ZRO, the native token of the omnichain interpretability protocol LayerZero, has skyrocketed more than 40% on the past day following the announcement of its new Layer-1 (L1) blockchain backed by major institutional players.
LayerZero Unveils Zero BlockchainDesigned to “eliminate the long-standing scalability challenges of decentralized networks,” Zero is set to process 2 million transactions per second (TPS) per Zone and charge near-zero fees by targeting four primary bottlenecks.
“This structural shift allows for two distinct validator classes: lightweight Block Validators capable of running on low-grade consumer hardware and optional higher performance Block Producers,” it continued.
Zero Receives Major Institutional BackingThe rollout was backed by key institutional players, including Citadel Securities, The Depository Trust & Clearing Corporation (DTCC), ARK Invest, Google Cloud, and Intercontinental Exchange (ICE).
Notably, Citadel Securities is collaborating to evaluate how its technology could apply to trading, clearing, and settlement workflows. Additionally, it made a strategic investment in ZRO.
“This is a historic opportunity at the intersection of finance and the internet. I am thrilled to join LayerZero’s advisory board and help accelerate the adoption of Zero by the largest markets and companies in the world,” Wood said in a statement.
DTCC will investigate the Zero blockchain architecture to enhance the scalability of the DTC Tokenization Service and collateral management, while ICE will examine it for 24/7 trading and tokenized collateral.
ZRO Price SkyrocketsNow, the recent momentum has pushed LayerZero back above the $2.00 area and toward a major resistance area. The cryptocurrency has been unable to reclaim the $2.60 mark since June, being rejected from this area after each retest.
As of this writing, ZRO is trading at $2.45, a 36.5% increase in the weekly timeframe.
