The blockchain infrastructure company LayerZero Labs, situated in Vancouver, has announced that it will introduce its native cryptocurrency during the first half of 2024.
The business responded to the worries expressed by the cryptocurrency community on the lack of transparency regarding the impending token launch in a post on X.
“We’ll state now in no uncertain terms that there will be a LayerZero token. Its distribution is something we’re committed to getting right and expect it to happen within the first half of 2024.”
In an effort to strengthen its cross-chain messaging capabilities, LayerZero Labs raised $120 million in a Series B funding round earlier in April. Notable venture capitalists with an emphasis on cryptocurrencies, such as Andreessen Horowitz (a16z), Sequoia Capital, Circle Ventures, and OKX Ventures, expressed great interest in the company.
Using LayerZero’s platform, developers can easily construct projects across several blockchains, eliminating the necessity for middlemen in cross-chain transactions. The platform presently supports non-Ethereum Virtual Machines (EVMs) and more than 30 mainnet blockchains, including Aptos and Solana.
LayerZero Allocates $3m for Community Distribution Pool
Furthermore, in a blog post, LayerZero declared that $3 million in ZRO tokens have been reserved for a community distribution pool. User addresses that have completed more than ten transactions on the Ethereum mainnet this year will get rewards in the next airdrop.
In cryptocurrency, airdrops are a common way to distribute tokens, frequently in return for completing particular activities or providing liquidity.
According to market speculation, the price of ZRO tokens in private sales is expected to vary from $2.35 to $4.50. According to this estimate, even a little portion of the airdrop can be precious to the recipients.
Additionally, LayerZero powers Stargate, a well-known decentralized application (dApp) that makes asset bridging between chains possible. With a locked total value of more than $400 million, Stargate is a significant player in the dApp market.
