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LayerZero

LayerZero Performance

Live zro Price

₹580.95

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3.64%

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₹21.15

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3.64%

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₹554.9

24h High

₹602.03

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What is LayerZero (ZRO)?

LayerZero is a blockchain protocol designed to address interoperability between different blockchain ecosystems. It is built on the premise of unified cross-chain development, known as “omnichain.” It aims to be the foundational layer for a network where any blockchain interoperates seamlessly, earning it the name “blockchain of blockchains.” 

LayerZero was founded by Bryan Pellegrino, Ryan Zarick, and Caleb Banister to unlock the full potential of Web3. The increasing number of blockchain networks and their rapid growth led to one problem: fragmentation. LayerZero acts as the base layer for communication between blockchains to unify all these networks in one layer.

Primary features of LayerZero (ZRO)

The salient features of LayerZero (ZRO) are: 

• Cross-chain interoperability enables interaction and communication across different blockchains.

• Ultra Light Nodes (ULNs) ensure security with low computation and enhance scalability.

• LayerZero utilizes both relayers and oracles to ensure decentralized control and increased security. Relayers send transaction proofs and oracles to provide validation data.

• LayerZero’s security protocol requires relayers and oracles to reach a consensus on validating transactions. This reduces fraud risk and enhances system security.

Is ZRO a promising cryptocurrency?

ZRO is a new crypto that was launched in June 2024. Despite its newbie tag, the crypto ranks among the top 42 in trading volume, underlining investor interest in the digital asset. ZRO is in a nascent stage and long-term investors are betting on the token to grow in price. The token, currently trading at $2.50 as of June 2024, is poised to surpass $4 by 2030, according to analyst forecasts. With the DeFi sector gaining traction, the price of ZRO could exceed expectations. 

How do I use ZRO?

• ZRO can be used to move tokens between different blockchains.

• ZRO token holders can participate in staking their ZRO tokens to earn rewards while contributing towards network security.

• Like other cryptos, investors can buy, sell, or trade ZRO on crypto exchanges that support the token such as CoinSwitch.

• ZRO holders can vote on protocol on-chain decisions and proposals to help shape the future of LayerZero.

Pros & Cons of ZRO

Pros

• The platform is funded by investors, including FTX Ventures, Sequoia Capital, and Andreessen Horowitz.

• The valuation of ZRO surged from $1 billion to $3 billion in a short time since its launch.

• The platform enables seamless interoperability between dApps across multiple blockchains.

Cons

• ZRO is subject to the high volatility of the crypto market.

• LayerZero is still a developing ecosystem.

• The token is yet to become a mainstream crypto.

ZRO on CoinSwitch

• You can buy ZRO for just ₹100 at CoinSwitch.

• Trade ZRO at a nominal fee.

• With CoinSwitch, users can seamlessly manage transactions and portfolios.

ZRO ICO summary

LayerZero has attracted some of the most prominent investors in the crypto space, such as a16z, Sequoia, Paypal Ventures, Polygon, Coinbase Ventures, Binance Labs, DeFiance Capital, Spartan Group, Sino Global Capital, and Multicoin Capital. The company raised $135 million in a Series B round in March 2022 and another Series B of $120 million in April 2023.

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FAQ's on LayerZero

1. Is LayerZero coin secure?

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LayerZero ($ZRO) is generally considered secure due to its innovative approach to blockchain interoperability. The protocol enhances security by distributing trust across multiple entities—specifically, relayers and oracles must both agree on any communication or transaction between blockchains. This dual-consensus mechanism reduces the risk of a single point of failure or attack.

However, as with any new technology, there are potential risks. Notably, scams involving the $ZRO token have been reported, so it is crucial for investors and users to exercise caution and verify information from trusted sources.

2. How fast are LayerZero coin transaction?

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LayerZero coin transactions are designed to be extremely fast, offering instant finality for cross-chain transactions. This means that once a transaction is included in a block, it is confirmed immediately without any waiting period. The protocol’s architecture aims to make these transactions efficient, reducing the need for specialized bridges, and allowing faster communication across supported blockchains.

3. Has LayerZero coin price undergone market correction?

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Yes, the price of LayerZero coin ($ZRO) has undergone a market correction. Recent analysis indicates that the token’s price rebounded during this period, with $ZRO experiencing a surge of about 20% after the correction. Market corrections are typical in the cryptocurrency space, often leading to price adjustments before potential further growth.

4. When was LayerZero coin launched?

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LayerZero coin ($ZRO) was officially launched on June 20, 2024. It was listed on multiple leading exchanges on the same day, allowing traders to begin trading the token immediately.

Highlight

LayerZero (ZRO) is a blockchain protocol that aims to solve the blockchain interoperability problem.

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Layerzero Price Statistics

ZRO Price Today

ZRO Price

₹580.95

Price Change 24h

percent_change_icon

3.64%

Price Change 7d

percent_change_icon

1.47%

Market Rank

#138

Market Cap

₹6,004 Cr.

Trade Vol 24h

₹1,030 Cr

Circulating Supply

₹11 Cr. ZRO

Trading Activity

42% Buy58% Sell

News Feed

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Is CoinSwitch safe for crypto investments?

CoinSwitch, India's largest crypto exchange, is a safe and reputed investment platform. In keeping with its mission to...

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The future of cryptocurrencies

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How to invest in cryptocurrency in India

CoinSwitch is the leading crypto exchange in India. It is a mobile-only crypto exchange. CoinSwitch provides you the platform to buy and sell more than 80 coins such as BTC, ETH, MATIC, ADA, and LITE.

Disclaimer : Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. The information provided in this post is not to be considered as investment/financial advice from CoinSwitch. Any action taken upon the information shall be at user's own risk.

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