LayerZero Launches Testnet V2: Enhancing Security, Throughput, and Third-Party Development

LayerZero Launches Testnet V2: Enhancing Security, Throughput, and Third-Party Development

The popular cross-chain messaging protocol, LayerZero, has launched the testnet for the V2 version of its protocol. Available on over 40 blockchains, this update aims to improve third-party development ease, strengthen security, and increase network throughput.

The V2 version of LayerZero introduces several key enhancements. One of these is the implementation of ‘unified semantics,’ enabling decentralized application (dApp) developers to create applications that function identically across all blockchains supported by LayerZero. Developers can also customize their security stack and choose from multiple Decentralized Verifier Networks (DVNs) to enhance decentralization.

LayerZero highlights that anyone can now operate as a permissionless DVN, with web3 infrastructure providers such as Google Cloud, BlockDaemon, and Nethermind pledging to offer DVN services.

Crowth and Future Projects of LayerZero

LayerZero’s rise in 2023 includes a $120 million funding round in April, valuing the company at $3 billion. Furthermore, LayerZero plans to launch and distribute a highly anticipated token in the first half of next year. LayerZero-based applications have also gained significance this year, with Stargate ranking as the most active bridge, according to DeFi Llama.

These developments align with LayerZero’s strategy of strengthening its position in the bridge ecosystem and addressing criticisms regarding its security. With the V2 version, LayerZero aims to demonstrate its commitment to increased decentralization and security while maximizing the capabilities and potential of its network.