Crypto
BitGo Migrates WBTC Away From LayerZero, Sparking ZRO Volatility
LayerZero (ZRO) experienced a significant surge in volatility of 4.25% over the last 7 hours, following BitGo's announcement to migrate Wrapped Bitcoin (WBTC) from LayerZero to Chainlink's CCIP.
The move is part of a broader trend, with around $14.5 billion to $14.6 billion worth of value migrating away from LayerZero, including previous migrations and the recent exploit on a LayerZero-powered bridge that resulted in losses of $292 million.
BitGo's decision has reinforced the negative narrative surrounding LayerZero, which is seen as losing its flagship client and potentially impacting its long-term fee potential.