Qluster Research

Share this post
Blockchain Brief: LayerZero and the 'Omnichain', On-Chain Outlook, Edition #33 (11/04/2022)
research.qluster.co

Blockchain Brief: LayerZero and the 'Omnichain', On-Chain Outlook, Edition #33 (11/04/2022)

Who you gonna call... gh0stlygh0sts?! 👻 Read on for the latest blockchain research feature covering LayerZero, Omnichain and the cutest Ghostly collection 👇

Qluster.co
Apr 11
1
1
Share this post
Blockchain Brief: LayerZero and the 'Omnichain', On-Chain Outlook, Edition #33 (11/04/2022)
research.qluster.co

Q deep dives LayerZero, a new entrant into the Crypto-verse in tonight’s research. Receive more market analysis direct to your inbox 👇


Omnichain. The next hidden unicorn?

For today’s edition of the On-Chain Outlook, let us take a dive into LayerZero.

This new entrant into the cryptocurrency universe—otherwise known as the Cryptoverse—has been rightly seizing some attention in recent times.

As such, the buzz around LayerZero begs closer assessment by the Qluster Data Labs team. But first, it is helpful to gain an understanding of the technology…

What is LayerZero protocol?

LayerZero is an interoperability protocol that allows all chains to be connected. It enables new and existing users of Decentralised applications to connect to other chains, despite the nature of the current chain they are using.

In other words, Ethereum Virtual Machine (EVM) and non-EVM chains can connect and allow for interoperability, creating the world’s first ‘omnichain’ application.


Think of LayerZero as the glue between all blockchains… 😎


What are current LayerZero applications?

Built by the LayerZero team, LayerZero’s first application is Stargate ($STG).

Since its inception a fortnight ago, it has surpassed a US$3.8 billion total value locked (TVL) and allowed for millions of cross-chain transfers.

More simply put, Stargate allows users to transfer tokens between chains.

For now, it allows transfers between 7 blockchains compatible with the Ethereum Virtual Machine (EVM): Ethereum, Avalanche, Polygon, BSC, Fantom, Arbitrum and Optimism. In the coming months, the team plans to add support for other chains like Solana, Terra, Cosmos Hub and Osmosis.

What are the advantages of LayerZero and what does this mean for NFTs?

Immediate advantages include:

  • Minting an NFT on a low gas chain (e.g. Solana or Near) and then transferring the NFT to your preferred chain (e.g. Ethereum)

Longer-term advantages include:

  • Cross-chain games

    • Combining the user base of multiple chains and allowing them to all play together

  • Omnichain marketplaces


Thank you for reading Qluster Research. This post is public so feel free to share it.

Share


What is gh0stlygh0sts and how does it work across many chains?

gh0stlygh0sts is the first natively omnichain NFT.

The collection features an assortment of 10,000 ghosts. They were a ‘free mint’ that could be minted from any chain based on the below quantities:

  • Ethereum: 3,084

  • BSC: 1,388

  • AVAX: 1,387

  • ARB: 617

  • POLY: 616

  • FTM: 385

  • OPT: 233

Twitter avatar for @gh0stlygh0stsGh0stly Gh0sts @gh0stlygh0sts
gm mf’ers
Image

April 5th 2022

28 Retweets306 Likes

Share


How is gh0stlygh0sts omnichain?

The gh0stlygh0sts’ (GG) origin chain it was minted on is reflected in the background, whereas the current chain it resides on is reflected on the border.

The border is essentially updated each and every time the NFT is transferred between chains. When a GG is transferred, it burns the existing NFT and mints it on the destination chain, now making it native to that chain.

Note that gh0stlygh0sts is the first omnichain NFT to exist, making it an important historical asset for LayerZero and interoperability. If LayerZero continues to flourish, analysis suggests the value of gh0stlygh0sts NFT collection to thrive accordingly—based on having a first-mover advantage here.


Know someone who loves good due diligence? Help us get the word out and refer a friend to Qluster Research now 👇

Refer a friend


Logging Off-Chain

The value of interoperability brought by LayerZero and what they are working towards is sure to be a very exciting new development for the future of crypto.

The crypto world has always been broken up by maxis who believe their chain is the best. Though it is too early to say how successful omnichain will be long term and whether users stay for the long term, it looks as though the project is off to a remarkable start.

Needless to say—watch this space!

See you again for the next update.

- q


Did you learn something new in tonight’s research feature? Let us know in the comments to help us deliver more quality crypto and blockchain research 🤗

Leave a comment


We’re on a mission to a New World.

It’s a place where people come to share in the wonderful gifts of trading. Where individuals come to qluster their knowledge, united by a shared love for learning.

This is Trading Made Social.

Help us on our mission by sharing the gift of Trading Made Social to new explorers.

Join our Facebook group and connect with likeminded traders 🚀

Qluster Research Facebook Community

Like and Follow our Facebook page for activity updates 📣

Qluster Co on Facebook

Connect with us on LinkedIn for future updates 🤝

Qluster Research on LinkedIn Business

Share Qluster Research


The information on this website is for general information purposes only. It is not intended as legal, financial and/or investment advice and should not be construed and/or relied on as such. Before making any commitment of a legal and/or financial nature you should seek advice from a qualified and registered legal practitioner and/or financial and/or investment adviser. No material contained within this website should be construed or relied upon as providing recommendations in relation to any legal and/or financial product. Qluster does not recommend and/or endorse products and does not receive remuneration based upon investment and/or other decisions 

Comment
Share
Share this post
Blockchain Brief: LayerZero and the 'Omnichain', On-Chain Outlook, Edition #33 (11/04/2022)
research.qluster.co

Create your profile

0 subscriptions will be displayed on your profile (edit)

Skip for now

Only paid subscribers can comment on this post

Already a paid subscriber? Sign in

Check your email

For your security, we need to re-authenticate you.

Click the link we sent to , or click here to sign in.

Tumeric Junkie
Apr 17

Lol timing to drop this article lol. Was the current local bottom. Impressed as always my friend.

Expand full comment
Reply
TopNewCommunity

No posts

Ready for more?

© 2022 Qluster Research
Privacy ∙ Terms ∙ Collection notice
Publish on Substack Get the app
Substack is the home for great writing