Interoperability giant LayerZero has released a snapshot of the upcoming airdrop, which was first confirmed in December.
LayerZero is a fully connected mesh network that allows smart contracts deployed on different blockchains to interact with each other. This technology, called cross-chain interoperability, is seen as a key solution for bridging the value of standalone decentralized networks.
Several blockchains, including Aptos, Avalanche, Polygon, and Harmony, leverage LayerZero’s technology to extend its utility.
Following last year’s teaser, the protocol released its first snapshot on May 2nd. LayerZero’s post about The team previously shared plans to launch the token in the first half of this year.
A Defi snapshot refers to an on-chain capture or bookmarking of wallet addresses associated with a project’s blockchain or dApp. Snapshots help your team pinpoint user engagement and reward early participants within a specific time period.
Users typically measure a project’s readiness to launch tokens when a snapshot occurs. Such an announcement may also trigger a decline in activity as airdrop farmers may believe they have secured their entitlement to free tokens and may reallocate resources to other initiatives.
LayerZero’s airdrop criteria are unknown as the team has not disclosed its token economics. However, data providers such as CoinGecko have been listing the ZRO token for some time, but the token has no details available other than its ticker.
There may be speculation about ZRO supply and how many tokens may be allocated for community distribution, team incentives, and investors. As crypto.news reported last year, the protocol was valued at $3 billion after raising $120 million in a Series B funding round led by venture giants such as Andreessen Horowitz.
Funds raised are not a surefire way to determine the value of an airdrop, but a healthy cash reserve sometimes translates into larger allocations for users.