TORONTO–(BUSINESS WIRE)–Stargate, a fully composable protocol for liquidity transport, will be distributed today at 9am PST/12pm EST at Metis Andromeda, an organization committed to building a robust and decentralized layer 2 infrastructure to power 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 use Stargate to achieve their cross-chain and omni-chain visions.
The siled nature of blockchains prevents users from fully utilizing the power of decentralization. Network interoperability in theory solves this problem by making it easy for blockchains to communicate with each other. But to this point, cross-chain bridging has represented as much risk as it has reward, with more than $2.5 billion stolen from cross-chain bridges in the past two years. Adding insult to injury, a recent one study indicates that approximately 50% of exploits in DeFi occur on cross-chain bridges. LayerZero advances cross-chain composition by delivering seamless, secure messaging across blockchains to empower developers to build richer, more user-friendly applications.
Through the partnership, Stargate’s expansion into Metis will leverage LayerZero technology to enable greater flexibility for projects to manage their funds, treasury and return 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 infrastructure level. We are convinced that, together with the Stargate team, our partnership is a big step towards eliminating the barriers between blockchains and opening the doors to a more decentralized, multi-chain economy.”
LayerZero represents the first trustless omnichain interoperability protocol built for ‘lightweight’ cross-chain messaging, enabling developers to seamlessly launch inter-chain applications, including cross-chain DEXs, lending protocols and yield aggregators without inter-chain bridges. LayerZero’s Stargate Finance addresses the bridge trilemma as the first fully composable native asset bridge that enables native cross-chain transfers in a single transaction. The partnership with Metis marks Stargate’s first expansion beyond the LayerZero ecosystem, providing Metis users with a more efficient marketplace and the ability to leverage the benefits of DeFi across multiple chains supported by LayerZero.
“The integration of Metis is another major step in LayerZero’s expansion into the Layer 2 ecosystem of Ethereum, enabling a unified flow of messages across the entire Ethereum ecosystem,” added Ryan Zarick, LayerZero Labs co-founder and CTO. “We are extremely excited to support the Metis ecosystem and its developers and look forward to building amazing things together.”
Metis and Stargate intend to continue working together on an ongoing basis. Initially, Stargate will enable USDT for Metis across Ethereum, Avalanche and BNB Chain, with plans to expand further.
For more information about Metis and its Smart Layer 2 solution, see: metis.io. Follow Metis on Twitterand join the conversation on Discord.
For more resources on Stargate, visit:
ABOUT STARGATE FINANCE
Stargate is a fully composable liquidity transport protocol that lives at the heart of Omnichain DeFi. With Stargate, users and dApps can transfer native assets across chains while accessing the protocol’s unified liquidity pools with instant guaranteed finality.
ABOUT METISIS
Metis is a first-of-its-kind, scalable and user-friendly platform built to scale Ethereum and facilitate infrastructure development. 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. Metis Stack will provide the ideal environment for infrastructure development, day-to-day operations and other forms of open collaboration.
When using Metis, users can rest assured that their transactions are secured by the Ethereum mainnet, while uniquely inheriting the underlying benefits of EthereumBuilders and users truly interacting with and secured by the Ethereum mainnet.
