Vancouver-based blockchain infrastructure agency LayerZero Labs has confirmed plans to launch its native token within the first half of 2024.
In a post on X, the corporate addressed the crypto neighborhood’s issues in regards to the restricted communication concerning the upcoming token launch.
“We’ll state now in no unsure phrases that there will probably be a LayerZero token. Its distribution is one thing we’re dedicated to getting proper and anticipate it to occur throughout the first half of 2024.”
Earlier in April, LayerZero Labs secured $120 million in a Sequence B funding spherical aimed toward bolstering their cross-chain messaging capabilities, which attracted vital curiosity from distinguished crypto-focused enterprise capitalists, together with Andreessen Horowitz (a16z), Sequoia Capital, Circle Ventures, and OKX Ventures.
LayerZero’s platform is designed to allow builders to construct initiatives throughout a number of blockchains seamlessly, eliminating the necessity for intermediaries in cross-chain interactions. The platform at present helps over 30 mainnet blockchains, comparable to Solana and Aptos, together with non-Ethereum Digital Machines (EVMs).
LayerZero allocates $3m for neighborhood distribution pool
Moreover, LayerZero introduced by way of a separate weblog publish that it has put aside $3 million in ZRO tokens for a neighborhood distribution pool. The upcoming airdrop will reward consumer addresses which have carried out greater than 10 transactions on the Ethereum mainnet this yr.
Airdrops are a typical methodology within the crypto world for distributing tokens, typically in alternate for particular duties or as a part of liquidity provision.
Market hypothesis across the ZRO token worth signifies a spread of $2.35 to $4.50 per token in non-public gross sales. This valuation means that even a modest share of the airdrop may maintain vital worth for recipients.
LayerZero can be the driving power behind Stargate, a distinguished decentralized software (dApp) that facilitates asset bridging throughout completely different chains. Stargate boasts a complete worth locked of over $400 million, highlighting its place as a significant participant within the dApp area.