Difference between revisions of "LayerZero (ZRO)"

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# ''The Oracle confirms the [[Block Header|block header]] (the Oracle on [[testnet]] was [[Chainlink (LINK)|Chainlink]]).''
# ''The Oracle confirms the [[Block Header|block header]] (the Oracle on [[testnet]] was [[Chainlink (LINK)|Chainlink]]).''
# ''The [[Relayer]] confirms the [[transaction]] [[On Chain|on chain]] A (it’s function is similar to an Oracle but looking for a different bit of data).''
# ''The [[Relayer]] confirms the [[transaction]] [[On Chain|on chain]] A (it’s function is similar to an Oracle but looking for a different bit of data).''
# ''Presuming everything is in order, the rest of the action stated on chain A is committed on chain B ([[USDC]] is received in [[wallet]] on [[Polygon]]).''
# ''Presuming everything is in order, the rest of the action stated [[On Chain|on chain]] A is committed on chain B ([[USDC]] is received in [[wallet]] on [[Polygon]]).''


''If there is any contention between the Relayer or Oracle as to information being passed on, the smart [[contract]] is paused and not committed to chain B. To ensure valid delivery, the only requirement is that for any given message sent using the LayerZero protocol, the Oracle and Relayer must be independent of each other. The protocol itself does not require any specific implementation of a Relayer, and in theory the users of LayerZero could even implement their own Relayer service. This design allows users to be sure that the Relayer cannot collude with the Oracle, and this independence is what allows us to implement [[trustless]] validated delivery."''
''If there is any contention between the Relayer or Oracle as to information being passed on, the smart [[contract]] is paused and not committed to chain B. To ensure valid delivery, the only requirement is that for any given message sent using the LayerZero protocol, the Oracle and Relayer must be independent of each other. The protocol itself does not require any specific implementation of a Relayer, and in theory the users of LayerZero could even implement their own Relayer service. This design allows users to be sure that the Relayer cannot collude with the Oracle, and this independence is what allows us to implement [[trustless]] validated delivery."''
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===Funding===
===Funding===


* Raised $135 million at a $1 billion valuation in a round co-led by [[Andreessen Horowitz]] ([[A16z crypto|a16z]]), the venture capital arm of crypto exchange giant [[FTX (FTT)|FTX]] and [[Sequoia Capital]], the company announced (31-3-2022). Other backers in the Series A extension round included [[Coinbase (COIN)|Coinbase (COIN) Ventures]], [[Paypal|PayPal]] (PYPL) Ventures, [[Tiger Global]] and [[Uniswap (UNI)|Uniswap]] Labs.
* Raised $135 million at a $1 billion valuation in a round co-led by [[Andreessen Horowitz]] ([[A16z crypto|a16z]]), the venture capital arm of crypto exchange giant [[FTX (FTT)|FTX]] and [[Sequoia Capital]], the company announced (31-3-2022). Other backers in the Series A extension round included [[Coinbase (COIN)|Coinbase (COIN) Ventures]], [[Paypal|PayPal]] (PYPL) Ventures, [[Tiger Global]] and [[Uniswap (UNI)|Uniswap]] Labs. LayerZero announced a $6 million Series A round co-led by [[Multicoin Capital]] and [[Binance|Binance Labs]] last September as the company came out of stealth.


===Partners===
===Partners===

Revision as of 06:54, 11 April 2022

From their docs (2-2022):

"LayerZero is an Omnichain Interoperability Protocol designed for lightweight message passing across chains. LayerZero provides authentic and guaranteed message delivery with configurable trustlessness. The protocol is implemented as a set of gas-efficient, non-upgradable smart contracts."

Basics

"LayerZero bills itself as “an omnichain interoperability protocol” that aims to connect all chains in a seamless way."

History

Audits & Exploits

Bugs/Exploits

Governance

Admin Keys

DAO

Treasury

Token

Launch

Token Allocation

Utility

Other Details

Stablecoin

Coin Distribution

Technology

Implementations

"We’re live on Ethereum, Avalanche, Polygon, BNB Chain, Fantom, Arbitrum and Optimism. In 6–8 weeks consider Solana, Terra, Cosmos Hub and Osmosis slam dunks and LayerZero to be everywhere in 4–6 months."

  • Programming language used:

Transaction Details

How it works

  • From Alphapls (28-3-2022):

"LayerZero is not a blockchain, it is a protocol, largely operating off chain with ‘ultralight client end points’ which are smart contracts built on chains it is aiming to connect. Chains will include L2s, as well as L1s; and later non-EVM, as well as EVM. LayerZero Endpoint exists on each (supported) chain, and any chain with a LayerZero Endpoint can conduct cross-chain transactions involving any other chain with a LayerZero Endpoint. In essence, this creates a fully connected network where every node has a direct connection to every other node. With minor boilerplate code, any blockchain is supported.

LayerZero refer to their light onchain clients as ‘LayerZero Endpoints’. They are made up of smart contracts which have three main functions:

  1. communicator
  2. validator
  3. network

For simplification, I’m going to refer to all of the above as ‘endpoint’ and run a simple example.

  1. Cross-chain action committed on chain A (e.g. against a deposited asset in a lending protocol on ETH, borrow USDC from the same lending protocol on Polygon) and sent to the endpoint.
  2. The endpoint sends information to the Relayer and Oracle - both separate entities and both off chain.
  3. The Oracle confirms the block header (the Oracle on testnet was Chainlink).
  4. The Relayer confirms the transaction on chain A (it’s function is similar to an Oracle but looking for a different bit of data).
  5. Presuming everything is in order, the rest of the action stated on chain A is committed on chain B (USDC is received in wallet on Polygon).

If there is any contention between the Relayer or Oracle as to information being passed on, the smart contract is paused and not committed to chain B. To ensure valid delivery, the only requirement is that for any given message sent using the LayerZero protocol, the Oracle and Relayer must be independent of each other. The protocol itself does not require any specific implementation of a Relayer, and in theory the users of LayerZero could even implement their own Relayer service. This design allows users to be sure that the Relayer cannot collude with the Oracle, and this independence is what allows us to implement trustless validated delivery."

Fees

Upgrades

Staking

Validator Stats

Liquidity Mining

Scaling

Interoperability

Other Details

Oracle Method

Privacy Method

Compliance

Their Other Projects

Stargate

"Stargate, the first bridge to solve the Bridging Trilemma, launches on top of LayerZero (and all 7 chains) in two days. Learn about how to participate in liquidity generation event that starts in two days here."

Roadmap

  • Can be found [Insert link here].

Usage

Projects that use or built on it

Competition

"CCIP will include all the functions [of] LayerZero, including a programmable token bridge to allow similar dApps to Stargate Finance to be built out.

The additional innovation with CCIP is the creation of ‘Hybrid Smart Contracts’ which will enable both on-chain and off-chain smart contracts to work together, in conjunction with cross-chain execution."

Pros and Cons

Pros

Cons

Team, Funding and Partners

Team

  • Full team can be found [here].
  • LayerZero is the child of Primo and Ryan Zarick with input from well known ex-Sushi developer (and Tokemak advisor) 0xMaki.
  • 0xMaki; full time bizdev

Funding

Partners

(:

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