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Cross-Chain Bridge Protocol Stargate Partners With Metis for More Efficient Interoperability
The move will be the first expansion for Stargate beyond LayerZero technology.
Updated Jan 19, 2023, 3:20 p.m. Published Jan 19, 2023, 2:00 p.m.
Cross-chain bridge protocol Stargate Finance will work with Ethereum layer 2 platform Metis to enable more flexible and secured cross-chain applications for users.
The partnership is being pitched as a way to allow Stargate - a protocol built by LayerZero Labs - to give projects more flexibility when building decentralized finance (DeFi) applications across different blockchains.
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Read more: What Are Blockchain Bridges and How Do They Work?
“Stargate’s expansion to Metis will leverage LayerZero technology to enable greater flexibility for projects to manage their funds, treasury, and yield strategies,” Stargate said in a statement.
Stargate had about $350 million total value locked (TVL) as of Jan. 18, according to DefiLlama. The protocol currently supports seven blockchains, including Ethereum, BNB Chain, Avalanche and Polygon. Metis will be the first new chain supported by Stargate since it launched in March 2022.
LayerZero is a communication protocol that aims to make it easier for applications on different blockchains to securely interoperate and swap funds.
With its Stargate integration, Metis, the Ethereum scaling platform, will gain the ability to swap the tether stablecoin between other Stargate-supported blockchains – a group which the cross-chain bridging protocol says will continue to expand.
LayerZero is among a handful projects aiming to avoid the pitfalls of traditional cross-chain bridges, the typical (and oft-exploited) method of swapping assets between blockchains. Almost 50% of the attacks affecting cross-chain bridging protocols in the DeFi ecosystem occur on cross-chain bridges, Stargate said in the statement, citing recent studies.
Read more: Interoperability Startup LayerZero Comes Out of Stealth With $6M in Funding
“LayerZero upgrades cross-chain composability by delivering seamless, secure messaging across blockchains to empower developers to build richer, more user-friendly applications,” according to the statement.
Read more: FTX-Backed Crypto Unicorn LayerZero Bought Out Stake
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