Author: Vanguard 0
The concept of LayerZero is likely to bring some changes to the long-silent DeFi track and cross-chain field in 2024. On January 23, 2024, Helix, the derivative trading platform of the Injective ecosystem, announced the launch of LayerZero (ZRO) futures trading services, attracting the attention of investors and developers. Of course, before this, LayerZero had already made a wave of presence.
Looking back to April 5, 2023, as a developer of a full-chain interoperability protocol, LayerZero's valuation had grown astonishingly to $3 billion within just one year, raising $120 million in funding, with investors including well-known industry players such as a16z, ChristiesInc, and Sequoia Capital.
The following text will interpret the technical characteristics and development prospects of LayerZero for readers.
Getting to Know LayerZero: Blockchain of Blockchains, Born to Improve Interoperability
LayerZero is a full-chain interoperability protocol designed specifically for lightweight message transmission across chains, providing real and guaranteed message delivery through configurable untrusted sources. Below is an in-depth analysis of the key features of LayerZero and its future development:
1. LayerZero: Access to 50 Chains for Transmitting 9 Billion Messages
LayerZero has currently connected to over 50 different blockchains, facilitating the transmission of over 9 billion messages. This innovative technology not only promotes lightweight cross-chain message transmission but also ensures the authenticity and security of message delivery through configurable decentralized mechanisms. As the "blockchain of blockchains," LayerZero allows different blockchain networks to communicate directly in a trustless manner, expanding the application scope and interoperability of blockchain technology.
2. Security and Supported Networks: Establishing a Robust Blockchain Foundation
The core component of LayerZero is the Ultra Light Nodes (ULN), smart contracts deployed on various supported blockchains, serving as crucial nodes for cross-chain communication. This includes popular chains such as Ethereum, BNB Chain, Avalanche, as well as non-EVM chains like Aptos. ULNs use block headers and transaction proofs to verify transactions and messages from other chains, ensuring the security and efficiency of communication. This diversified support of LayerZero makes it a key component of the multi-chain future, strengthening the interoperability and collaboration among different blockchains.
3. Future Development Focus: Integrating More DeFi Projects, Introducing DAO Community, and Enhancing Security
Although LayerZero currently does not have a clear development roadmap, its future plans include integrating with more blockchains and DeFi protocols, as well as creating its own governance token and DAO. Through these plans, LayerZero aims to provide the best interoperability solution for blockchains, enabling seamless and trustless cross-chain transactions. Additionally, through the design of its security mechanisms, such as the application of oracles and relayers, LayerZero further enhances the security and reliability of its network, laying a solid foundation for the future development of blockchain technology.
LayerZero V2 has been online for over a month, with notable technical innovations
LayerZero announced the release of the V2 version on December 14, 2023, which includes decentralized validation, increased throughput, and plans to launch on the mainnet in January 2024, marking a significant technological innovation in addressing centralization challenges. The following are the core upgrade points of the V2 version:
1. Comprehensive Innovation in Security and Execution Mechanism:
"X of Y of N" message verification mode: LayerZero V2 achieved custom configuration of the security stack through Ultra Light Node 301 and 302, allowing application owners to choose different decentralized validation networks (DVN) according to their needs. This mode not only provides higher security but also allows application owners to establish their own DVN without permission, greatly increasing flexibility and accessibility.
Independent message execution: In contrast to V1, where relayers handled message verification and execution simultaneously, in the V2 version, message verification is handled by the security stack, while execution is handled by the executor. This separation provides greater flexibility for developers to make finer adjustments based on the security configuration and execution requirements of the application.
2. Deep Optimization of Contracts and Message Processing:
Improved protocol contract interface: The improved contract interface in the V2 version greatly simplifies the message routing and processing, reducing the complexity of sending and receiving messages through the protocol. This enables developers to build applications more efficiently and confidently.
Non-sequential message execution: The V2 protocol achieves non-sequential message execution by separating message verification and execution. This means that even if a previous message fails to execute successfully, the system can continue to transmit and execute subsequent messages, enhancing the flexibility and resistance to censorship of the system.
3. Enhancing Chain Compatibility and Application Versatility
"Chain-agnostic" design: The design of LayerZero V2 focuses more on chain compatibility, allowing developers to build more unified and compatible applications on blockchains with different runtime assumptions, such as non-EVM chains lacking runtime scheduling.
Improved Gas payment options: In the V2 version, terminals can specify alternative Gas tokens on specific chains, providing greater flexibility for developing applications in a wider blockchain ecosystem with unique Gas mechanisms or fee models. This means that developers have more choices and adaptability when developing full-chain applications in a broader blockchain ecosystem.
Overall, these upgrades of LayerZero V2 not only enhance the security and efficiency of cross-chain message transmission but also provide unprecedented flexibility and scalability for developers, driving the development of blockchain interoperability technology.
Involvement in FTX's legal disputes, LayerZero needs to remove this huge obstacle to ensure the safety of the project
Other recent developments of LayerZero have also attracted attention, especially the integration with the EVM-compatible blockchain network Monad, which brings more possibilities for seamless asset transfer in the blockchain ecosystem. However, this integration also raises some issues, such as security and regulatory compliance. Balancing convenience and risk will be a key challenge in the future.
Furthermore, the technical upgrades of LayerZero provide greater flexibility and performance optimization opportunities for blockchain developers. The simplified protocol contract interface and non-sequential message execution will help build applications more efficiently, but developers also need to reconsider the security and scalability of their applications under new technology.
Finally, it is important to emphasize that LayerZero has not had a smooth journey. The legal disputes with FTX have sparked a series of controversies involving huge funds. This may not only negatively impact the reputation of LayerZero but also serve as a reminder that regulatory and legal compliance issues are still an ongoing topic in the blockchain field.
In conclusion, the future of LayerZero is full of opportunities and challenges. Its technical upgrades and ecosystem expansion bring new prospects to the blockchain field, but careful balance between security and regulatory issues is required. Additionally, resolving the legal disputes with FTX will be a major test on LayerZero's future path. Only by maintaining a foundation of security, transparency, and compliance can LayerZero realize its vision and contribute to a more open and interconnected blockchain world.
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