1 day ago
Interoperability protocol LayerZero's autochthonal token (ZRO) surged Thursday connected quality that task superior steadfast Andreessen Horowitz's (a16z) crypto limb accrued its concern successful the project.
The institution acquired further $55 cardinal ZRO tokens committing to a 3-year lock-up period, wide spouse Ali Yahya said successful an X post. A16z has been an early backer of the protocol's improvement steadfast LayerZero Labs, participating successful the team's $135 cardinal bid A fundraising circular successful 2022 and the pursuing $120 cardinal bid B circular successful 2023.
ZRO precocious 10% to $2.56 pursuing the announcement earlier shedding immoderate of the gains. The token was precocious up astir 5% during the day, outperforming the broad-market CoinDesk 20 Index and bitcoin (BTC) gains.
LayerZero is simply a cardinal portion of infrastructure that allows connection betwixt isolated blockchains with cross-chain messages. The protocol underpins 125 blockchains, has facilitated implicit 145 cardinal cross-chain messages and $75 cardinal successful worth transfers. Its tech supports projects specified arsenic PayPal's stablecoin, DeFi protocols Ethena and Pendle, and was selected arsenic an issuance spouse for Wyoming's stablecoin project.
The concern volition assistance the protocol grow beyond interoperability to token issuance, information management, governance and improving databases, according to an email.
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