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The upgrade provides the necessary infrastructure and tools for developers to build applications that can operate across multiple blockchains.
LayerZero Labs announced today the launch of LayerZero V2, which aims to enhance the security, throughput, and versatility of the LayerZero protocol, further solidifying its role in facilitating cross-chain interoperability and supporting universal applications. With the deployment of V2, the community’s focus now shifts toward the project’s token launch, slated for the first quarter of this year.
V2 is live. pic.twitter.com/rAIxa1BMWb
— LayerZero Labs (@LayerZero_Labs) January 29, 2024
In a blog post accompanying the announcement, LayerZero outlined several key features of V2. The update introduces Universal Messaging, a feature allowing the seamless sending and composition of various message types, including data, external function calls, and tokens, across more than 20 blockchains.
Another enhancement in V2 is Modular Security. It allows developers to choose from over 20 Decentralized Verifier Networks (DVNs) for their preferred Security Stack. This customization is crucial for verifying cross-chain messages, catering to varying security needs across applications.
LayerZero’s V2 also emphasizes Permissionless Execution. Now, anyone can run an Executor, expanding the network’s participation and democratizing the protocol’s operation. The upgraded version additionally features Unified Semantics, including OApp and OFT contracts that enable developers to build applications and tokens that function uniformly across all blockchains that V2 supports.
Furthermore, LayerZero guarantees a smooth transition for existing applications from V1 to V2. V1 applications have migration options and can leverage the new security and execution model via Ultra-Light Node 301.
LayerZero is an omnichain solution that enables seamless interaction between multiple blockchains without sacrificing decentralization, safety, and efficiency. The project raised $120 million in funding last April, valuing the company at up to $3 billion.
The launch of LayerZero V2 follows the project’s announcement last month that the protocol had gone live on over 40 testnets, setting the stage for a mainnet launch. Previously, the project disclosed plans to introduce a native token in Q1 2024.
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
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