The native token of the interoperability protocol LayerZero (ZRO) surged on Thursday amid information that the crypto arm of enterprise capital agency Andreessen Horowitz (a16z) has elevated its funding within the mission. The corporate bought an extra $55 million in ZRO tokens, committing to a three-year lock-up interval.
A16z was an early backer of protocol improvement firm LayerZero Labs, taking part in a $135 million Sequence A fundraising spherical in 2022 and a subsequent $120 million Sequence B spherical in 2023. LayerZero is a key piece of infrastructure that permits communication between remoted blockchains by way of cross-chain messages. The protocol at present helps over 125 blockchains, powers 70% of stablecoin interoperability, and has processed over 140 million messages.
This improvement highlights rising investor confidence in infrastructure tasks that present cross-chain performance. As blockchain adoption will increase, LayerZero goals to turn into the default messaging protocol for connecting fragmented ecosystems in crypto.
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