Can someone explain what LayerZero is and why it’s important like I never worked in web3 in my life? https://www.coindesk.com/business/2023/04/04/crypto-protocol-layerzero-raises-120m-series-b-at-3b-valuation/

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LayerZero is a protocol that allows different blockchains to communicate with each other. It does this by creating a "universal layer" that sits on top of each blockchain. This layer allows messages to be passed between the blockchains without the need for a centralized intermediary.

How does it captured value in a way that makes it worth $3B?

I doubt it does but VCs love their "picks and shovels" because it allows them to have optionality rather than having to have conviction about an application that provides tangible value to users.