LayerZero Labs has announced in a recent post on X that it plans to launch its own token in the first half of 2024.
This announcement was made following months of community speculation and discussion about the potential creation of a LayerZero token.
LayerZero Announces ZRO Token Launch With $3M Airdrop
“We’ve heard the community discussion over the last few months and the lack of clear communication around this. We’ll state now in no uncertain terms that there will be a LayerZero token. Its distribution is something we’re committed to getting right and expect it to happen within the first half of 2024.” – the post said.
As part of this initiative, LayerZero has also announced the allocation of $3 million worth of ZRO tokens to a distribution pool specifically for its community.
2/2 $ZRO Distribution Pre-registration is Live 🚀
All users are invited to register their wallets for the $ZRO Snapshot
⟶ Distribution amount based on wallet activity
⟶ Registration is open until December 15th 👇https://t.co/ymY1vKzXag
— LayerZero Labs ً (@DirSemedQRJ) December 8, 2023
To be eligible to receive funds from this airdrop, users must have engaged in a minimum of ten transactions on the Ethereum mainnet between Q1 2023 and Q3 2023. The distribution amounts will be determined based on each participant’s wallet activity level.
Pre-registration for this token airdrop is open until December 15, 2023. Interested users can sign up using various methods, including MetaMask, Coinbase Wallet, Trust Wallet, Binance Wallet, or QR Code via WalletConnect.
LayerZero’s Growth Amidst Funding by Top Investors
LayerZero is a blockchain interoperability project aiming to facilitate communication across different blockchain networks. It employs an Ultra Light Node (ULN) and decentralized oracle networks, enabling efficient message transmission between blockchains. This capability is important for the creation and functioning of cross-chain applications.
As of December 7, 2023, LayerZero has achieved significant user engagement, with 3.4 million users interacting with its protocol, according to a CoinGecko report.
The company’s announcement follows successful fundraising efforts. Earlier this year, LayerZero closed two separate venture capital rounds, raising $255 million and tripling its valuation to $3 billion.
These funding rounds were led and co-led by notable investors such as Andreessen Horowitz (a16z), the venture capital arm of crypto exchange giant FTX, and Sequoia Capital. These followed a $2 million seed funding round and a $6 million Series A round.
LayerZero Labs has since strategically used its venture capital funding to improve its cross-chain messaging and interoperability framework. This enhancement permits developers of decentralized applications to establish secure connections across diverse blockchains.
LayerZero’s services are used by various on-chain applications, specifically decentralized exchanges such as PancakeSwap and Uniswap.