On-Chain Protocol LayerZero Launches Blockchain Bridge Aptos

  • October 22, 2022
  • 1 Min Read

LayerZero Labs, an on-chain user application protocol, has launched a blockchain bridge called Aptos Bridge.

According to the team, the bridge will allow its users to transfer Ethereum, USDC, and USDT from Ethereum, Polygon, BNB Chain, Avalanche, and Optimism to Aptos.
The developers warned that not all the bridge’s functions will be available in the first interaction of the update.

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“Aptos launching as an entirely new ecosystem means that many features users are accustomed to using on other chains are not immediately available; this includes common tooling, libraries, and things like native assets issued by groups like Circle (USDC) and Tether (USDT).”

Initial transactions on the bridge will be limited in rate ($1 million outbound per 24 hours per pathway) and have a 3-day period for outbound transactions. “Transfers inbound to Aptos will have no rate-limit and no delay on transfers,” the company added.

LayerZero has also announced a bug bounty program that it’ll offer to “white hackers” (hackers that scan software for potential bugs voluntarily) in case they find a vulnerability in the new bridge. The amount of the bounty — from $2 million to $15 million - will depend on the type of bug. LayerZero has already paid over $4 million for audits and awarded a million dollars to white hackers.

LayerZero is an interoperability protocol that connects blockchains. It is backed by Binance Labs, which led a $6 million funding round, along with Multichain Capital in 2021. The list of investors also includes Defiance, Robot Ventures, Spartan, Protocol Ventures, Gen Block Capital, and others.

The Aptos blockchain bridge allows app development using the Move language, which is considered to be safer and more reliable than other coding languages. The APT token was launched on Binance on Oct. 19 and its price grew by 10,000%, touching the $100 lever in the very first minute of trading and then crashing to $8. The coin was trading at $7.61 at press time.

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  • Avatar of Catherine Ross-Mychka

    Catherine worked as a deputy editor in chief at Cointelegraph, editor in chief at Currency.com, and crypto managing editor at Benzinga.