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HomeUncategorizedPolkadot's Moonbeam onboards LayerZero for cross-chain messaging: CoinDesk

Polkadot's Moonbeam onboards LayerZero for cross-chain messaging: CoinDesk

Summary:

  • Moonbeam on Monday revealed the integration of its cross-chain messaging solution LayerZero.
  • CEO Derek Yoo expects the move to power the “activity center.”
  • LayerZero recently closed a $6 million series funding round to help build out its messaging protocol blockchain network across multiple domains.
  • Yoo’s protocol is also looking to gain a foothold in the crypto space after raising $1.3 billion in January and adding Lido’s staking service to its offering.
  • Moonbeam, the parachain protocol on the Polkadot blockchain, announced that it has joined the multi-chain messaging solution LayerZero to enhance the broader operational blockchain network.

    The project launched on Polkadot in January after the project received a parachain slot on the network. Parachains or parachains are custom decentralized networks built according to project-specific models. These blockchains then leverage the Polkadot (DOT) and Kusama (KSM) networks to power their applications.

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    While most blockchains are decentralized, each network typically has its own custom standards for building on On-chain applications. This makes it difficult for Dapps to interact with peers on other chains.

    In fact, LayerZero’s solution is designed to remove this limitation and support cross-chain participation between users and developers.

    CEO Derek Yoo told CoinDesk that the decision to join LayerZero will Expands utility for users and provides wider app relevance for developers. As of press time, LayerZero provides cross-chain messaging for decentralized applications (Dapps) based on Avalanche, Arbitrum, Binance Smart Chain, Ethereum, Fantom, and Optimism.

    The integration will also help Moonbeam grow into a “hub of activity,” according to CoinDesk Comments shared in the report.

    Moonbeam targets stars after launch on Polkadot

    Parachains have recorded a slew of major developments in the past few months alone. Moonbeam raises over $1 billion to lock a Polkadot parachain slot, and Launched on-chain on DOT in January.

    Yoo’s protocol also expanded its ties to the Ethereum network in May after integrating Lido Finance. Parachains add Lido’s liquidity staking to Among its offerings, CEO Yoo marked the move as strategic as Lido is a key member of the ETH ecosystem with a total value (TVL) of around $8 billion locked in Ethereum.

    Polkadot's Moonbeam Onboards LayerZero For Cross-Chain Messaging: CoinDesk 13 Moonbeam CEO Derek Yoo (left)
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