LayerZero defies altcoin market slump as traders eye $1.60 support shelf – What’s next?

LayerZero [ZRO] has rallied 8.25% in the past 24 hours, while the rest of the altcoin market mostly saw flat or bearish price action. The short-term gains came alongside increased speculative activity. Coinalyze data showed a 9.8% uptick in OI, and the spot CVD has also climbed higher since Friday, the 30th of October. Yet, the daily trading volume has slipped by 41.3%, according to CoinMarketCap data. In other news, Canadian financial startup Loon Finance announced that it had selected LayerZero's OFT Standard as the interoperability solution to its Canadian dollar-backed stablecoin, CADC. Since the OFT standard fulfilled the three critical requirements of security, liquidity, and compliance control for the institutional-caliber multi-chain operator, LayerZero was chosen to build a solution, the announcement read.

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