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

The blockchain interoperability venture LayerZero introduced on Dec. 7 that it intends to launch a local cryptocurrency within the coming months.

LayerZero Labs posted to Twitter/X:

“LayerZero has at all times been constructed with the power to have a local token throughout the protocol, as could be seen within the immutable code launched on day 1 ... We’ll state now in no unsure phrases that there shall be a LayerZero token.”

The venture mentioned that it expects to distribute the token within the first half of 2024, including that this distribution is one thing it’s “dedicated to getting proper.”

LayerZero added that it has allotted $3 million of ZRO tokens to a distribution pool for the group. It mentioned that consumer handle which have carried out greater than ten transactions on the Ethereum mainnet between Q1 2023 and Q3 2023 are eligible to obtain funds in an upcoming token airdrop, noting that precise distribution quantities shall be primarily based on pockets exercise.

LayerZero mentioned that pre-registration shall be open till Dec. 15, 2023. The sign-up web page signifies that customers can join with MetaMask, Coinbase Pockets, Belief Pockets, Binance Pockets, or by QR Code through WalletConnect.

What Is LayerZero?

LayerZero is a venture centered on inter-blockchain communication. The community makes use of an Extremely Gentle Node (ULN) and decentralized oracle networks to ship messages between blockchains, permitting for cross-chain app improvement.

Based on a report from CoinGecko, numerous current DeFi companies together with SushiSwap, Stargate Finance, Radiant Capital, and Dealer Joe are utilizing LayerZero for cross-chain functions. The LayerZero community at present options USDC, BTC.B, and Aptos bridges in addition to a testnet bridge.

CoinGecko mentioned, primarily based on group knowledge from Dune Analytics in September, that 1.8 million customers had interacted with LayerZero. As of Dec. 7, the variety of customers which have interacted with the protocol has risen to three.4 million.

In April 2023, LayerZero accomplished a $120 million funding spherical, tripling its valuation to $3 billion. That spherical noticed participation from main buyers together with A16Z Crypto, Christie’s, Circle Ventures, OpenSea Ventures, and Sequoia Capital.