The CEO of LayerZero, Bryan Pellegrino, expressed optimism about the future of the crypto industry, stating that the present situation is not as dire as it was in 2015.
Speaking at the Collision conference in Toronto, Pellegrino emphasized the significant growth of LayerZero’s cross-chain interoperability protocol.
He revealed that the protocol’s usage has surged from 10,000 messages per day six months ago to an impressive 650,000 messages per day currently.
While decentralized finance (DeFi) has historically accounted for around 70% of LayerZero’s overall volume, Pellegrino highlighted the increasing interest from the gaming and non-fungible token (NFT) sectors, which now constitute 80% of their inbound activity.
Pellegrino predicted that the next 36 months will witness substantial changes in LayerZero and the industry as a whole.
He noted the multitude of groundbreaking projects being developed and the involvement of important external entities.
Pellegrino emphasized the growing market share of LayerZero alongside its rising usage. He referred to LayerZero as the critical infrastructure that will underpin virtually everything reliant on blockchain technology.
In the emerging multichain environment, Pellegrino argued that even staunch advocates of specific blockchain ecosystems, such as Anatoly Yakovenko of Solana and Vitalik Buterin of Ethereum, recognize the need for interoperability and the coexistence of multiple chains.
In April, LayerZero completed a Series B funding round, securing $120 million in investments. Notable participants included Sequoia Capital, Andreessen Horowitz, BOND, Circle Ventures, Christie’s, OpenSea Ventures, and Samsung Next.
This funding round boosted LayerZero’s valuation to $3 billion. The company has ambitious plans for expansion, including venturing into the Asia-Pacific region.
Furthermore, Pellegrino highlighted a recent integration of LayerZero’s messaging protocol by zkLinkorg to facilitate omnichain trade settlement.
This integration demonstrates the composability of LayerZero, enabling omnichain applications (Oapps) to enhance their own application security by utilizing the protocol.
Overall, Pellegrino’s positive outlook, supported by the impressive growth of LayerZero’s protocol and the increasing involvement of key industry players, signals a promising future for the crypto industry.
As LayerZero continues to evolve and expand its market share, it solidifies its position as a crucial component of the blockchain ecosystem in an era of growing multichain adoption.
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