LayerZero announces native token, commits $3M to community distribution pool

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LayerZero announces native token, commits $3M to community distribution pool

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The blockchain interoperability project LayerZero announced on Dec. 7 that it intends to launch a native cryptocurrency in the coming months.

LayerZero Labs posted to Twitter/X:

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’ll state now in no uncertain terms that there will be a LayerZero token.”

The project said that it expects to distribute the token in the first half of 2024, adding that this distribution is something it is “committed to getting right.”

LayerZero added that it has allocated $3 million of ZRO tokens to a distribution pool for the community. It said that user address that have performed more than ten transactions on the Ethereum mainnet between Q1 2023 and Q3 2023 are eligible to receive funds in an upcoming token airdrop, noting that exact distribution amounts will be based on wallet activity.

LayerZero said that pre-registration will be open until Dec. 15, 2023. The sign-up page indicates that users can connect with MetaMask, Coinbase Wallet, Trust Wallet, Binance Wallet, or by QR Code via WalletConnect.

What Is LayerZero?

LayerZero is a project focused on inter-blockchain communication. The network uses an Ultra Light Node (ULN) and decentralized oracle networks to send messages between blockchains, allowing for cross-chain app development.

According to a report from CoinGecko, various existing DeFi services including SushiSwap, Stargate Finance, Radiant Capital, and Trader Joe are using LayerZero for cross-chain purposes. The LayerZero network currently features USDC, BTC.B, and Aptos bridges as well as a testnet bridge.

CoinGecko said, based on community data from Dune Analytics in September, that 1.8 million users had interacted with LayerZero. As of Dec. 7, the number of users that have interacted with the protocol has risen to 3.4 million.

In April 2023, LayerZero completed a $120 million funding round, tripling its valuation to $3 billion. That round saw participation from major investors including A16Z Crypto, Christie’s, Circle Ventures, OpenSea Ventures, and Sequoia Capital.

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