July 20, 2023

LayerZero Protocol Goes Live on Layer 2 Base Mainnet

Published: July 20, 2023 at 3:00 am Updated: July 20, 2023 at 2:47 am

Edited and fact-checked: July 20, 2023 at 3:00 am

In Brief

LayerZero protocol has recently been launched on Coinbase’s Base mainnet, providing an open-source omnichain interoperability solution for seamless crosschain communication between multiple blockchain networks.

Coinbase‘s Base mainnet now hosts the recently launched LayerZero protocol. This development paves the way for seamless cross-chain communication between multiple blockchain networks.

LayerZero Protocol Goes Live on Layer 2 Base Mainnet

LayerZero, as an open-source omnichain interoperability solution, enables token exchanges, transfers, and various other functionalities between supported blockchains. Its aim is to enhance the overall efficiency and accessibility of the decentralized ecosystem.

In practice, projects like Parallel are already harnessing the LayerZero protocol’s capabilities. They are smoothly moving tokens between Base and Ethereum, demonstrating the protocol’s practicality and efficiency. Furthermore, developers building on Base can now extend their applications effortlessly across the entire LayerZero network, broadening their reach and interoperability with different blockchain networks.

Base Network: An Enthusiastically Received Ethereum Layer-2 Solution

Coinbase rolled out the Base network as an Ethereum layer-2 solution, utilizing the OP Stack software from Optimism. The Ethereum community warmly welcomed this development, viewing it as a significant endorsement of Ethereum’s potential.

Base offers decentralized apps an uncomplicated route to utilize Coinbase’s products and distribution. The network facilitates seamless integrations and access to the vast range of assets available in the Coinbase ecosystem. As an Ethereum layer-2, Base ensures security, stability, and scalability to power dApps. It also provides easy onramps for users and assets from Ethereum L1, Coinbase, and other interoperable chains.

Despite being rollup-agnostic, Base leverages Optimism’s stack, aligning with optimistic rollups in the ongoing Layer 2 landscape battle. This methodology presumes transactions’ validity, but allows users to demonstrate fraud when necessary, ensuring a robust and secure ecosystem.

LayerZero is now live on @BuildOnBase mainnet! pic.twitter.com/GkGu6juGXl
— LayerZero Labs (@LayerZero_Labs) July 19, 2023

Looking Ahead: Developers, Get Ready for Base’s Public Launch

While developers are already deploying contracts on Base’s layer-2 mainnet, the network’s public launch will follow in August. This event will further extend the Base ecosystem’s reach and enhance cross-chain communication capabilities. As LayerZero gains wider adoption, it is set to play a crucial role in spurring the growth and development of the decentralized finance (DeFi) space.

A Milestone for Cross-chain Interoperability

The recent launch of LayerZero on Coinbase’s Base mainnet is a significant leap forward in achieving seamless cross-chain interoperability. As an expert in cryptocurrencies, web3, and on-chain analytics, I see this development as a transformative catalyst for the blockchain ecosystem.

LayerZero’s protocol aims to solve one of the most persistent challenges in the crypto space: interoperability among various blockchain networks. Its integration with Base is proof of the progress we’re making toward this goal, exemplified by projects like Parallel, which are already leveraging LayerZero to facilitate token movement between Base and Ethereum.

Moreover, the Base network has further elevated its position as a key layer-2 solution for Ethereum. The integration of LayerZero will enable developers to extend their dApps across multiple blockchains, paving the way for increased reach and functionality. This is particularly significant in a landscape where scalability, security, and seamless user experience are top priorities.

In anticipation of Base’s public launch in August, developers will have more opportunities to deploy contracts and onboard users onto the network. This will undoubtedly enhance cross-chain communication and ultimately expand the possibilities within the decentralized finance (DeFi) space.

In a nutshell, the LayerZero protocol’s launch on Base mainnet represents a powerful stride toward a more interconnected, efficient, and accessible blockchain ecosystem. This progress reflects the ever-evolving nature of web3 and highlights the exciting potential that lies ahead in the DeFi landscape.

LayerZero Labs has launched a $15 million bug bounty to ensure the security of the web3 ecosystem and the developers and users in the LayerZero ecosystem.

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About The Author

Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.

Nik Asti