Interoperability protocol developer LayerZero Labs seeks funding at $3 billion valuation

This article comes fromThe Block, original author: Ryan Weeks

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• , original author: Ryan Weeks

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secondary titleIt is reported that LayerZero Labs was established in 2021 and is the main developer of the LayerZero protocol. LayerZero is dubbed an "omnichain" protocol designed to provide interoperability between blockchains. Its technology helps decentralized applications (DApps) build tools that can run on multiple blockchains.After raising $135 million in funding, Pellegrino described the company's goal as "creating a common messaging layer that supports all interoperability between blockchains." Funds raised in March will be used to facilitate the development of more DApps on the protocol.In early March, LayerZero launched Stargate, a cross-chain token exchange protocol. It launched the project with a $25 million public sale of Stargate's native token, STG. The idea behind Stargate is to facilitate the transfer of tokens between blockchains with a single transaction, eliminating the cumbersome steps of locking, minting and burning, and redeeming assets that would otherwise be required.，According to data from DeFi Llama, as of early April, the total locked volume (TVL) of the Stargate protocol has rapidly increased to more than 4 billion US dollars, although as of press time, its TVL has dropped to 736 million US dollars.Startups trying to solve cross-chain interoperability have secured funding even amid the increasingly volatile private equity investment market. Berlin-based startup Chainflip Labs is building a cross-chain decentralized crypto exchange (DEX),