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An under-the-radar altcoin experienced a notable price surge on Thursday following a $55 million investment announcement by venture capital giant Andreessen Horowitz (a16z). The investment targets ZRO, the native token of the omnichain interoperability protocol LayerZero.
ALI YAHYA, a general partner at a16z Crypto, revealed the investment, emphasizing its three-year lockup period. LayerZero, a protocol designed to facilitate seamless data transfer across blockchains, aims to support “censorship-resistant messages and permissionless development through immutable smart contracts.”
Prior to the announcement, ZRO was trading at approximately $2.33. Within 90 minutes of the news, the token surged to a high of $2.54. As of the latest update, ZRO has partially retraced to $2.46 but remains up by over 2.5% in the past 24 hours. This performance stands in contrast to the broader crypto market, which has declined by more than 1% during the same period.
Earlier this week, LayerZero was named the “preferred messaging infrastructure provider” for GMX’s multichain expansion. Additionally, the XDC Network, a layer-1 blockchain, announced its integration with LayerZero, connecting it to over 125 supported blockchains. This integration is expected to empower developers and enterprises to build omnichain applications with enhanced trust, speed, and efficiency.
Sources: Ali Yahya’s Announcement, LayerZero, GMX, XDC Network
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