LayerZero Labs, the company behind LayerZero, just raised $120 million in a Series B funding round. Big names in the ecosystem participated, such as Circle Ventures, a16z or Sequoia Capital. This brings the valuation of LayerZero to 3 billion dollars.
LayerZero valued at 3 billion dollars
LayerZero Labs, the parent company of smart contract interoperability protocol LayerZero announced that it has successfully completed a new $120 million fundraising round. This allows the company to multiply by 3 its valuation in the space of one year, a remarkable performance in a bear market.
This new capital injection comes on top of the $135 million raised in March 2022 and brings LayerZero’s valuation to $3 billion. As a reminder, the Series A funding round was $6.3 million and the seed was $2 million.
This series B round of financing saw the participation of big names in investment such as a16z and Sequoia Capital. New investors also contributed, such as BOND, Christie’s, Samsung Next and Circle Ventures. Here is the complete list:
– LayerZero Labs (@LayerZero_Labs) April 4, 2023
In a few words, LayerZero is a blockchain interoperability protocol with a totally innovative approach. It offers a robust infrastructure on which many types of cross-chain applications can be developed. Thus, it brings a solid junction between various blockchains evolving separately until now.
Developing video games with LayerZero
According to recent statements by Bryan Pellegrino, co-founder and CEO of LayerZero Labs, this round of funding will allow for the expansion of the teams in the Asia-Pacific region. In addition, while the bulk of LayerZero’s investments have previously been in the development of decentralized finance (DeFi), the focus will now shift to the video game space.
The majority of games developed for Web3 run on different blockchains. Nevertheless, the objects contained in the game (equipment, skins, etc.) are mostly stored on Ethereum, explained Pellegrino, who points out that “that’s where all the liquidity is”.
The will of LayerZero Labs is to build this infrastructure allowing video game studios to develop their game on the blockchain of their choice and store elsewhere all the digital assets that players can harvest, buy or sell.
An airdrop from LayerZero?
LayerZero is one of the most watched protocols by investors looking for an airdrop. As a reminder, an airdrop corresponds to the fact that a protocol, a blockchain or any project decides to launch its own token and to distribute it for free to its so-called “early” users.
For the project team, it is a way to quickly get a large capitalization on the token and to offer it a bigger exposure. For the investor, it allows to build a more consistent portfolio. Indeed, some airdrops have reached large amounts ($10,000 with ParaSwap, $15,000 with Uniswap, $20,000 with dYdX, $5,000 with Aptos, etc).
Strategies to qualify for LayerZero’s potential airdrop include using the Stargate Finance protocol. For example, it is advisable to lock in STGs and participate in protocol governance regularly.
Nevertheless, Pellegrino was asked about the issue and gave an answer that should upset some investors. On the subject of a possible airdrop, he replied “Not now,” adding that “This fundraising is strictly for the expansion of the company. “
