LayerZero, a full-chain interoperability protocol with participation from many star institutions such as a16z and Sequoia Capital and a valuation of more than US$3 billion, confirmed the airdrop on the 8th, causing heated discussions in the community as to whether the snapshot was over.
Today, the LayerZero team announced the launch of a major upgraded version, LayerZero V2, which further highlights the team’s efforts in creating a standardized application development protocol in the cryptocurrency field, and also symbolizes their mission to become the TCP/IP of the blockchain industry.
The official said on X:
Our mission has always been to provide a universal interoperability protocol. V2 is an upgrade designed to maximize network throughput and activity, while making it easier for dApp developers to build applications through unified semantics (Unified Semantics) and modular security design.
LayerZero V2 has been launched on 42 testnets and is expected to launch the mainnet in January next year
According to the official Medium article, LayerZero V2 has been deployed on 42 testnets, which is an important step in the launch of the protocol to the mainnet. It is expected that V2 will be officially launched on the main network in January 2024, and will fully support standards such as OApp (full chain application), OFT and ONFT.
To strengthen its infrastructure, LayerZero V2 will provide support for DVNs and executors, and introduce adapters such as Axelar and CCIP to further expand its cross-chain functionality and flexibility.
In detail, LayerZero V2 introduces the following key features:
Decentralized Verification Networks (DVNs): Replace V1’s oracles and allow any entity that can verify cross-chain data packets to join.
Adapters: Provides Axelar and CCIP DVN adapters to support the integration of multiple verification methods.
X of Y of N security model: Provides a modular verification approach that allows applications to tailor security costs based on use cases.
Permission-free execution: Introduce the executor role to replace the previous relayer (Relayer), separate the execution and verification processes, and provide flexible gas fee settings.
Security Stack: Configure a security stack including DVNs, executors, chain acknowledgments, message bases, and chain paths for each OApp.
Improve throughput: By providing options that allow developers to choose to execute transactions sequentially or non-sequentially.
Enhanced programmability: Improved protocol contract interfaces and new design patterns promote the flexibility of cross-chain transactions.
Unified Semantics: Allows developers to build applications that operate uniformly on every blockchain supported by LayerZero.
Compatibility with V1: The rollout of V2 will support forward and backward compatibility with V1.
The team also released a V2 technical white paper for interested readers to have a more in-depth discussion.
Overall, the launch of LayerZero V2 signals its ambitions as a cryptographic Internet protocol, intended to sit alongside Bitcoin and Ethereum. The team wrote in the article:
Bitcoin is the core protocol of cryptocurrency, Ethereum is the foundation of encrypted finance, and LayerZero is positioned as a key protocol for encrypted networks.