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LayerZero unveils ATLAS infrastructure for crypto and tokenized asset trading
LayerZero has unveiled ATLAS, a trading infrastructure that combines order matching, clearing, settlement and risk management in a single system. Following the announcement, the ZRO token surged more than 30%, rising from around $1 to $1.20.
The platform runs on Zero, a blockchain LayerZero introduced in February with the involvement of DTCC, Intercontinental Exchange (ICE) and Google Cloud. Citadel Securities also made a strategic investment in the project at the time.
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ATLAS combines trading and settlement
ATLAS stands for Aggregated Trading Liquidity and Settlement. The infrastructure is designed for a wide range of markets, from spot crypto and perpetual futures to stocks, bonds, commodities and prediction markets.
LayerZero argues that existing financial infrastructure, where trading, clearing and settlement often operate through separate systems, is poorly suited to tokenized assets that can trade around the clock.
“We built ATLAS to be the neutral, performant backend to power them all,” LayerZero co-founder and CEO Bryan Pellegrino said.
ATLAS will not have its own trading application. Instead, exchanges and other platforms will be able to connect to the infrastructure while retaining their own interfaces and customer relationships.
LayerZero will offer two versions of the system. Open ATLAS is primarily designed for crypto applications and prediction markets, while Institutional ATLAS will allow exchanges and financial institutions to set their own market rules.
ZRO linked to trading infrastructure revenue
The launch of ATLAS also expands the role of LayerZero’s native token. Trading venues will be able to stake ZRO to receive higher fee discounts.
In addition, 75% of fee revenue remaining after discounts for trading venues and payments to market creators is expected to be used to buy back and burn ZRO. As a result, increased activity on ATLAS will be directly linked to a reduction in the token’s supply.
LayerZero’s expansion into trading infrastructure follows a major incident involving its core business.
In April, attackers stole around $292 million from a Kelp DAO bridge that used LayerZero infrastructure. Several projects subsequently began moving away from the company’s solutions.
The incident increased scrutiny of cross-chain bridge risks and created another challenge for the project amid competition with other interoperability protocols. LayerZero is now expanding beyond transferring assets between blockchains and making a direct push into the infrastructure used to trade them.
BitGo previously decided to migrate Wrapped Bitcoin (WBTC) from LayerZero infrastructure to Chainlink’s Cross-Chain Interoperability Protocol. Once the migration is complete, the combined value of projects that have moved from LayerZero to Chainlink will approach $15 billion.
This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.
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