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Blockchain interoperability firm LayerZero Labs has confirmed that its protocol is making a token, and it’s slated for launch sometime in the first half of 2024.
Responding to months of speculation from its community about the creation of a token, LayerZero issued a clarifying statement on X, in hopes of putting conflicting rumors to rest.
LayerZero has always been built with the ability to have a native token within the protocol, as can be seen in the immutable code launched on day 1. We’ve heard the community discussion over the last few months and the lack of clear communication around this. We’ll state now in…
— LayerZero Labs (@LayerZero_Labs) December 7, 2023
With the token confirmed to be in LayerZero’s pipeline, speculations about the protocol’s future developments have been making rounds in the crypto space. Under these circumstances, it’s crucial to consider the project’s beginnings and recent performance.
Earlier this year, LayerZero Labs obtained a $3 billion valuation, with backing from prominent VCs such as a16z (Andreessen Horowitz) and Sequoia Capital, as well as serial angel investors.
While the protocol is still largely in development, its initial foray into achieving its “omnichain” vision proposes a singular protocol that merges current multi-chain and cross-chain solutions for interoperability within the crypto ecosystem. What this does is it attempts to allow and service all types of decentralized applications to operate cohesively (and, to some extent, interdependently) through one chain.
LayerZero’s ambition of building an interopera
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Author: Vince Dioquino
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