The crypto industry has a bright future ahead. In reality, the current situation is not as bad as it may seem, according to Bryan Pellegrino, CEO of cross-chain interoperability protocol LayerZero, who spoke to Cointelegraph at the Collision conference in Toronto. “2015 was an incredibly difficult time…there was no interest and nothing going on. This doesn’t look so bad to me in comparison,” Pellegrino stated.
LayerZero Sees Dramatic Increase in Protocol Usage
LayerZero has seen a dramatic increase in its protocol’s usage, going from 10,000 messages daily six months back to 650,000 per day currently, Pellegrino informed Cointelegraph U.S. news editor Sam Bourgi. Its market is progressing quickly. According to Pellegrino:
He said that the upcoming 36 months would be quite distinct from the previous 12, with reference to LayerZero and the industry in general. “A lot of incredible projects are being created, and a great number of influential external entities have been engaging,” he noted.
Tenet and LayerZero are collaborating to promote the use of cross-chain liquid staking through LSD for DeFi.
LayerZero Undergoes Series B Funding Round
Pellegrino asserted that LayerZero’s market share has increased with its utilization. He labeled LayerZero as the “extremely significant plumbing that will be utilized in nearly everything” dependent on blockchain technology. The necessity for it will not lessen in the multichain atmosphere that Pellegrino foresees emerging. He stated:
In April, LayerZero underwent Series B funding, raising $120 million and increasing their valuation to $3 billion. Notable participants included Sequoia Capital, Andreessen Horowitz, BOND, Circle Ventures, Christie’s, OpenSea Ventures and Samsung Next. As part of their growth strategy, LayerZero has plans to expand into the Asia-Pacific region.
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