By
Steve Muchoki
March 28th, 2024
LayerZero announced the distribution of the $ZRO token via airdrop will be based on wallet activity as of the time of the snapshot.
LayerZero Labs, an omnichain interoperability protocol supporting dozens of blockchains, has announced plans to airdrop its highly anticipated governance token dubbed $ZRO. The LayerZero community has been discussing a potential token for the past months and the team has announced airdrop will be completed during the first half of next year. Moreover, the LayerZero network has grown into a mature ecosystem with dozens of web3 projects from different blockchains, and a governance token is crucial to incentivize the community for sustainable future adoption. Notably, 12 million $ZRO tokens are expected to be distributed through the airdrop method in the coming weeks.
Meanwhile, $ZRO tokens are available for private sales round with a price range between $2.35 and $4.50 per token. The LayerZero team noted that all Series B-related $ZRO tokens sales are exchanging hands at a 200 percent premium.
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
Closer Look at the LayerZero Ecosystem
The LayerZero network supports 54 networks and most of the top-rated decentralized protocols including Stargate, Omnisea, and MintDAO among many others. According to on-chain data provided through LayerZeroscan, more than 86 million messages have been transmitted between the participating blockchains. The importance of LayerZero is crucial to the mass adoption of digital assets, as it helps in democratizing liquidity among different DeFi protocols. Consequently, the number of users on the LayerZero protocol has continued to grow exponentially through the crypto bear market, and currently stands at around 17k and expanding.
The LayerZero communist is expected to grow exponentially in the coming years amid the mainstream adoption of digital assets and web3 protocols.
Furthermore, the LayerZero network is backed by some of the most brilliant minds including Bryan Pellegrino, the protocols Chief Executive Officer, who has a Ph.D. in computer science from Carnegie Mellon University.
Additionally, the company managed to raise $255 million in a Series B funding round led by a16z, Sequoia, Paypal Ventures, Polygon, Coinbase Ventures, Binance Labs, DeFiance Capital, Spartan Group, Sino Global Capital, Multicoin Capital. As a result, the $ZRO token is anticipated to have ample liquidity to kickstart seamless trading on various crypto exchanges.
LayerZero makes its products unique from other multichain ecosystems through its Ultra Light Nodes (ULNs) that tap on smart contracts of respective blockchains.
Market Outlook
LayerZero intends to tap into the thriving altcoin market to fund its future development plan through the $ZRO token. Moreover, more institutional investors are willing to fund web3 projects with the perspective of changing the global financial landscape. Notably, the ZRO token airdrop comes amid the ongoing crypto recovery from the 2022 bear market, with the next bull season anticipated to kickstart after the Bitcoin halving in 2024.