LayerZero Announces Major V2 Upgrade: 42 Testnets Live and Mainnet Launch Set for January
LayerZero’s Leap Forward in Crypto Interoperability
LayerZero, a leading cross-chain interoperability protocol backed by prominent investors like a16z and Sequoia Capital and valued at over $3 billion, is making significant strides in the cryptocurrency space. Amid community discussions about a potential airdrop, LayerZero has announced a major upgrade with the launch of LayerZero V2, underscoring its commitment to becoming the TCP/IP of the blockchain world.
Further reading：LayerZero Set to Revolutionize with Token Airdrop in 2024: Anticipation Builds in Crypto Community
Mission to Provide a Universal Interoperability Protocol
The LayerZero team stated on X, “Our mission has always been to offer a universal interoperability protocol. V2 is an upgrade aimed at maximizing network throughput and activity, while making it easier for dApp developers to build applications through Unified Semantics and modular security design.”
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LayerZero V2’s Launch on 42 Testnets
According to an official Medium post, LayerZero V2 has been deployed on 42 testnets, marking a significant step towards the mainnet launch. Scheduled for January 2024, V2 will fully support standards like OApp (Omnichain Applications), OFT, and ONFT.
Strengthening Infrastructure with LayerZero V2
To enhance its infrastructure, LayerZero V2 will introduce support for DVNs (Decentralized Verification Networks) and Executors, along with adapters like Axelar and CCIP, expanding its cross-chain capabilities and flexibility.
Further reading：Breaking the Code: SSL Certificate Sparks Wildfire Rumors of a LayerZero Airdrop — Could It Be True?
Key Features of LayerZero V2
- Decentralized Verification Networks (DVNs): Replacing the V1 Oracle, this permissionless role empowers any entity capable of verifying cross-chain data packets to join LayerZero as a DVN.
- Adapters: Axelar and CCIP DVN adapters will be available today on testnet and when mainnet launches. Other adapters planned for 2024 will allow developers to integrate any type of native bridge, third-party bridge, middle chain, oracle, or other verification methods into LayerZero, thereby avoiding vendor lock-in at the security level.
- X of Y of N: This is a modular approach to verification empowering applications to neither overpay nor underpay for security depending on use case. X of Y of N allows applications to combine DVNs however they like. For instance, a “1 of 3 of 5” combination of DVNs would include one required DVN and two arbitrary DVNs out of a total of five that must verify a message for cross-chain execution.
- Permissionless Execution: Replacing the Relayer and separating execution from verification, LayerZero V2 introduces Executors — a permissionless role that facilitates smooth execution on the destination chain, simplifies gas payments, and offers customizable gas settings.
- Security Stack: Each Omnichain Application (OApp) must configure a Security Stack comprising DVNs, Executor(s), chain confirmations, MessageLibraries, and chain pathways for omnichain messaging. This setup grants applications complete control over security. With V2, are opt-in, with the recommendation being that OApp developers set their own Security Stack.
- Increased Throughput: By providing the option for lazy nonce enforcement or strict nonce enforcement, V2 allows developers to choose whether they want to execute transactions in order or out of order. With out-of-order transaction execution, LayerZero’s throughput matches that of the destination chain while maintaining censorship resistance.
- Enhanced Programmability: V2’s improved protocol contract interfaces, path-specific libraries, new design patterns, and horizontal composability redefine application interaction, fostering flexibility and uninterrupted cross-chain transactions.
- Unified Semantics: V2 enables developers to build applications that work the same across every blockchain LayerZero has an endpoint on — including non-EVM chains.
- V1 Compatibility: For teams building on V1, the V2 launch will allow for both forward and backward compatibility.
The team has also released the V2 technical whitepaper for deeper exploration.
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Positioning LayerZero as a Key Crypto Protocol
With the launch of LayerZero V2, the team is positioning itself ambitiously alongside Bitcoin and Ethereum in the crypto internet protocol space. “Bitcoin is the core protocol for cryptocurrency, Ethereum is the foundation of crypto finance, and LayerZero is positioned as the key protocol of the crypto network,” the team wrote in their article.
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Keywords: LayerZero, Cross-Chain Interoperability, Cryptocurrency, LayerZero V2, Testnets, Mainnet Launch, a16z, Sequoia Capital, Decentralized Verification Networks, Unified Semantics, Crypto Internet Protocol, Bitcoin, Ethereum, OApp, OFT, ONFT, Axelar, CCIP, Blockchain Technology
