The prospects for the cryptocurrency industry are bright. In fact, the present is not even that bleak, Bryan Pellegrino, CEO of cross-chain interoperability protocol LayerZero, told Cointelegraph at the Collision conference in Toronto. “2015 was basically unbearable. […] Nobody cared; there was nothing. This really doesn't seem so bad to me,” Pellegrino said.
LayerZero has seen usage of its protocol increase, from 10,000 messages a day six months ago to 650,000 a day now, Pellegrino told Cointelegraph US news editor Sam Bourgi. Your market is rapidly evolving. Pellegrino said:
“Historically, it has been largely DeFi [decentralized finance]. Probably 70% of our total volume is actual DeFi use cases, […] but probably 80% of our revenue is split between games and NFTs.”
“I think the next 36 months will look very different than the last 12,” he added, referring to LayerZero and the industry in general. “A lot of amazing things are being built. A lot of really important external parties have been getting involved.”
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Pellegrino said LayerZero's market share has increased with its use. He called LayerZero the “really important plumbing that will be used in pretty much everything” that relies on blockchain technology. The need will not diminish in the multi-chain environment that Pellegrino sees taking shape. He said:
“Even the hottest maxis in their own ecosystem — Anatoly [Yakovenko] by Solana, Vitalik [Buterin] Ethereum: I don't think any of them believe that literally everything is going to live on one chain."
zero layer submitted to Series B financing in April, raising $120 million, with Sequoia Capital, Andreessen Horowitz, BOND, Circle Ventures, Christie's, OpenSea Ventures and Samsung Next among the participants, bringing LayerZero's valuation to $3 billion. It has plans to expand into the Asia-Pacific region, among other things.
.@zkLinkorg has integrated the LayerZero messaging protocol to facilitate omnichain trade settlement.
A great example of how LayerZero's composability allows Oapps (omni-chain applications) to use the protocol to complement the security of their own application. https://t.co/M6zSbuwl52
— LayerZero Laboratories (@LayerZero_Labs) June 28, 2023
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