Key Takeaways
- LayerZero introduced the completion of the primary snapshot for its airdrop of the ZRO token, with extra particulars anticipated quickly;
- ZRO was first launched as a Hyperp on the HyperLiquid DEX in September 2023;
- The effectiveness of airdrops as a DeFi engagement device is debated, as they typically entice airdrop hunters.
LayerZero, an omnichain interoperability protocol, just lately introduced the completion of the primary snapshot for its extremely awaited airdrop of the ZRO token.
This announcement was made through a post on X by LayerZero Labs, which guarantees extra updates quickly.
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ZRO was launched in September 2023 on the HyperLiquid perpetual futures decentralized change (DEX) as the primary Hyperp—a buying and selling instrument that’s much like perpetual contracts however doesn’t require an exterior spot or index value oracle.
On the time of writing, the ZRO Hyperp is buying and selling at $8.5.
Regardless of the anticipation constructing across the airdrop, LayerZero has but to launch extra detailed info.
A earlier announcement post on December 7, 2023, indicated that the official launch of the ZRO token is scheduled for early 2024. The event staff emphasised their dedication to honest distribution of the token, stating:
LayerZero has all the time been constructed with the flexibility to have a local token throughout the protocol <…>. We’ll state now in no unsure phrases that there shall be a LayerZero token. Its distribution is one thing we’re dedicated to getting proper and count on it to occur throughout the first half of 2024.
Airdrops are a typical technique amongst decentralized finance (DeFi) protocols to drive engagement by rewarding early customers with new crypto.
Nevertheless, the effectiveness of airdrops in encouraging long-term protocol loyalty is a matter of ongoing debate throughout the DeFi group. That’s as a result of they typically entice airdrop hunters—individuals who use a number of wallets to gather and shortly promote the tokens, probably destabilizing costs.
For instance, a developer from Yearn.finance, Banteg, famous in February that the airdrop eligibility checklist for Starknet’s airdrop of the STRK token was predominantly crammed with airdrop hunters.
Nonetheless, as LayerZero progresses towards its token launch, the potential impression of its airdrop technique on person loyalty and token worth stays an vital consideration for the way forward for this protocol.
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