LayerZero Labs’ Stargate Finance Integrates with Metis to Enable First Blockchain Expansion Since Launch | news
TORONTO–(BUSINESS WIRE)–Aug. January 2023–
Stargate, a fully composable liquidity transport protocol, will be deployed today at 9:00am PST/12:00pm EST on MetisAndromeda, an organization dedicated to building a resilient and decentralized Layer 2 infrastructure to power the Web3 economy strengthen. This new integration marks Stargate’s first blockchain extension beyond the LayerZero ecosystem, enabling an omni-chain bridge leveraging LayerZero technology. The Stargate extension on Metis will enable projects to use Stargate to realize their cross-chain and omni-chain visions.
The siled nature of blockchains prevents users from reaping the full power of decentralization. In theory, network composability addresses this problem by allowing blockchains to easily communicate with each other. Up to this point, however, cross-chain bridging has been as risky as it is rewarding, with more than $2.5 billion stolen from cross-chain bridges over the past two years. To add insult to injury, a recent study shows that around 50% of exploits in DeFi take place on cross-chain bridges. LayerZero improves cross-chain composability by providing seamless, secure messaging across blockchains to empower developers to build richer, more user-friendly applications.
Through the partnership, Stargate’s expansion into Metis will leverage LayerZero technology to allow projects greater flexibility in managing their funds, treasury and revenue strategies. Ultimately, the partnership aims to make crypto more accessible to end users and accelerate crypto adoption.
“Metis couldn’t be more excited to welcome Stargate to the Metis ecosystem,” said Elena Sinelnikova, CEO and co-founder of Metis. “Web3 represents community and decentralization, both of which must start at the infrastructure level. We firmly believe that our partnership together with the Stargate team is an important step in breaking down the barriers between blockchains and opening the doors to a more decentralized, multi-chain economy.”
LayerZero represents the first trusted omnichain interoperability protocol built for “lightweight” cross-chain messaging, enabling developers to seamlessly launch inter-chain applications, including cross-chain DEXs, credit protocols, and yield aggregators without Middle Chain Bridges. LayerZero’s Stargate Finance addresses the bridging trilemma as the first fully composable native asset bridge that enables native cross-chain transfers in a single transaction. The partnership with Metis marks Stargate’s first expansion beyond the LayerZero ecosystem, bringing Metis users a more efficient market and the ability to take advantage of DeFi across multiple LayerZero-backed chains.
“The integration of Metis is another major step in LayerZero’s expansion into the Ethereum Layer 2 ecosystem, enabling a unified flow of messaging across the entire Ethereum ecosystem,” added Ryan Zarick, co-founder and CTO of LayerZero Labs. added. “We are very excited to support the Metis ecosystem and its developers and look forward to building amazing things together.”
Metis and Stargate intend to continue working together on an ongoing basis. Initially, Stargate will enable USDT for Metis across Ethereum, Avalanche, and BNB Chain, with plans to expand further.
For more information on Metis and its Smart Layer 2 solution, visit: metis.io. Follow Metis on Twitter and join the discussion on Discord.
For more Stargate resources, visit: https://stargate.finance/.
ABOUT STARGATE FINANCE
Stargate is a fully composable liquidity transport protocol that lives at the heart of Omnichain DeFi. Stargate allows users and dApps to transfer native assets across chains while accessing the protocol’s unified pools of liquidity with instant guaranteed finality.
ABOUT METIS
Metis is the first of its kind, scalable and easy-to-use platform designed to scale Ethereum and facilitate infrastructure development. The Metis Layer 2 is just the core component of the Metis Stack*, followed by the Reputation Power System and the Decentralized Autonomous Company (DAC) Framework. The Metis Stack provides the ideal environment for infrastructure development, day-to-day operations and other forms of open collaboration.
Using Metis, users can rest assured that their transactions are secured by the Ethereum mainnet while uniquely inheriting the underlying benefits of EthereumBuilders, and users truly interact with and are secured by the Ethereum mainnet.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230119005177/en/
CONTACT: Isaiah Jackson
Howl Labs
Telephone: 805 674 7348
KEYWORD: UNITED STATES NORTH AMERICA CANADA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES TECHNOLOGY BLOCKCHAIN CRYPTOCURRENCY WEB3 INTERNET
SOURCE: Metis
Copyright Business Wire 2023.
PUB: 01/19/2023 09:00 / DISC: 01/19/2023 09:01
http://www.businesswire.com/news/home/20230119005177/en
Copyright Business Wire 2023.
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