LayerZero Labs has officially revealed plans to introduce its native token in the upcoming months, marking a significant development for the blockchain interoperability project.
The announcement, made on December 7 via X, emphasized the project’s commitment to the incorporation of a LayerZero native token, a feature embedded in its code since its inception.
Anticipating the token’s distribution in the first half of 2024, LayerZero Labs expressed a strong dedication to ensuring a meticulous and fair distribution process. Moreover, the project designates $3M in ZRO tokens for a community pool, highlighting its dedication to decentralization and inclusivity.
LayerZero Labs Launches Airdrop for Ethereum Users and Inter-Blockchain Success
Furthermore, in a bid to enhance user participation, LayerZero Labs has launched a pre-registration process for an airdrop. Eligibility criteria require users to have executed more than ten transactions on the Ethereum mainnet between Q1 2023 and Q3 2023.
Moreover, the precise distribution amounts will be contingent on individual wallet activity during the specified timeframe.
However, interested users have until December 15, 2023, to pre-register, with seamless connectivity options through MetaMask, Coinbase Wallet, Trust Wallet, Binance Wallet, or QR Code via WalletConnect.
LayerZero, at its core, is a pioneering project specializing in inter-blockchain communication.
Leveraging an Ultra Light Node (ULN) and decentralized oracle networks, the platform facilitates seamless messaging between different blockchains. This capability paves the way for the development of cross-chain applications.
Several prominent DeFi services, including SushiSwap, Stargate Finance, Radiant Capital, and Trader Joe, currently utilize LayerZero for cross-chain functionalities. Noteworthy bridges on the LayerZero network encompass USDC, BTC.B, and Aptos, along with a robust testnet bridge.
LayerZero Hits 3.4 Million Users, Introduces Native Token for Community Growth
Additionally, according to insights from CoinGecko, community data sourced from Dune Analytics in September revealed that 1.8 million users had engaged with LayerZero. As of December 7, this user engagement figure has surged to an impressive 3.4 million.
In a significant funding milestone in April 2023, LayerZero successfully secured $120 million, resulting in a threefold increase in its valuation to $3 billion. Notable participants in this funding round included major investors such as A16Z Crypto, Christie’s, Circle Ventures, OpenSea Ventures, and Sequoia Capital.
The LayerZero token announcement marks a strategic move. It aims to enhance the platform’s capabilities and foster widespread community involvement. Moreover, this initiative seeks to solidify LayerZero’s position in the evolving landscape of blockchain interoperability.