Flare has achieved a significant milestone, enabling access to multiple Ethereum Layer 2 networks and bringing over 50,000 decentralized applications (dApps) to the platform. Flare co-founder Hugo Philion highlighted the value of this integration, emphasizing its potential to accelerate Flare’s expansion and facilitate the development of innovative interoperable products. In addition to becoming a DVN on LayerZero V2, the integration offers benefits such as secure connectivity to dApps, access to new users, and increased liquidity.
Furthermore, Flare stands to gain greater decentralization, with the integration enabling the facilitation of a cross-chain money market and the incorporation of non smart contract tokens like BTC and XRP. The underlying technology powering this infrastructure is Decentralized Verifier Networks (DVNs), allowing networks to create their own DVNs for enhanced security. Additionally, applications can leverage LayerZero’s Omnichain Fungible Token standard to drive DeFi growth.
LayerZero’s cross-chain messaging protocol has proven its effectiveness by facilitating over 134 million cross-chain messages and securing the bridging of more than $50 billion in crypto. The protocol has also supported significant activity, as evidenced by Stargate Finance’s recording of nearly $800 million worth of bridged assets in June alone.