Wormhole is a cross-chain messaging protocol that connects multiple blockchains and allows them to exchange data and assets. It is not a blockchain itself and does not act as a Layer 1 or Layer 2, but instead operates as an interoperability layer that sits between independent chains. The architecture is modular, because it separates communication from execution and lets each connected blockchain handle its own transactions and state. The core mechanism is message passing, where a smart contract on one chain emits a message that is verified and relayed to another chain. A network of validator nodes called Guardians observes events on source chains, signs the messages, and makes them available for verification on the destination chain. When assets are transferred, tokens are typically locked on the origin chain and an equivalent representation is created on the target chain, keeping total supply consistent across networks. Developers can use this system to build applications that operate across chains, including token transfers, cross-chain governance, and shared liquidity systems. The utility for users is the ability to move value and interact with applications across different blockchains without needing centralized intermediaries, while each chain continues to function independently.

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In addition to the $225 million raise, the team behind Wormhole announced the formation of the new company Wormhole Labs, which will help develop the protocol. Badreg declined to disclose how much of the $225 million will be split between Wormhole Labs and Wormhole Foundation, another entity created in 2021 to encourage developers to use the protocol.

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Wormhole is the leading interoperability protocol that transfers data and assets between blockchains.

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