LayerZero Ecosystem Before Now G

The LayerZero ecosystem before G is making investors, especially users, wait for a huge Airdrop after a long dry period. However, besides the launch of the ZRO token, whether the LayerZero ecosystem will continue to expand in October or not, everyone will find out in the article below.

To understand more about this article, people can refer to some of the articles below:

• What is LayerZero (ZRO)? LayerZero Cryptocurrency Overview
• LayerZero Airdrop: The Driving Force Driving the LayerZero Ecosystem to Develop
• Series 3: Crypto Unlock | LayerZero And Omnichain Trends
• LayerZero vs ChainLink: Omnichain Battle Between Two Giants

Outstanding On-chain Parameters On LayerZero

On-chain metrics on LayerZero

Although “airdrop” users have gradually left Stargate Finance and LayerZero, the platform continues to have strong growth because LayerZero’s products are not limited to Stargate Finance but are broader with new technology. OFT technology. Stargate Finance may be competing with many Bridge platforms on the market, but in terms of OFT technology, LayerZero is at the forefront.

The fact that tokens use the OFT standard makes it necessary to move between Blockchains without liquidity. In the context of Ethereum becoming more and more expensive, Native Tokens of projects move to other Layer 1 such as BNB Chain, Avlanche,… or Layer 2 to make staking and voting easier.

On November 9, 2023, LayerZero officially reached 82,000,000 transactions. LayerZero’s transaction growth rate is quite steady.

The total number of users on the LayerZero ecosystem is currently nearly 3.3M users, an increase of nearly 200K users from September 23, 2023. That means we have a growth of about 150K new users per month which equates to 5,000 new users per day. It can be said that this is a truly admirable number.

All indicators such as the number of transactions per user, the number of active users in the monthly time frame have amazing growth when compared to the article LayerZero Airdrop: The Driving Force for the LayerZero Ecosystem. Trien.

• The number of users with 50 transactions or more has increased from 2 – 4% to more than 9%. The number of users with 20 – 40 transactions has increased from about 10% to nearly 30%.
• The number of monthly active users also increased from 40% to nearly 50%.

The number of transactions after bottoming out in mid-October 2023 has grown again, but if you look at the broader picture, it is still decreasing. The decrease here is mainly Airdrop users where:

• Have done enough with LayerZero and moved on to other projects like Base, Scroll, zkSync, Starknet,…
• Many rumors about LayerZero launching tokens make many people discouraged and do not want to continue maintaining.

Some on-chain metrics on the LayerZero ecosystem

In less than 2 months, the amount of Total RDNT Bridge has increased from $65.82M to $80.98M. This is another positive sign for Radiant Capital’s Native Tokens when circulating between ecosystems and also plays a catalytic role in promoting the OFT standard to become more and more popular in the near future.

Overview of the LayerZero Ecosystem

Rumors about LayerZero Airdrop – LayerZero Ecosystem Before Time G

If everyone still remembers, the last rumor came from PolyMarket – the betting platform when the platform had announced that LayerZero would launch ZRO before October 31, 2023. However, no ZRO has been launched by October 2023. Recently, there has been the emergence of Reunit Wallet – the first project within the LayerZero Ecosystem.

First on November 7, 2023, Reunit Wallet tweeted about preparing for a brilliant week ahead, referring to the period from November 13 – 19, 2023, and on November 13, 2023, Reunit Wallet continued to confirm about looking forward to a brilliant week.

Besides Reunit Wallet, the sign also came from the OKX exchange, which posted a video with the words “Coming soon November 14, 2023”, but after that, this video was immediately deleted. The doubts do not stop there as OKB – Token of OKX exchange has had strong growth and reached a new ATH. Often a sharp increase in OKB is a sign of a project that will be deployed on OKX’s Jumpstart.

Even Sandeep – Co Founder of Polygon is also tweeting about a big event that will take place on November 14, 2023.

The Layerzero ecosystem continues to expand

LayerZero’s ecosystem is making rapid progress in integrating Blockchains from new to old, from Layer 2 to Layer 1 and supporting special development protocols to expand the OFT ecosystem – one of the Core technology of LayerZero.

It is quite understandable that LayerZero continues to expand

• Near Protocol: Near & Aurora is one of the next Blockchains that LayerZero sets foot on. With LayerZero users can now migrate their assets to Near Protocol and Aurora. However, at the present time Near Protocol no longer focuses on DeFi, GameFi, NFT,… so this update does not bring too many benefits to both sides.
• Aragon: A governance project (DAO) has used OFT (Omnichain Fungible Tokens) technology to help manage the chain easily and effectively.
• Stake DAO: Continuing to be a governance project that has participated in many different Wars, it has also built asdCRV from Aladin DAO and sdMAV from Maverick Protocol based on OFT standards to help these tokens move seamlessly between other Blockchains. like zkSync, Base and BNB Chain.
• Espresso: Is a platform that helps users deploy their own tokens. With OFT technology, it allows the launcher’s token to move between 40 different Blockchains that LayerZero is supporting.
• XPLA: As a Blockchain platform built towards the SocialFi niche, GameFi & NFT has also integrated with LayerZero. XPLA is an EVM Blockchain with an available SDK that helps developers easily build their own games.
• Lido Finance: Lido Finance’s wstETH has officially been built on the OFT platform from which it can be moved between BNB Chain, Scroll and Avalanche.
• Beam: Is a Blockchain platform built and developed for the Web3 Game industry. The project has also integrated with LayerZero to help users easily move assets back and forth between Blockchains.
• Horizen EON: Is a highly compatible smart contract platform with EVM that makes it easy for developers on Ethereum to migrate to. With Layerzero, users on EON can move their assets back and forth between 40 different Blockchains.
• Cog Finance: Isolated Pool Lending platform with independent collateral pools has also integrated with LayerZero. Cog Finance uses LayerZero as a price feed from Arbitrum to Scroll to underwrite the borrowing, lending and liquidation process.
• QiDAO: A CDP Lending platform that has officially used OFT technology for its Native Token, QI.QI, will be available on many different Blockchains such as Ethereum, Polygon, Arbitrum, Optimism, Metis, Avalanche, Base, Kava, BNB, Moonbeam, Linea, Mantle,…
• Telos: Is a Blockchain platform with high compatibility with EVM and the target is 15,000 TPS with fixed transaction fees. With LayerZero, money flow from Ethereum, Arbitrum, BSC, Polygon and Avalanche can easily flow to Telos.
• Tomo Chain: One of the Layer 1 projects from Vietnam, recently rebranded into Viction and officially integrated with LayerZero.
• Prisma Finance: A Lending & Borrowing platform that has also used OFT technology for its Stablecoin is mkUSD. With LayerZero, mkUSD can move back and forth between Arbitrum, Optimism, Base and BNB Chain.
• f(x) Protocol: With LayerZero’s OFT technology, the platform’s assets fETH, xETH and FXN are available natively on the Arbitrum ecosystem.
• Magic Eden: Gas Station is a project built using a combination of LayerZero and Magic Eden that allows Cross-chain NFT transfers like the way Lil Pudgy did.
• Canto: Canto platform blockchain has also learned that its Native Token has become an OFT with the new name cNOTE. cNOTE can easily move back and forth between Canto and Ethereum.
• Scroll: Is a zkRollup platform that has officially integrated LayerZero technology to help users have more options when moving assets back and forth with Ethereum and other Layer 2s.
• opBNB: Is a scalable solution based on Optimistic Rollup technology. opBNB has also integrated with LayerZero to make the user experience more diverse.

It can be seen that within two short months, LayerZero has integrated with many different Blockchain platforms from Layer 1 to Layer 2, from new platforms to old platforms. Besides, it supports protocols that apply OFT standards to turn regular tokens into Omnichain Fungible Tokens, which can move between Blockchains without liquidity.

It is completely understandable that LayerZero is growing quickly and strongly when LayerZero has many competitors. LayerZero’s biggest rival is Chainlink’s CCIP, and a coalition of small bridges led by Connext is also standing up against LayerZero. So LayerZero must develop quickly to accommodate users and the protocol will need them in the future.

However, if we look back at Stargate Finance – a strategic product using LayerZero’s messaging technology, it still does not support many Blockchains. Currently, Stargate is mainly supporting Layer 2, but there are some Layer 2s that cannot interact directly with each other. These are the problems that LayerZero needs to solve in the near future. Besides expanding the ecosystem, they also have to make their Core Product more and more perfect.

Summary

The LayerZero ecosystem has been extremely active in integrating Blockchain and protocols. To date, more than 40 Blockchains and hundreds of protocols have participated in the LayerZero ecosystem.

Hopefully through this article, everyone will learn more about the development of the LayerZero ecosystem.