerZero partner to drive cross-chain liquid staking adoption<\/em><\/strong><\/p>\n
Pellegrino said LayerZero\u2019s market share has risen with its usage. He called LayerZero the \u201creally important plumbing that\u2019s going to be used in practically everything\u201d that depends on blockchain technology. The need for it will not diminish in the multichain environment that Pellegrino sees shaping up. He said:<\/p>\n
\u201cEven the most ardent maxis of their own ecosystem \u2014 Anatoly [Yakovenko] <\/strong>from Solana, Vitalik [Buterin] from Ethereum \u2014 I don’t think either of them believe that literally everything is going to live in a single chain.\u201d<\/p><\/blockquote>\n
LayerZero underwent Series B funding in April, raising $120 million, with Sequoia Capital, Andreessen Horowitz, BOND, Circle Ventures, Christie\u2019s, OpenSea Ventures and Samsung Next among the participants, which brought LayerZero’s valuation to $3 billion. It has plans to expand into the Asia-Pacific region, among other things.<\/p>\n
\n.@zkLinkorg<\/a> has integrated the LayerZero messaging protocol to facilitate omnichain trade settlement.<\/p>\n
A great example of how LayerZero\u2019s composability allows Oapps (omnichain applications) to utilize the protocol to supplement their own application security. https:\/\/t.co\/M6zSbuwl52<\/p>\n
\u2014 LayerZero Labs (@LayerZero_Labs) June 28, 2023<\/a><\/p><\/blockquote>\n
Magazine: How to resurrect the \u2018Metaverse dream\u2019 in 2023<\/em><\/strong><\/p>\n<\/div>\n