Hedera announced the integration of LayerZero into its network, coinciding with the launch of its mainnet v0.54 release. This development aims to enhance token services and bolster Hedera's standing in institutional DeFi.
Key Benefits for Hedera's Ecosystem
The integration enhances the Hedera Token Service by enabling low-cost token creation and management. LayerZero offers cross-chain compatibility for Ethereum assets through its Omnichain Fungible Token (OFT) standard. It also allows Hedera-based decentralized applications to connect directly with the LayerZero endpoint, creating a seamless bridging experience. The implementation supports the hUSDC stablecoin linked with the Stargate liquidity protocol.
Mainnet v0.54: Features and Improvements
The new release follows v0.53, which introduced HIP-904 with its Frictionless Airdrops feature. The upgrade allows for unlimited token associations without prepayment. Key features include token 'pending' status if recipient lacks slots, multi-recipient token sending in a single transaction, selective claiming of airdropped tokens, token withdrawal by senders, and returning tokens to the treasury account.
Expanding Institutional Access to HBAR
The LayerZero integration follows the launch of the Canary HBAR Trust in the US, providing institutional investors direct access to Hedera's native cryptocurrency. This private offering allows qualified investors to securely invest in HBAR and represents Canary Fund's strategy to pave the way for future HBAR-focused ETFs.
The LayerZero integration strengthens Hedera's position as a leading platform for institutional DeFi, offering new technologies and easing access to the platform.
