As an analyst with over two decades of experience in the financial industry and a keen interest in blockchain technology, I find this development between defi.money and LayerZero intriguing. The integration of LayerZero’s interoperability solution into defi.money’s network is a significant step towards realizing the potential of decentralized finance (DeFi) and the broader web3 ecosystem.
The multi-chain stablecoin platform, deFi.money, has added LayerZero to facilitate cross-chain liquidity across its network.
LayerZero, represented by the symbol ZRO, serves as a fundamental building block for cross-chain applications and blockchains, facilitating interoperability. On September 26th, the LayerZero team officially announced their integration, sharing the news via a post on X.
The integration comes as defi.money’s stablecoin MONEY implemented the omnichain fungible token, also known as OFT.
The OFT Standard is a token standard that allows for cross-chain token transfers. Users can send, receive, and deploy assets across blockchains. With this implementation, defi.money is now natively omnichain.
Growing stablecoin market
In simple terms, Stablecoins play a growing role in the web3 environment, and cross-chain transactions are fueling greater involvement in crucial initiatives. Many recipients of these benefits are layer-2 networks that not only seek scalability but also view an interconnected ecosystem as a significant stride towards decentralization.
Through its partnership with defi.money, LayerZero seeks to make the decentralized stablecoin MONEY a tangible reality for this era.
As of September 26, 2024, the stablecoin market boasts a worth exceeding $173 billion, and among the prominent players are Tether and Circle. Tether (USDT) is leading the pack with an impressive market cap of more than $119 billion, while USD Coin (USDC) follows closely behind at over $36 billion in market value.
On the other hand, other contenders like First Digital USD (FDUSD) and PayPal USD (PYUSD) are gaining momentum.
Additionally, it’s worth mentioning that Ripple has started trials for its RLUSD stablecoin on both the Ethereum network and the XRP Ledger.
Leading cryptocurrency custodian BitGo is also considering the development of a stablecoin backed by the U.S. dollar, as well as U.K.-based digital bank Revolut, it seems, has similar plans in the works.
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2024-09-26 20:21