The LayerZero integration is a major milestone for Flare, making the blockchain for data accessible to the 50,000+ decentralized applications which have adopted LayerZero’s standards for cross-chain messaging. LayerZero also provides a pathway for any chain to integrate Flare’s secure and decentralized data.
LayerZero is a cross-chain messaging protocol that enables information sharing across blockchains, providing a secure method for messages to be sent between decentralized applications. To date, more than 134 million cross-chain messages have been sent, while the platform has also served as the underlying decentralized infrastructure for bridging over $50 billion worth of digital assets. In the last month alone, Stargate Finance, a native asset bridge built on the LayerZero general message passing protocol, saw almost $800 million in bridging transaction volume.
What is LayerZero V2
LayerZero V2 enables applications to utilize a modular security stack to confirm and validate messages from other blockchains. This stack is composed of multiple Decentralized Verifier Networks or DVNs, which allows applications to choose how they secure the messaging protocol.
For instance, for lower value transactions, they might opt to use a single DVN to optimize user experience while managing risk. Whereas, for high-value transactions, the application might require consensus from multiple large DVNs, each comprising a network of validators, thereby maximizing security and reliability. This allows individual developers on Flare to balance the security and efficiency requirements for their application and user base.
Flare co-founder Hugo Philion, comments: “Flare is built to achieve extremely high standards for decentralization and security. The permissionless integration of LayerZero V2’s Decentralized Verifier Networks and modular security model is a great step forward for the space.”
Why integrate LayerZero V2 with Flare
With the LayerZero V2 integration, Flare benefits from immediate, secure connectivity to thousands of applications and services built on leading blockchains. For dapp builders on Flare, the integration opens up access to vast quantities of new users and sources of liquidity, with interaction possible across all LayerZero-connected chains, including Solana, Ethereum and multiple EVM L1s and L2s.
Additionally, LayerZero V2 DVNs are permissionless, meaning networks have the ability to create their own DVNs to further enhance security. Flare’s enshrined data protocols, which are secured at the network layer, open up the potential for it to serve as a powerfully secure DVN on LayerZero V2.
Hugo explains: “This is an incredibly valuable integration for all users and builders on Flare. Deployment of LayerZero V2 will help accelerate Flare’s expansion, paving the way for builders to develop a wide variety of innovative interoperable products. The opportunity for Flare to serve as a highly secure DVN on LayerZero V2 is of particular interest.”
Kenny Zhang, Ecosystem Growth Lead of LayerZero, added: “Permissionless, censorship-resistant, immutable. These are core principles that we share with Flare, who we’re glad to welcome to our ecosystem. Their enshrined data protocols provide an interesting value proposition that will hopefully inspire many builders in the space. We are looking forward to the development of omnichain applications deployed on both Flare and LayerZero.”
By integrating with LayerZero, Flare is primed to accelerate the growth of its network, expand its user base and increase its liquidity sources, while maintaining the highest standards of decentralization and security.
Example use cases
LayerZero’s Omnichain Fungible Token (OFT) standard makes it possible to create tokens which can be used across any LayerZero-connected chain. This opens up a range of possibilities, such as cross-chain money markets where users can deposit an asset as collateral on one chain and use that to borrow assets from another chain, with Flare’s enshrined oracles facilitating price discovery.
Hugo Philion confirms: “Of great interest to me is the ability of LayerZero to help Flare facilitate a cross-chain money market, leveraging in addition, the integration on Flare of non smart contract tokens, such as BTC and XRP, through the forthcoming FAssets system. Another interesting angle is the ability of Flare builders to create omnichain fungible tokens or chain-agnostic NFTs.”
About LayerZero
LayerZero is a technology that enables applications to move data across blockchains, uniquely supporting censorship-resistant messages and permissionless development through immutable smart contracts.
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