Introduction📜
Today we will summarize and review the public chain mentioned earlier through the introduction of this project. And let’s think about together: what the future multi-chain will be like.
Now more people are willing to believe that blockchain 3.0 is the era of multi-chain. There will not be a situation where ETH is dominant.
So why is the future multi-chain?
- Because of the trilemma, the transaction volume that a chain can carry is limited.
- Also because of the inherent defects of blockchain, one chain cannot meet the needs of all types of Dapps, so there will definitely be different types of chains to support the deployment of different applications.
- The future market of blockchain can be compared to the current Internet. The market is very large and can accommodate the coexistence of multiple chains.
Preview👀
LayerZero is an all-chain interoperability protocol capable of sending messages to any contract on any chain. The message is a byte payload that allows the user application full control over its structure and interpretation. Simply put: LayerZero is a messaging layer for smart contracts to communicate between blockchains.
The only Dapp:
Financing progress:
In April 2021, it received a seed round of $2 million. In September 2021, it received $6.3 million in Series A financing, led by Binance Labs and Multicoin Capital, with participation from Sino Global Capital, Defiance, Delphi Digital, Robot Ventures, Spartan, Hypersphere Ventures, Protocol Ventures, and Gen Block Capital. The latest announcement on March 31 this year, LayerZero Labs received a $135 million A+ round of investment at a valuation of $1 billion. This round was led by FTX Ventures, Sequoia Capital, and a16z, with participation from Coinbase Ventures, PayPal Ventures, Tiger Global, and Uniswap Labs.
Advantages: Currently supports the native assets of 7 chains and stable coins of cross-chain.
Disadvantage: The possibility of loopholes in smart contracts.
Questions❓
How to realize cross-chain communication in a multi-chain ecosystem?
1 Cross-chain bridge:
Native cross-chain: Layer2 infrastructure
Third-party cross-chain: anyswap
2 Relay chain cross-chain
Cosmos IBC
Dot
3 Centralized cross-chain
Binance, coinbase
Cross-chain Security 🔧
Ethereum co-founder Vitalik Buterin recently tweeted about a multi-chain future where cross-chains will not exist. Buterin described current issues with bridging technologies that he believes will lead to their eventual demise. While Buterin acknowledges that the future of blockchain will indeed be multi-chain, the idea that users will be able to move their assets between different blockchains, the way people go on vacation in other countries, is fraught with complications that make it a impossible. For Buterin, bridging technology still contains too many security concerns, not to mention the sovereignty of blockchains, which are built independently of each other and naturally have a different set of protocols and regulations.
The construction of cross-chain bridges is very important. Cross-chain interoperability is standardized around a handful of trusted, widely integrated protocols. The immaturity of today's solutions creates a lot of friction between users and developers, but a reliable decentralized, proven, and well-integrated cross-chain bridge may be the first choice for cross-chain liquidity. With the development of the multi-chain economy, the cross-chain bridge will definitely facilitate the transfer of a large number of assets and data.
Can Layer Zero achieve a seamless cross-chain?
What are the advantages and disadvantages of Layer zero compared to IBC?
Among all existing cross-chain solutions, Cosmos is relatively closest to LayerZero. The team specifically clarified the difference between LayerZero and Cosmos:
- Cosmos' IBC needs to run a full-chain light node to verify cross-chain information. In the process of LayerZero, information verification only needs to obtain specific transaction events and block headers on demand and does not need to read all events on chain A, so LayerZero's terminal can be extremely lightweight.
- IBC can only provide direct communication for chains that adopt fast-finality (where all transactions are packaged quickly and changes cannot be undone). For chains such as ETH/BTC that adopt probabilistic finality (probabilistic-finality, that is, with the increase of blocks, the probability that the block verification result cannot be tampered with also increases, and the public chain of proof of work belongs to this category), it requires an additional peg zone interface chain to complete, which will be more complicated. In contrast, LayerZero can provide direct communication for all types of public chains.
The difference between LayerZero and Cosmos is also the most important advantage of LayerZero: the protocol can be very lightweight to reduce cross-chain steps and gas fees, and it can provide direct communication for all types of public chains without relying on intermediate chains or intermediate assets.
Core strengths of LayerZero Labs include:
- Track certainty and high ceilings. The cross-chain transfer of native assets can open up the data island of the public chain, and it is possible to form a unified transaction depth for all networks, which will bring a new situation to the development of the blockchain.
- The product has been launched, the function of cross-chain transfer is straightforward, and the user experience is indeed better than that of cross-chain bridges and networks such as Cosmos/Polkadot that require additional wallet downloads.
- Large capital support and team resources are guaranteed.
Is layer zero the future of cross-chain? this is a problem.
Product Ecology 🔄
The functions currently supported by Stargate are: on 7 chains, the mutual transfer of assets corresponding to the price of 1:1, including mainstream stable currency assets USDT/USDC/BUSD, and the platform's native token STG.
The seven supported chains are: ETH/BSC/AVAX/Polygon/Arb/Opt/FTM. For example, users can transfer USDC on ETH to USDT on the BNB chain, or transfer STG on Arbitrum to STG on Fantom.
The official Medium revealed that Solana/Terra/Cosmos Hub/Osmosis will be considered in the next 6-8 weeks, and will be deployed on each chain in the next 4-6 months.
0xMaki recently proposed to integrate Stargate in the Sushiswap community to get a better transfer experience and expand Sushi LP traffic. If it is finally implemented, it will be a milestone in the ecological construction of Stargate.
Team 💪
The team has three co-founders, Bryan Pellegrino as CEO, Ryan Zarick as CTO, and Caleb Banister. All three graduated from the CS major at the University of New Hampshire, and there are many career intersections after graduation.
In 2010, the three co-founded the software development company Coder Den. Ryan Zarick and Caleb Banister also co-founded 80Trill and Minimal AI; CEO Bryan Pellegrino founded OpenToken in 2017. Until 2021, the three have reunited again to co-found LayerZero Labs.
LayerZero Labs has a total of 24 employees, according to a tweet from the CEO in March.
On March 15, the official Medium announced that 0xMaki has joined LayerZero full-time and is responsible for business development.
