Inventory of 8 Potential Projects on LayerZero

Author: Shiwen, Odaily Planet Daily

LayerZero is an omnichain interoperability protocol that allows applications deployed on different chains to communicate with each other without the need for any intermediary chains or consensus mechanisms. As an important foundation for information transmission, LayerZero opens up a new dimension of cross-chain composability and functionality.

Before the emergence of LayerZero, the loudest solutions in the cross-chain market were Cosmos and Polkadot.

Polkadot achieves cross-chain communication through relayers and parachains, allowing parachains and relayers to share a security model. However, if a consensus failure occurs, liquidity on all chains can be immediately stolen, which does not guarantee the security of all blockchains. Cosmos, on the other hand, uses IBC, Hub, and Peg Zone to achieve interoperability between chains and requires Cosmos Hub to govern which Zones can connect to it. Unselected Zones can choose other methods, providing great flexibility for the network. Connecting a Zone to Cosmos Hub requires staking a certain amount of ATOM, which is a relatively simple and low-cost process, but this is also considered one of the reasons it is vulnerable to attacks and carries security risks.

LayerZero combines the advantages of the above two solutions by using "Ultra Light Node" to connect every contract on one blockchain while also connecting every contract on any other blockchain. It establishes a security layer through an open Relayer system and the security properties of established Oracles (Chainlink and Band) to achieve both security and cost-effectiveness.

In addition to security, LayerZero also means that users can conduct staking transactions, mint NFTs, and play games without knowing the underlying chain executing the transactions. These actions can be executed with just one transaction, and the protocol will automatically select the chain with lower GAS fees for execution.

Currently, LayerZero's journey has just begun, and Odaily Planet Daily will introduce 8 early projects in the LayerZero ecosystem.

Omnichain DEX

• StargateFinance (https://stargate.finance/)

StargateFinance is a composable omnichain native asset bridge that allows users and dApps to transfer native assets across chains while accessing a unified liquidity pool of the protocol. Within about two weeks of its launch, StargateFinance reached a TVL of approximately $4 billion and has launched on Ethereum, Polygon, Avalanche, BNB Chain, Fantom, Arbitrum, and Optimism, with the top three chains in liquidity being Ethereum, BNB, and Avalanche. Currently, StargateFinance's TVL has reached $2.5 billion.

• InterSwap (https://www.interswap.io/)

InterSwap is a fully composable native asset cross-chain AMM that provides seamless exchanges with local pools between chains in a single transaction, without intermediary tokens, chains, or wrapped tokens. The project has not yet launched.

Omnichain NFT

• gh0stlygh0sts (https://linktr.ee/gh0stlygh0sts)

Gh0stly Gh0sts is the first omnichain NFT, based on the cross-chain interoperability protocol LayerZero, allowing for multi-chain issuance and atomic cross-chain transfers. Gh0stly Gh0sts is a collection of ghost images with a total supply of 7,710, supporting minting on seven different blockchains (Ethereum, Polygon, Arbitrum, Optimism, BSC, Avalanche, Fantom). Each NFT represents its birth chain with background color and its current chain with border color. For example, yellow represents BNB Chain, and gray border represents Ethereum.

Gh0stly Gh0sts was publicly minted for free on April 4, and on April 5, it briefly topped the OpenSea daily trading chart, surpassing 1 ETH at one point, with the current floor price at 0.484 ETH and a trading volume of 5.3K ETH.

For more information, see “NFT Ghosts Traveling Across 7 Chains”.

• tiny dinos (https://linktr.ee/tinydinosnft)

Tiny dinos is also an omnichain NFT, consisting of 10,000 pixel dinosaurs pfp, which can be minted for free on 7 chains. After two days of public minting, tiny dinos began to attract significant attention, with sales of 2,000 ETH within 10 days, making it stand out among many blue-chip projects. Currently, tiny dinos' floor price is 0.227 ETH, with a transaction volume of 2,400 ETH. In the past 24 hours, 283 pieces were sold, totaling approximately 64.28 ETH, with a daily sales growth of 0.08%.

• parakeet.dao (https://www.parakeetdao.com/)

Parakeet.dao is an omnichain bridge protocol for NFTs, allowing users to transfer NFTs across 7 blockchains. In the future, it will expand support for more EVM chains (such as Gnosis Chain) and non-EVM chains (such as Solana and Cosmos).

How it works:

1. Each NFT collection has a source chain;
2. When bridging from its source chain, the NFT is transferred and locked in Parakeet's bridging contract, and a new NFT is minted on the target chain;
3. When transferring between two non-source chains, Parakeet uses a burn-and-mint mechanism, where the source NFT is burned and a new NFT is minted on the target chain;
4. When transferring from a non-source chain to the source chain, the source NFT is burned, and the originally locked NFT on the original chain is unlocked and transferred.

Currently, parakeet.dao is in the testnet phase. You can visit https://faucet.paradigm.xyz/ to claim test tokens and connect your Rinkeby test wallet on the official website to transfer NFTs between different chains.

• Yakuza Pandas (https://yakuzapandas.io/)

Yakuza Pandas is a collection of 10,000 randomly generated hand-drawn NFTs, with a supply cap of 2K Yakuza Pandas on the ETH chain, while the remaining 8K Yakuzas will be evenly distributed across 6 other chains (Polygon, Arbitrum, Optimism, BSC, Avalanche, Fantom). Before the launch of the omnichain NFT, a snapshot will be taken of Genesis Yakuza Panda holders on the Ethereum network. These holders will receive exclusive VIP passes for airdrops or trading on the secondary market.

Omnichain Games

• Catddle (https://catddle.com/)

Catddle is the first omnichain NFT cat-raising game, developed using the innovative ERC721-O protocol for NFT smart contracts. ERC721-O is an extension of the ERC721 protocol that uses a LayerZero-based cross-chain solution while adding non-blocking extensions for NFT cross-chain transfers, allowing NFTs to maintain the same attributes and status after crossing chains.

Catddle plans to launch on the Ethereum mainnet and create Genesis Cats, subsequently allowing players to freely transfer Catddle NFTs across various EVM chains with low transaction fees to experience various game content with public chain characteristics. The game has not yet launched.

Omnichain DAO

• Omniverse DAO (https://twitter.com/omniversedao)

Omniverse is a community-driven ecosystem composed of worlds, games, and dApps, all connected through a seamless interoperability experience.

Omniverse currently has two main products:

Omni Wars is a cross-chain competitive earn (C2E) strategy game developed by Omniverse DAO. OmniWars achieves seamless interoperability between chains through the LayerZero protocol, bringing a true metaverse experience. The game is expected to release a test version by the end of the year.

Omni X is a set of smart contract implementations and interfaces to support omnichain DAOs, NFT markets, and GameFi projects. Omni X will include omnichain tools such as: Gnosis safe multi-signature, game NFT market framework, governance platform, and omnichain ERC-20, ERC-721, and ERC-1155 token standards, suitable for omnichain companies and communities. It is expected to be released in the third quarter.