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LayerZero Coverage Part 2: Growth of Cross-Chain Interoperability Sector
SUMMARY
- The cross-chain interoperability sector, where LayerZero operates, has been experiencing rapid growth. By September 2024, the total cross-chain transaction/message volume reached 3.5 million, with an average daily volume of 118,000.
- The sector has evolved from the early dominance of IBC to the rise of LayerZero, with both protocols now leading in volume. A growing list of competing protocols is also competing for market share.
- This growth is driven by the increasing demand for asset bridges, the penetration of interoperability protocols into bridge services, and the emergence of cross-chain use cases beyond asset transfers. We project that the sector will continue to grow at an annual rate of over 100%.
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