Crypto Bridge LayerZero Connects to Solana Blockchain

Crypto bridging protocol LayerZero will expand to the Solana blockchain on Wednesday, adding another way to transfer crypto assets between the Ethereum world and its biggest rival.

Layer Zero Labs, the company that developed the bridging protocol, said crypto holders on Solana will be able to move their assets to Arbitrum, Ethereum, Polygon and the 70 other chains it is connected to, and vice versa.

LayerZero is a so-called bridging platform: a messenger between blockchains that do not inherently communicate with each other. According to research team Messari, its users moved $6.7 billion worth of cryptocurrency in the first quarter of 2024, generating $11.5 million in revenue.

Private venture investors valued LayerZero Labs at $3 billion in a major financing round announced in April. The protocol is expected to issue its own token soon.

Solana, whose native token $SOL is the fifth-largest cryptocurrency by market cap according to CoinGecko, has three other important bridge protocols that connect it to the much larger Ethereum ecosystem, specifically Wormhole.