Summary:
- Moonbeam revealed its integration of cross-chain messaging solution LayerZero on Monday.
- CEO Derek Yoo expects the move to power “a hub of activity”.
- LayerZero recently closed a $6 million Series round to help build out its messaging protocol across multiple blockchain networks.
- Yoo’s protocol also hopes to carve out a foothold in crypto after raising $1.3 billion in January and adding Lido’s staking service to its offering.
Moonbeam, a parachain protocol on the Polkadot blockchain, announced that it had onboarded multi-chain messaging solution LayerZero in a bid to power broader operability between blockchain networks.&
The project launched on Polkadot back in January after securing a parachain slot on the network. Parachains or parallel chains are custom decentralized networks built according to project-specific models. These blockchains then tap Polkadot’s (DOT) and Kusama (KSM) networks to power their applications.&
Although most blockchains are decentralized, each network typically has its own custom standard for applications built on the chain. This makes it difficult for Dapps to interact with their peers on other chains.&
Indeed, LayerZero’s solution aims to negate this limitation and bolster cross-chain participation between users and developers alike.
CEO Derek Yoo told CoinDesk that deciding to onboard LayerZero would expand utility for users and support broader application relevance for developers. At press time, LayerZero powers cross-chain messaging across decentralized apps (Dapps) built on Avalanche, Arbitrum, Binance Smart Chain, Ethereum, Fantom, and Optimism.
The integration would also aid Moonbeam to grow into a “hub of activity” per comments shared in CoinDesk’s report.
Moonbeam Aims For The Stars After Launching On Polkadot
The parachain has recorded a series of major developments over the last few months alone. Moonbeam raised over $1 billion to lockdown a Polkadot parachain slot and launched on DOT’s chain back in January.&
Yoo’s protocol also expanded its ties with the Ethereum network back in May after integrating Lido Finance. The parachain added Lido’s liquid staking to its offerings, a move CEO Yoo labeled strategic as Lido is a massive member of ETH’s ecosystem with around $8 billion in total value (TVL) locked on Ethereum.
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