Collective Shift’s research extends to the forefront of the crypto industry, and on that journey, we continually update members on the newest trends and themes that arrive in the industry.
As of March & April 2022, the current major trend is ‘Omnichain’ and it was brought about by the launch of ‘LayerZero‘ by ‘LayerZero Labs‘ in mid-March.
Definitions:
- Omnichain – a new concept of inter-blockchain commerce and communication enabling decentralised applications and NFTs to exist simultaneously across multiple blockchains.
- Omnichain NFTs – NFTs that can exist in two or more blockchains. Some are calling them ‘OFTs’ (Omnichain Fungible Tokens)
- LayerZero – an omnichain interoperability protocol, enabling decentralised applications to efficiently build across multiple blockchains. The protocol is designed for “lightweight message passing across chains”.
The LayerZero protocol went live (in beta) on Mar. 15, 2022, onto 7 blockchains initially (Ethereum, Avalanche, Polygon, BNB Chain, Fantom, Arbitrum and Optimism) and has plans to expand to Solana, Terra, Cosmos Hub and Osmosis in 6-8 weeks.
At the moment the protocol is live for developers who wish to use the open-source software to build omnichain decentralised applications and so far we have seen the release of Stargate and numerous omnichain NFTs:
- Stargate: a fully composable liquidity transport protocol that lives at the heart of Omnichain DeFi. [Website; Twitter; CoinGecko]
- Gh0stly Gh0sts: 7,710 ghost avatars and 1st omnichain NFT release on LayerZero. [Twitter; Medium] [0.43 ETH floor]
- tiny dinos: 10,000 pixelated dinosaurs and a cc0 layerzero omnichain NFT collection. [Twitter] [0.23 ETH floor]
- Omnichain NFT projects are being released daily, with many being low quality and some being a free mint: Omni Mosquitoes, Tiny Cats, Raid Project, Comely Turtles (free mint).
The LayerZero Labs is a Canada-based core team comprised of 3 public Co-Founders and the famous anonymous developer 0xMaki. The company recently announced a $135M fundraising at a $1B valuation, co-led by Sequoia Capital, FTX Ventures and Andreessen Horowitz and with participation from Coinbase Ventures, PayPal Ventures, Tiger Global, Uniswap Labs, and more. That is a gold-standard list of investors.
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