Recall that three months ago, LayerZero raised $120 million in a funding round. Then the project was supported by 33 backers, including Andreessen Horowitz, Christie’s auction house, Sequoia Capital and Samsung Next. The raised funds were planned to be spent on promoting the company in Asia, expanding its staff and for co-operation with gaming projects.
Leading DeFi protocols such as PancakeSwap, Uniswap use the crypto protocol to conduct inter-network transactions. In turn, LayerZero demonstrates the need for users of digital assets to transfer liquidity between chains and conduct token exchanges even despite possible vulnerabilities.
According to blockchain analytics firm Chainalysis, Bridge exploits accounted for more than $2 billion dollars of stolen assets last year.