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How To Buy LayerZero (ZRO) In India? [2024]

By June 21, 20245 minute read

Since Bitcoin’s launch in 2008, the crypto space has witnessed a surge in new blockchains, leading to hundreds of live blockchains today. In this multichain environment, liquidity became fragmented across different chains, resulting in isolated ecosystems.

To address this issue, bridges were created as crucial infrastructure to connect chains and allow liquidity to flow between them. However, securing bridges has proven to be one of the most challenging tasks for Decentralized Applications (DApps). In the quest for a more secure bridging solution, LayerZero was developed.

Let’s throw some light on this protocol and five easy steps to buy ZRO tokens from India’s most trusted exchange.

What is LayerZero?

LayerZero is an open-source omnichain interoperability protocol designed to facilitate seamless cross-chain communication between multiple blockchains. By employing a novel technique, LayerZero simplifies the process of connecting different blockchain networks.

In layman’s terms, LayerZero allows all supported blockchains to interact effortlessly, enabling features like swaps, transfers, borrowing, lending, and more across various blockchains.

Key Features of LayerZero

  • Ultra Light Nodes (ULNs): ULNs are lightweight smart contracts that run on multiple blockchains, verifying cross-chain messages without relying on heavy, resource-intensive nodes.
  • Configurable Trustlessness: LayerZero offers customizable levels of trustlessness, allowing users to adjust security parameters based on their specific needs and risk profiles.
  • Scalability: By facilitating direct communication between blockchains, LayerZero minimizes the need for intermediary chains or tokens, streamlining processes and enhancing scalability.
  • Efficiency: The protocol’s design ensures that cross-chain transactions are fast and cost-effective, making it an attractive solution for developers and users.
  • Versatile Integrations: LayerZero is integrated with various projects, such as Stargate Finance, Synapse Protocol, and Composable Finance, showcasing its wide applicability and robust functionality.

LayerZero Ecosystem

LayerZero’s interoperability protocol comprises three main components: Ultra Light Nodes, decentralized oracles, and relayers.

  • Ultra Light Node

ULNs function similarly to Light Nodes, which act as mini-validator nodes on a blockchain network. Light Nodes are set up on the destination chain for interoperability protocols to receive data from a source chain and integrate it into the destination chain, completing the communication cycle. While Light Nodes enhance security, they can be costly.

LayerZero addresses this by using ULNs, which package and send multiple transactions at once at the destination chain’s request, saving costs while maintaining security.

  • Oracles

Oracles serve as relational database management systems that enable decentralized systems to communicate with the external world, bridging Web3 and Web2 and linking decentralized applications. They create data feeds and integrate this data into target systems in an accessible format. LayerZero utilizes decentralized Oracles from providers like Chainlink and Band Protocol to facilitate this communication.

  • Relayers

Relayers finalize the messaging cycle between networks by sending proof of transaction to the destination chain. This proof allows the destination chain to integrate data or messages from the source chain and execute any commands within the message, ensuring seamless cross-chain communication.

How Does LayerZero Work?

LayerZero sets up endpoints on each network involved, such as Network A (source chain) and Network B (destination chain). A user application from Network A chooses a preferred oracle (e.g., Chainlink DON) to send a message to Network B and a relayer for the cross-chain message. The endpoint at Network A sends the message details, including its destination, to the Chainlink DON and the selected relayer. The oracle then forwards these details to Network B, while the relayer provides proof of the transaction to the target chain.

Source: CoinGecko

The communication process between the oracles and the target chain is similar to how oracles feed blockchain protocols with external data.

LayerZero Tokenomics

The initial distribution of LayerZero ($ZRO) tokens is as follows:

25% allocated to the Ecosystem Fund

19% allocated to Airdrops, including 5% for IDO

19% allocated to Core Contributors

17% allocated to Investors

20% allocated to RPGF

Buying LayerZero (ZRO) in India

Below are a few simple steps you can follow and buy the ZRO tokens in India with WazirX, India’s most trusted and widely used crypto exchange.

The best way to buy ZRO tokens is by depositing INR in your WazirX wallet. Alternatively, you can also buy ZRO using P2P trade; to get answers to all your queries related to the P2P trade, click here!

Step 1 – Sign-Up on the WazirX platform

To begin buying and selling ZRO, you must sign up for an account on the WazirX platform. If you already have an account, you can log in directly.

For your reference, here’s how you can open an account on WazirX.

Step 2 – Set up your account security by verifying your email address.

This step is about verifying your email address. After you sign up on the WazirX platform, you’ll get a verification link on your registered email. By clicking on that link, you’ll get two options to ensure the security of your account – the authenticator app and mobile SMS.

Note: The authenticator app is a more secure way to stay safe when compared to mobile SMS because there’s a risk of delayed reception or SIM card hacking.

Step 3 – Complete the KYC process.

After choosing your country, you can proceed with completing the KYC process. Click here for a detailed overview.

Note: You must complete your KYC to be able to trade P2P or withdraw funds on the WazirX app.

Step 4 – Add funds to your WazirX wallet.

To add funds, simply go to your account on the WazirX app or web. Click on “Funds” and then on “Deposit INR.”

You can deposit INR using any mode (NEFT/ RTGS/ IMPS).

You can also buy ZRO through P2P to the WazirX wallet. The ZRO will act as funds to help you buy your favorite cryptos.

Step 5 – Finally, buy ZRO on WazirX.

You can now easily purchase ZRO tokens using INR Deposits. In the case of P2P trade, check ZRO to USDT here.

After logging in to your WazirX account, you can choose INR from the “Exchange” tab. You can also check all the price charts, order book data, and an order input form on the right side of the screen.

Click “Buy” after entering the amount and checking the total INR amount to be paid.

Your order will be placed according to the price you have input. And, in the case of P2P trade, a seller willing to sell at a price will be notified, and then you can exchange the tokens using P2P.

The order might take a few minutes to complete, but as soon as it is executed, you will receive the ZRO Tokens you purchased in your WazirX wallet.

Happy Trading!

Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.
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