LayerZero Integrates Solana into Cross-Chain Network

In its latest move, LayerZero has enabled seamless asset transfers for Solana users across Arbitrum, Ethereum, Polygon, and other chains integrated with LayerZero.

LayerZero Integrates Solana into Cross-Chain Network. Image: LayerZero

LayerZero's cross-chain solution has officially incorporated Solana into its network of over 70 integrated blockchains.

This integration allows users and developers to send assets and data to and from Solana through various rollups, layer-1, layer-2, and non-EVM chains.

Currently, LayerZero has connected Solana with 7 other chains including Ethereum, Avalanche, Polygon, Arbitrum, BNB Chain, Optimism, and Base. This not only facilitates safe and transparent cross-chain communication but also enhances capital flows between different networks.

According to Messari's statistics, LayerZero facilitated $6.7 billion USD in cryptocurrency asset transfers in the first quarter of 2024, generating $11.5 million USD in revenue.

Looking ahead, the project aims to further comprehensively integrate Solana with its existing 70 blockchain networks.

LayerZero is a leading solution for asset interoperability across major blockchain networks in the crypto market, having successfully raised $120 million USD with a valuation of up to $3 billion USD. Earlier this month, the project conducted a snapshot in preparation for an eagerly anticipated token airdrop event. Since then, LayerZero has sparked controversy with the launch, pause, and subsequent restart of its "Sybil hunting" program.

According to CEO Bryan Pellegrin, only 1/10 of the total 6 million wallets are genuine accounts. This revelation contributed to a cooling-off period in LayerZero's activities post-snapshot, resulting in record-low engagement levels.

In other Solana updates, the blockchain recently passed a proposal to allocate all priority transaction fees to validators.