Citing sources, The Block writes that the developers of the LayerZero omnichain protocol hope to raise additional funding that will triple the value of the venture to $3 billion.

The investment round will be led by FTX Ventures. Participants will receive a share of the capital of the Stargate bridge under development, guarantees for LayerZero tokens, and local tokens.

FTX Ventures, along with Sequoia, FTX Ventures, and Andreessen Horowitz, led the project’s $135 million Series A+ funding round in March 2022. Then LayerZero Labs was worth $1 billion.

The startup is a major developer of the LayerZero protocol. It aims to connect different blockchains by allowing applications to pass messages between chains. According to the team, their project combined the cost-effectiveness of Polkadot and the security of Cosmos.

Stargate allows for the transfer of tokens in a single transaction without resorting to locking, issuing and burning, as well as repurchasing “wrapped” assets.

LayerZero supports Ethereum, Binance Smart Chain, Polygon, Avalanche, Phantom, Arbitrum and Optimism. It was assumed that Solana, Terra, Cosmos Hub, and Osmosis would be added to this list.

At the time of this writing, Stargate Cross-Chain Bridge has $733.6 million in funding. Two weeks after its launch in March 2021 TVL It reached $2.5 billion at its peak in early April – $4.17 billion.

Recall that KaJ Labs has raised $400 million to develop a cross-chain application platform.

Connext project, which previously focused on blockchain interoperability, introduced the NEXT native token and announced the creation of a DAO.