Integration With Metis Leverages LayerZero Technology to Enable Cross-Layer Messaging
TORONTO, January 19, 2023--(BUSINESS WIRE)--Stargate, a fully composable liquidity transport protocol, is set to deploy today at 9AM PST/ 12PM EST on Metis Andromeda, an organization committed to building a robust and decentralized layer 2 infrastructure to empower the Web3 economy. This new integration marks Stargate’s first blockchain expansion beyond the LayerZero ecosystem – enabling an omni-chain bridge leveraging LayerZero technology. The Stargate expansion to Metis will empower projects to utilize Stargate to achieve their cross-chain and omni-chain visions.
The siloed nature of blockchains inhibits users from fully tapping into the power of decentralization. Network composability, in theory, addresses this problem by enabling blockchains to easily communicate with each other. However, to this point, cross-chain bridging has represented as much risk as it has reward, with more than $2.5 billion being stolen from cross-chain bridges in the past two years. Adding insult to injury, a recent study indicates roughly 50% of exploits in DeFi occur on cross-chain bridges. LayerZero upgrades cross-chain composability by delivering seamless, secure messaging across blockchains to empower developers to build richer, more user-friendly applications.
Through the partnership, Stargate’s expansion to Metis will leverage LayerZero technology to enable greater flexibility for projects to manage their funds, treasury, and yield strategies. Ultimately, the partnership aims to make crypto more accessible to end users and accelerate crypto adoption.
"Metis could not be more excited to welcome Stargate into the Metis Ecosystem," said Elena Sinelnikova, Metis CEO and Co-founder. "Web3 represents community and decentralization, both of which must begin at the infrastructural level. We firmly believe that, alongside the Stargate team, our partnership is a major step toward eliminating the barriers between blockchains, and opening the doors to a more decentralized, multi-chain economy."
Representing the first trustless omnichain interoperability protocol built for ‘lightweight’ cross-chain messaging, LayerZero empowers developers to seamlessly launch inter-chain applications, including cross-chain DEXs, lending protocols and yield aggregators without middle-chain bridges. LayerZero’s Stargate Finance addresses the bridging trilemma as the first fully composable native asset bridge enabling native cross-chain transfers in a single transaction. The partnership with Metis marks Stargate’s first expansion beyond the LayerZero ecosystem, bringing Metis users a more efficient market and the ability to leverage the benefits of DeFi across multiple chains supported by LayerZero.
"The integration of Metis is another big step in LayerZero’s expansion into the Layer 2 ecosystem of Ethereum, allowing for a unified flow of messaging across the entire Ethereum ecosystem," added Ryan Zarick, LayerZero Labs Co-Founder and CTO. "We’re extremely excited to support the Metis ecosystem and its developers and are looking forward to building amazing things together."
Metis and Stargate intend to continue collaborating on an ongoing basis. To start, Stargate will enable USDT for Metis across Ethereum, Avalanche, and BNB Chain, with plans to expand further.
For more resources about Stargate, visit: https://stargate.finance/.
ABOUT STARGATE FINANCE
Stargate is a fully composable liquidity transport protocol that lives at the heart of Omnichain DeFi. With Stargate, users & dApps can transfer native assets cross-chain while accessing the protocol’s unified liquidity pools with instant guaranteed finality.
Metis is a first of its kind, scaling and user friendly platform built to scale Ethereum and facilitate infrastructure development. The Metis Layer 2 is just the core component of the Metis Stack*, followed by the Reputation Power System, and the Decentralized Autonomous Company (DAC) Framework. The Metis Stack will provide the ideal environment for infrastructure development, day-to-day businesses, and other forms of open collaboration to take place.
When using Metis, users can rest assured that their transactions are being secured by Ethereum mainnet while uniquely inheriting the underlying benefits of EthereumBuilders and users are truly interacting with, and secured by, Ethereum mainnet.
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