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The outlook for the crypto industry is bright. In fact, the current one is not that dire, Brian Pellegrino, CEO of cross-chain interoperability protocol LayerZero, told Cointelegraph at the Collision conference in Toronto. “2015 was basically unbearable. (…) Nobody cared, nothing happened. It doesn’t really seem that bad to me,” Pellegrino said.
Pellegrino told Cointelegraph US news editor Sam Bourgi that LearZero has seen usage of its protocol grow, from 10,000 messages per day six months ago to 650,000 per day now. Its market is developing rapidly. Pellegrino said:
“Historically, it has largely been DeFi. Real DeFi use cases are probably 70% of our total volume, (…) but probably 80% of our inbound is split between gaming and NFTS.
“I think the next 36 months are going to look very different than the last 12 months,” he said, referring to LayerZero and the industry as a whole. “There’s a lot of amazing stuff being built, with a huge number of important outside parties getting involved.”
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Using this has increased LearZero’s market share, Pellegrino said. He called LearZero a “really important pipeline that’s going to be used in practically everything” that relies on blockchain technology. In the multichain environment Pellegrino sees developing, the need for this will be no less. They said:
“Even the most zealous Maxis of their own ecosystem – Anatoly (Yakovenko) From Solana, to Vitalik (Buterin) from Ethereum – I don’t think any of them believe that literally everything is going to be on the same chain.”
LayerZero raised Series B funding in April, raising $120 million, with participation from Sequoia Capital, Andreessen Horowitz, Bond, Circle Ventures, Christie’s, OpenSea Ventures, and Samsung Next, bringing its valuation to $3 billion. It has plans to expand into the Asia-Pacific region, among other things.
,@zkLinkorg LayerZero has integrated messaging protocol to facilitate ubiquitous trade settlement.
A great example of how LayerZero’s composability allows Oapps (Omnichain Applications) to use the protocol to complement their own application security. https://t.co/M6zSbuwl52
– LayerZero Labs (@LayerZero_Labs) 28 June 2023
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