Earlier this month, we dug into the LayerZero opportunity – highlighting what the protocol enables and what makes it important and relevant to crypto right now.
Today, we unpack how you can get started playing around with some decentralized apps built on the LayerZero protocol.
LayerZero is an omnichain interoperability protocol that supports cross-chain apps. It enables use cases like trading out of a token on one chain and into a new token on a different chain, all in a single transaction.
That said, there’s no singular LayerZero app that you go to use. Rather, you can try the apps that are built on top of, or that have integrated with, the cross-chain protocol. And it turns out there are already many such apps, as you can see below!
So, if you’re a newcomer to LayerZero tech, where to start?
I’ve been thinking on that question, so I’ve curated a list of 4 basic activities you can try today to up your experience around this new omnichain frontier. Let’s start with the first app built on LayerZero, Stargate…
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Stargate is a bridging protocol that makes it easy to move funds from one chain to another. It attempts to tackle the “bridging trilemma” by guaranteeing immediate cross-chain transaction finality, supporting native assets (instead of wrapped ones), and facilitating liquidity with a unified liquidity pool system.
Input the network you want to transfer from (e.g. Ethereum), the asset you want to transfer (e.g. USDC), and the network you want to transfer to (e.g. Polygon
Press “Transfer” and start the transaction with your wallet
It will typically take a few minutes for your transaction to complete, so feel free to use layerzeroscan.com to track your transaction’s status while you wait!
2. Make a cross-chain trade on Sushi
Overview
Sushi is a decentralized exchange (DEX) that has always taken a “wide” approach to its deployments, as the protocol has now launched on no less than 26 different chains. To shorten the distance between these chains, so to speak, last summer Sushi launched SushiXSwap, the first cross-chain DEX built atop Stargate.
Pick your “From” and “To” networks + the assets you want to trade
Switch to the appropriate network as needed and complete the swap with your wallet, that’s it!
3. Migrate a username from zkSync to Polygon
Overview
The zkSync Name Service is a fork of the ENS domain system on the zkSync Era layer-two (L2) scaling solution. It’s also integrated with LayerZero, meaning right now you’re able to migrate any registered names from zkSync to Polygon if you so choose. At the moment I’m not sure what the utility of this sort of migration is, but hey, it’s straightforward and easy to test out!
Toggle the “Crosschain” button, select Polygon as your destination network, and complete the send with your wallet
4. Mint an omnichain NFT on Holograph
Overview
Holograph is an omnichain NFT protocol built on LayerZero tech that allows users to mint or bridge NFTs across a range of different chains, namely Ethereum, Polygon, Arbitrum, Optimism, BNB Chain, and Avalanche right now. Follow the project’s Twitter to see when new featured open edition (OE) drops are announced!
Select the network you want to mint on + the number of pieces to mint
Press “Mint” and complete the transaction with your wallet
That’s it! You should be able to review most if not all of your Holograph mints in your OpenSea profile, too
THANKS TO UNISWAP
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The LayerZero protocol is serving as a gateway to a new era of cross-chain apps. From bridging crypto with Stargate to minting omnichain NFTs on Holograph, LayerZero is expanding the early boundaries of the blockchain interoperability space. If you want to level up your experience in this frontier, starting with the apps listed above is definitely how I’d take the first steps!
Action steps
🌐 Try LayerZero: explore apps like Stargate, Sushi, zkSync Name Service, and Holograph
Not financial or tax advice. Bankless content is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This newsletter is not tax advice. Talk to your accountant. Do your own research. Disclosure. From time-to-time we may add links in this newsletter to products we use. We may receive commission if you make a purchase through one of these links. Additionally, the Bankless team hold crypto assets. See our investment disclosures here. | Terms & Conditions – Privacy Policy
