Canary

Token

Hedera

LayerZero

Hedera&nbsp;<a style="text-decoration:none" href="https://www.hbarfoundation.org/blog-post/layerzero-integration-creates-more-opportunity-for-evm-based-institutional-liquidity-inflows-to-the-hedera-network">announces</a> integrating LayerZero (ZRO), a multi-chain interoperability protocol, into its network. This announcement comes alongside the launch of the mainnet v0.54 release.&nbsp;
The integration is set to enhance the Hedera Token Service (HTS), allowing for the creation and management of both fungible and non-fungible tokens with quick and low-cost transactions.
&nbsp;
This development aligns with the HBAR Foundation's goal of establishing Hedera as an enterprise-grade network for institutional decentralized finance (DeFi). The integration reportedly opens a new destination on the Hedera network for EVM-based liquidity, connecting the ecosystem to more liquidity sources.
&nbsp;
It builds on previous infrastructure investments with providers like Copper and Elliptic, along with the Hedera Asset Tokenization Studio.
<h2 dir="ltr" id="span-span-key-benefits-for-hedera-s-ecosystem-span-span">Key Benefits for Hedera's Ecosystem</h2>
<ul>
 <li>Omnichain Fungible Token (OFT) Interoperability LayerZero’s OFT standard enables asset-level interoperability for Ethereum-based assets on the Hedera network. This feature is vital for the issuance and adoption of real-world assets (RWAs).&nbsp;</li>
 <li>DApp Connectivity The integration allows Hedera-based decentralized applications (dApps) to connect directly with the LayerZero endpoint, creating a seamless bridge experience.&nbsp;&nbsp;</li>
 <li>Stargate and hUSDC Liquidity The Hedera endpoint sets the stage for Hedera-based assets to be supported on Stargate, a liquidity transport protocol built on LayerZero. The HBAR Foundation plans to present a governance proposal to the Stargate DAO for native support of the hUSDC asset soon.</li>
</ul>
<h2 dir="ltr" id="span-span-mainnet-v0-54-features-and-improvements-span-span">Mainnet v0.54: Features and Improvements</h2>
Hedera’s&nbsp;<a style="text-decoration:none" href="https://hedera.com/blog/mainnet-v0-54-release">mainnet v0.54</a> release follows the earlier v0.53, which introduced critical components for the implementation of HIP-904: Frictionless Airdrops. This upgrade reportedly allows for unlimited automatic associations, enabling accounts to associate with multiple tokens sent to them without pre-paying fees.
&nbsp;
The new mainnet version includes all core features of Frictionless Airdrops, empowering token creators and users.&nbsp;
Key components of this upgrade include:
<ul>
 <li>Pending Token Transfers: Tokens can remain in a "pending" state if the recipient account lacks available association slots.</li>
 <li>Token Airdrop: Senders can distribute tokens to multiple recipients in a single transaction while considering association properties.</li>
 <li>Token Claim Airdrop: Recipients can selectively claim airdropped tokens that are pending.</li>
 <li>Token Cancel Airdrop: Senders can cancel unclaimed airdropped tokens after distribution.</li>
 <li>Token Reject: Receivers can return their fungible tokens or specific non-fungible token serials back to the treasury account.</li>
</ul>
<h2 dir="ltr" id="span-span-expanding-institutional-access-to-hbar-span-span">Expanding Institutional Access to HBAR</h2>
The announcement of the LayerZero integration comes a few days after the launch of the&nbsp;<a style="text-decoration:none" href="https://bsc.news/post/hedera-s-hbar-gains-us-institutional-access-with-launch-of-canary-trust">Canary HBAR Trust</a>, the first-ever HBAR Trust in the United States. This initiative offers institutional investors direct access to Hedera’s native cryptocurrency, HBAR.&nbsp;
&nbsp;
Designed as a private offering, it allows qualified investors to invest securely in HBAR and is part of Canary Fund's strategy to pave the way for future HBAR-focused exchange-traded funds (ETFs).
&nbsp;
Steven McClurg, CEO of Canary Capital, noted the growing demand for crypto offerings, emphasizing the need for institutional-level products.&nbsp;
<blockquote>
 “Yet there remains a gap regarding firms with institutional experience who are willing to continue to innovate and deliver solutions beyond retail products,” he stated.
</blockquote>

Hedera Integrates LayerZero Amid Mainnet v0.54 Release

Table of Contents

BSCN

Other articles published on Oct 28, 2024

Shiba Inu News: How It Compares To Other Popular Meme Coins Like Floki (FLOKI) And Cutoshi (CUTO)

TRX and XRP Anticipate Gains by 2025—Could This Ultra-Cheap Alternative Offer Better Returns?

Positive Vibes Fuel Bonk’s 10% Price Surge & Mpeppe’s Bitmart Listing Announcement Sparks Interes...

Seize the Future of Interoperability With Qubetics! Tezos Powers Long-Term Growth, and Arkenstone...

Over $20M Stolen in Major Exploit of U.S. Government-Seized Crypto Wallets

Is It Too Late To Buy WELL? Moonwell Price Soars 10% And This Might Be The Next Crypto To Explode

Join our free newsletter for daily crypto updates!