LayerZero Activates Mainnet for Upgrade V2

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On the night of January 29, 2024, UTC time, LayerZero Labs announced the launch of the V2 upgrade, aiming to enhance security, throughput, flexibility, and especially the cross-chain interaction capability of the protocol.

Introducing V2 🧵

This is something we’ve been working on for over a year. We’re thrilled for it to finally be live and can’t wait to see what gets built.

V2 is the endgame for interoperability.https://t.co/IxjND82jkx

— LayerZero Labs (@LayerZero_Labs) January 29, 2024

Key Features of V2

In the announcement, LayerZero outlined some of the most notable features of V2, including:

Universal Messaging: Supports the composition and transmission of various on-chain messages such as data, external function call commands, or token transfers across more than 20 blockchains.
Modular Security: Allows developers to choose from over 20 Decentralized Verifier Networks (DVN) for their preferred Security Stack. This customization plays a crucial role in verifying cross-chain messages and other security needs for dApps.
Permissionless Execution: Enables anyone to operate the Executor. The upgraded version also includes the Unified Semantics feature, incorporating OApp and OFT contracts to support developers in building applications and tokens that operate consistently across all integrated blockchains.

In addition, LayerZero ensures a smooth transition for existing applications from V1 to V2.

LayerZero is an omni-chain solution that facilitates seamless interaction between multiple blockchains without sacrificing decentralization, security, and efficiency. As of now, the project has successfully raised $120 million, valuing the company at $3 billion.

Ahead of the mainnet launch, LayerZero V2 underwent testing on 42 networks since the end of last year. At that time, the project revealed plans to initiate token launches and airdrops for users early in Q1 2024.

The impact of the announcement on the STG chart

STG/USD chart on January 30, 2024, at 06:38 PM on TradingView