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Crypto bridging protocol LayerZero is expanding to the Solana blockchain, providing a new pathway for transferring crypto assets between Ethereum and its largest competitor, starting Wednesday.
This integration will allow Solana users to move their assets to Arbitrum, Ethereum, Polygon, and 70 other connected chains, and vice-versa, according to LayerZero Labs, the company behind the bridging protocol.
LayerZero functions as a bridging platform, enabling communication between blockchains that do not naturally interact. In the first quarter of 2024, LayerZero users transferred $6.7 billion worth of cryptocurrencies, generating $11.5 million in revenue, as reported by Messari.
In April, private venture investors valued LayerZero Labs at $3 billion during a significant funding round. 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, already has three major bridging protocols linking it to the larger Ethereum ecosystem, with Wormhole being the most notable.
Featured Image: Freepik
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