LayerZero took the snapshot as it prepares for its anticipated airdrop, scheduled for the first half of 2024. Snapshots typically precede outflows, as investors participating in airdrops often redistribute liquidity to other projects.
The cross-chain interoperability protocol developer has hinted at additional airdrops in the pipeline, signaling ongoing development within the ecosystem. The latest snapshot, labeled “Snapshot #1,” represents the first step in a series of planned airdrops.
LayerZero stands out as a protocol that facilitates blockchain connectivity without relying on intermediaries. Currently utilized by platforms such as Stargate and Radiant Capital, both have experienced modest token gains following snapshot confirmation.
Last April, LayerZero secured $120 million in a Series B funding round, valuing the company at $3 billion. Notable investors in this round included Andreessen Horowitz and Sequoia Capital, indicating strong support for LayerZero’s vision.
Because snapshots open the way for potential outflows, investors utilizing the airdrop allocation protocol can strategically allocate liquidity to maximize participation in various projects. Recent data from DefiLlama shows that in the last 24 hours, $5 million was net outflow from the Stargate bridge, $43 million was deposited and $48 million was withdrawn.
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