Vancouver-based blockchain infrastructure company LayerZero Labs has confirmed plans to launch its native token in the first half of 2024.
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“We will now say with certainty that there will be a LayerZero token. “The deployment is something we are committed to moving in the right direction and we expect to take place within the first half of 2024.”
layer zero
In early April, LayerZero Labs secured $120 million in a Series B funding round to strengthen its cross-chain messaging capabilities, led by Andreessen Horowitz (a16z), Sequoia Capital, Circle Ventures, and OKX Ventures.
LayerZero’s platform is designed to allow developers to seamlessly build projects across multiple blockchains, eliminating the need for intermediaries in cross-chain interactions. The platform currently supports over 30 mainnet blockchains such as Solana and Aptos along with non-Ethereum Virtual Machines (EVMs).
LayerZero allocates $3 million to community distribution pool.
LayerZero also announced in a separate blog post that it has secured $3 million in ZRO tokens for its community distribution pool. The upcoming airdrop will reward user addresses that have performed at least 10 transactions on the Ethereum mainnet this year.
Airdrops are a standard method of distributing tokens in the cryptocurrency world, often used in return for specific actions or as part of providing liquidity.
Market speculation on the price of ZRO tokens indicates a range of $2.35 to $4.50 per token in a private sale. These assessments suggest that even a small portion of an airdrop can provide significant value to recipients.
LayerZero is also the driving force behind Stargate, a popular decentralized application (dApp) that facilitates linking assets across different chains. Stargate boasts a total valuation of over $400 million, highlighting its position as a major player in the dApp space.