LayerZero Partnerships Plummet Amid Token Value Crash
LayerZero, a blockchain interoperability project, has lost over a dozen partnerships this year, according to recent developments. The ZRO token has shed a third of its value since the beginning of the year.
The latest departure was Ethereum node service provider Nethermind, which migrated to one of LayerZero's competitors and terminated its role as verifier on Wednesday.
This is not an isolated incident; several high-profile partners have left LayerZero this year. In May, Kelp DAO exited after losing $292 million through a bridge secured by a single LayerZero verifier.
Other notable exits include Solv Protocol, Re.xyz, Kraken, Lombard, Virtuals Protocol, Yuzu Money, Mantle, and BitGo, which took $7.7 billion of wrapped BTC out of the ecosystem in August.