LayerZero, a project focused on blockchain interoperability, has just confirmed its plans to launch a native token and conduct an airdrop in the first half of 2024. The news had an immediate impact on the network, boosting metrics for projects linked to its ecosystem.
The LayerZero protocol, designed to facilitate communication between different blockchains, has experienced a significant uptick in activity since its inception. Leveraging an Ultra Light Node (ULN) and decentralized oracle networks, the platform has become a fundamental pillar for DeFi projects such as SushiSwap, Stargate Finance, Radiant Capital, and Trader Joe.
LayerZero has always been built with the ability to have a native token within the protocol, as can be seen in the immutable code launched on day 1. We’ve heard the community discussion over the last few months and the lack of clear communication around this. We’ll state now in…
— LayerZero Labs (@LayerZero_Labs) December 7, 2023
The Announcement From LayerZero Generated Excitement in the Community
The confirmation of the launch of its native token was met with great enthusiasm by the community. LayerZero developers asserted that the project always intended to incorporate a native token, and now, with clarity, they affirm that this will become a reality in the first half of 2024. Transparency in communication dispelled any existing doubts in the community, fostering trust and high expectations.
As part of this announcement, LayerZero has allocated $3 million in ZRO tokens to a community distribution pool. Eligible users, those who have conducted more than ten transactions on the Ethereum mainnet between the first and third quarters of 2023, can pre-register to participate in the airdrop until December 15. The exact token distribution will be based on the user’s wallet activity during the specified period.
This strategic move aims not only to solidify LayerZero’s presence in the interoperability space but also to strengthen its community. Decentralization and active user participation are key elements in LayerZero’s vision, and the airdrop presents an opportunity to further engage the community in the ongoing development and growth of the platform.
It’s worth noting that the protocol, following a funding round in April 2023 that raised $120 million, tripling its valuation to $3 billion, has proven to be backed by renowned investors such as A16Z Crypto, Christie’s, Circle Ventures, OpenSea Ventures, and Sequoia Capital. This robust financial support bolsters the execution of its plans and contributes to confidence in the project.