LayerZero connected to Solana blockchain

The crypto bridging protocol LayerZero will be extended to the Solana blockchain, allowing Solana holders to transfer assets between 70 chains such as Arbitrum, Ethereum, and Polygon.

LayerZero will expand to the Solana blockchain on Wednesday, providing a new pathway for the transfer of crypto assets between Ethereum and its largest single competitor. Layer Zero Labs, which developed the bridging protocol, stated that crypto holders on Solana will be able to transfer their assets to Arbitrum, Ethereum, Polygon, and 70 other chains, and vice versa.

LayerZero is a bridging platform that can transfer information between disconnected blockchains. According to research firm Messari, its users transferred $6.7 billion worth of cryptocurrency in the first quarter of 2024, generating $11.5 million in revenue.

In a major round of financing announced in April, private venture investors valued LayerZero Labs at $3 billion. The protocol is expected to soon issue its own token. Solana’s native token $SOL is CoinGecko’s fifth largest cryptocurrency by market cap, and it also has three other major bridging protocols connected to the Ethereum ecosystem, the most famous of which is Wormhole.