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 Nov 7, 2024

If You Attack Cryptocurrency, You'll Lose The Election

Chainlink and Major Market Players Launch AI-Powered Initiative to Tackle Unstructured Data in Fi...

Best Cryptos to Buy Now for Maximum Profit: Top Cryptocurrency Picks (Nov 2024)

Small Coins, Big Wins – These Penny Cryptos Could Skyrocket 5000% in the Post-Election Bull Run!

Bull Run Begins: Ready for New Opportunities?

Justin Sun Proposes Job Opportunity to SEC Chair Gary Gensler

Join our free newsletter for daily crypto updates!