Notable: Vancouver-based Blockchain Unicorn Company LayerZero Labs Introduces LayerZero V2Friday, February 9, 2024
Vancouver, BC, February 9, 2024--(T-Net)--Vancouver-based blockchain unicorn company LayerZero labs announced that it has now introduced LayerZero V2, and that this is now live bringing permissionless, censorship-resistant, and immutable interoperability to 20+ chains.
Bryan Pellegrino, Co-Founder & CEO, LayerZero Labs (Credit: LayerZero Labs)
LayerZero enables developers to create and configure unified applications, tokens, and data primitives — regardless of chain — through the transmission of arbitrary messages.
Like TCP/IP standardized internet development, LayerZero's goal is to standardize application development across all chains. This concept of unified cross-chain development is encapsulated in the word "omnichain" and is how LayerZero envisions the future of crypto.
LayerZero is a protocol designed to connect blockchains while upholding the following fundamental principles:
LayerZero V2 TL;DR
LayerZero has deployed LayerZero V2 on 40+ testnets and the introduction of the V2 technical whitepaper. V2 creates an omnichain network of blockchains for developers to build universal applications.
The upgrade introduced key features (some repeated from above summary):
All told, with the launch of V2, LayerZero aims to embed itself as a crypto primitive on par with Bitcoin and Ethereum. Bitcoin as the protocol for crypto money, Ethereum as the protocol for crypto finance, and LayerZero as the protocol for crypto internet.
With DVNs and Adapters, LayerZero V2 sits at the transport layer of the blockchain economy, whereas other "cross-chain" solutions battle for the right to verify messages. LayerZero can now act as a quasi-aggregator of verification methods. Any type of verification method — be it bridge, oracle, attestation service, or a blockchain itself — can be plugged into V2 as a DVN. Application owners building on LayerZero may configure DVNs based on their project's use case.
For example, application developers can opt to verify messages through shared-security adapters like Axelar and CCIP or go with enterprise signers like Blockdaemon and Google Cloud — or a combination of all four. And, most importantly, this decision is not set in stone, as the Security Stack configuration can be changed by the application owner (or a delegate) if a DAO or business decides to do so. Independent DVNs confirmed at testnet launch will include entities run by Blockdaemon, Google Cloud, Animoca, Delegate, Gitcoin, Nethermind, P2P, StableLab, Switchboard, Tapioca, LayerZero Labs, and Polyhedra. The number of DVNs should increase as mainnet approaches — with 50+ chains to support, there is a need for many DVNs.
Permissionless execution and lazy nonce-enforcement improve both liveness and throughput properties. Liveness concerns are minimized since anyone (third-party executor, application, end-user) may now execute transactions. Throughput is maximized to align with that of the destination chain. In addition, the protocol itself is easier to build on, with new design patterns available for developers to send, receive, and compose messages across chains. Furthermore, the core protocol is built in such a way that extending to new chains — even non-EVM chains — can be done without changing how messages are sent.
LayerZero V2 endpoint contracts are deployed on 40+ testnets, with the goal being to give developers time to experiment with new Security Stacks and Endpoints before going live on mainnet.
Mainnet launch was in January 2024. The launch included V2 endpoints on each chain that V1 supports. All Omnichain contract standards — OApp, OFT, and ONFT — will be available by mainnet launch. On testnet, only OApp and OFT will be available.
Mainnet launch will include support from the following infrastructure entities:
For teams building on V1, the V2 launch allows for both forward and backward compatibility. You can find migration information specifically inside the company's documentation. It is important to note that V1 is still in production and will continue to be in production in perpetuity. As of now, V2 brings no breaking changes to V1 (this might change when V2 endpoints extend to new chains).
If you are planning on building on V2, have questions about migrating from V1, or something in between, please join the company's Discord.
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