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“I think the industry was messy a year ago, but I think it was very competitive,” Layerzero CEO Bryan Pellegrino told me. But thanks to a more friendly environment and overall adoption, it is “cleared”.
Last month, the company saw a $6 billion transfer, he added, with assets worth $100 billion built in Layerzero.
Certainly, Peregrino added that he still considers cryptography to be a weak industry. However, he meets BlackRock and PayPal around the world on a regular basis, so it may be time for a change in his way of thinking.
Layerzero dominates with a whopping 75% market share, introducing a new set of challenges for Pellegrino and his team.
“It's easy when you're fighting for market share, because it's very clear what you need to do. But it's 75% market share. And the last 25% doesn't seem to matter gradually,” he explained.
“How can I go from $6 billion a month to $100 billion a month? How can I create a way to do all the exchanges to deal with inventory management through the entire backend team? I'm basically custody and interacting with these things.
Pellegrino pointed out, as Layerzero grows, it's about making sure that not just technology, but some of the challenges we have now been using.
At the end of last week, the A16Z announced it had purchased a Zro worth $55 million. VC companies have previously invested in Layerzero.
But what surprised me about this announcement was the term “periods included in the presentation.” A16Z Crypto partner Ali Yahya has revealed that token purchases will have a three-year lockup.
Pellegrino told me that this disclosure is part of an effort to be as transparent as possible. But it also helps to show the “extreme belief” on the A16Z side.
“That's not what they're thinking in the near future. That's what they're thinking in the very long term. That's how we think about the world, and that's how we want people to think about it.
I asked Peregrino what the company was going to do with money and he told me it was all about “alignment.” The company has a 10-year runway, showing how Peregrino thinks about the industry.
