Crypto bridging protocol LayerZero will be extended to the Solana blockchain on Wednesday, adding a new route for the transfer of crypto assets between the Ethereum world and its biggest competitor.
Crypto holders on Solana will be able to move their assets to Arbitrum, Ethereum, Polygon and the 70 other chains it is connected to – and vice versa, says Layer Zero Labs, the company developing the bridging protocol.
LayerZero is a so-called bridging platform: a messenger between blockchains that do not naturally communicate with each other. Its users moved $6.7 billion worth of cryptocurrencies in the first quarter of 2024, generating $11.5 million in revenue, according to a research organization. Messari.
Private venture investors valued LayerZero Labs in a major at $3 billion financing round announced in April. The protocol is expected to issue its own token soon.
Solana, whose native token $SOL is the fifth-largest cryptocurrency by market cap according to CoinGecko, has three other major bridging protocols that connect it to the much larger Ethereum ecosystem, most notably Wormhole.