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Volume on the Stargate cross-chain bridge has surged by 30% in the past 24-hours as investors attempt to meet the criteria for a rumored LayerZero airdrop. Source
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Cross-chain messaging protocol developer LayerZero Labs has raised another $120 million, according to an Apr. 4 announcement. The company plans to use the capital to increase its headcount and expand its reach into the Asia-Pacific region. The company had previously raised $135 million in March 2022.pic.twitter.com/mhJgoovYis— LayerZero Labs (@LayerZero_Labs) April
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The cross-chain interoperability and messaging protocol last raised funds in March 2022 at a $1 billion valuation. Original Source
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The vote was technically a “signaling” proposal, meaning its passage does not automatically install Wormhole as Uniswap’s official BNB bridge. Instead, the outcome means Wormhole will be written into an upcoming, official proposal to deploy Uniswap v3 on BNB chain. Source
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Summa founder James Prestwich has accused the $382 million LayerZero bridging protocol of hosting a “critical vulnerability.” According to a Jan. 30 post by Prestwich, this vulnerability “could result in theft of all user funds.” LayerZero CEO Bryan Pellegrino has called Prestwich’s accusation “absolutely shocking” and “wildly dishonest,” claiming that the
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“A trusted-party vulnerability (also called a ’backdoor’) is an undisclosed capability of a trusted party, that can compromise the function of the system,” Prestwich explained in a tweet outlining his findings. According to Prestwich, LayerZero has the ability to unilaterally steal or move around funds locked up with platforms that
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LayerZero currently has about $107 million in direct cash balance and $27 million in on-chain funds primarily in stablecoins for a total of $134 million. An additional $11.5 million was on FTX and used operationally, but LayerZero said it is treating this as $0 for “the sake of sanity” and
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Moonbeam, a layer 1 protocol with 9.6 million lifetime transactions according to Etherscan, already uses the Polkadot ecosystem’s internal messaging service, XCM. Derek Yoo, CEO of Moonbeam parent company Purestake, told CryptoX that its integration of LayerZero, which raised $6 million in a Series A round in September, will offer
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DappRadar and omnichain interoperability protocol LayerZero have launched a new token to enable cross-chain staking across multiple blockchains and Ethereum Virtual Machine (EVM)-compatible networks — a move designed to minimize fees and increase access to staking opportunities.The functionality for the newly launched RADAR token is provided through a set of
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The blockchain interoperability protocol first emerged from stealth last September. Source
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