LayerZero has announced that it intends to launch its own cryptocurrency in the coming months.
LayerZero Labs posted on Twitter/X:
“LayerZero has always been created with the ability to use a native token in the protocol... We are now unequivocally stating that the LayerZero token will be released.”
The project said it expects to distribute the token in the first half of 2024.
LayerZero added that it has allocated $3 million in ZRO tokens to the community distribution pool. A statement from the company said that user addresses that completed more than ten transactions on the Ethereum mainnet between Q1 2023 and Q3 2023 are eligible to receive funds in the upcoming airdrop, noting that the exact distribution amounts will depend on activity wallet
LayerZero said pre-registration will be open until December 15, 2023. The registration page states that users can connect using MetaMask, Coinbase wallet, Trust Wallet, Binance Wallet or via QR code via WalletConnect.
What is LayerZero?
LayerZero is a project focused on interoperability between blockchains. The network uses Ultra Light Node (ULN) and decentralized Oracle networks to send messages between blockchains, allowing applications to be developed across multiple chains.
According to report CoinGecko, various existing DeFi services including SushiSwap, Stargate Finance, Radiant Capital And Trader Joe’s,use LayerZero for cross-block purposes. The LayerZero network currently includes the USDC, BTC.B and Aptos bridges, as well as the testnet bridge.
CoinGecko said, based on community data from Dune Analytics in September, that 1.8 million users interacted with LayerZero. As of December 7, the number of users who interacted with the protocol increased to 3.4 million.
In April 2023 LayerZero completed a $120 million funding round, tripling its valuation to $3 billion. This round included major investors including A16Z Crypto, Christie’s, Circle Ventures, OpenSea Ventures and Sequoia Capital.
