Hedera announces integrating LayerZero (ZRO), a multi-chain interoperability protocol, into its netw
Hedera announces integrating LayerZero (ZRO), a multi-chain interoperability protocol, into its network. This announcement comes alongside the launch of the mainnet v0.54 release.
The integration is set to enhance the Hedera Token Service (HTS), allowing for the creation and management of both fungible and non-fungible tokens with quick and low-cost transactions.
This development aligns with the HBAR Foundation's goal of establishing Hedera as an enterprise-grade network for institutional decentralized finance (DeFi). The integration reportedly opens a new destination on the Hedera network for EVM-based liquidity, connecting the ecosystem to more liquidity sources.
It builds on previous infrastructure investments with providers like Copper and Elliptic, along with the Hedera Asset Tokenization Studio.
Key Benefits for Hedera's Ecosystem
LayerZeros OFT standard enables asset-level interoperability for Ethereum-based assets on the Hedera network. This feature is vital for the issuance and adoption of real-world assets (RWAs).
The integration allows Hedera-based decentralized applications (dApps) to connect directly with the LayerZero endpoint, creating a seamless bridge experience.
The Hedera endpoint sets the stage for Hedera-based assets to be supported on Stargate, a liquidity transport protocol built on LayerZero. The HBAR Foundation plans to present a governance proposal to the Stargate DAO for native support of the hUSDC asset soon.
Mainnet v0.54: Features and Improvements
Hederas mainnet v0.54 release follows the earlier v0.53, which introduced critical components for the implementation of HIP-904: Frictionless Airdrops. This upgrade reportedly allows for unlimited automatic associations, enabling accounts to associate with multiple tokens sent to them without pre-paying fees.
The new mainnet version includes all core features of Frictionless Airdrops, empowering token creators and users.
Key components of this upgrade include:
Expanding Institutional Access to HBAR
The announcement of the LayerZero integration comes a few days after the launch of the Canary HBAR Trust, the first-ever HBAR Trust in the United States. This initiative offers institutional investors direct access to Hederas native cryptocurrency, HBAR.
Designed as a private offering, it allows qualified investors to invest securely in HBAR and is part of Canary Fund's strategy to pave the way for future HBAR-focused exchange-traded funds (ETFs).
Steven McClurg, CEO of Canary Capital, noted the growing demand for crypto offerings, emphasizing the need for institutional-level products.
“Yet there remains a gap regarding firms with institutional experience who are willing to continue to innovate and deliver solutions beyond retail products,” he stated.
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