The blockchain interoperability mission LayerZero introduced on Dec. 7 that it intends to launch a native cryptocurrency within the coming months.
LayerZero Labs posted to Twitter/X:
“LayerZero has always been built with the ability to have a native token within the protocol, as can be seen in the immutable code launched on day 1 ... We’ll state now in no uncertain terms that there will be a LayerZero token.”
The mission mentioned that it expects to distribute the token within the first half of 2024, including that this distribution is one thing it’s “committed to getting right.”
LayerZero added that it has allotted $3 million of ZRO tokens to a distribution pool for the community. It mentioned that consumer deal with which have carried out greater than ten transactions on the Ethereum mainnet between Q1 2023 and Q3 2023 are eligible to obtain funds in an upcoming token airdrop, noting that actual distribution quantities will likely be primarily based on pockets exercise.
LayerZero mentioned that pre-registration will likely be open till Dec. 15, 2023. The sign-up web page signifies that customers can join with MetaMask, Coinbase Pockets, Belief Pockets, Binance Pockets, or by QR Code by way of WalletConnect.
What Is LayerZero?
LayerZero is a mission targeted on inter-blockchain communication. The community makes use of an Extremely Mild Node (ULN) and decentralized oracle networks to ship messages between blockchains, permitting for cross-chain app growth.
In accordance to a report from CoinGecko, numerous present DeFi providers together with SushiSwap, Stargate Finance, Radiant Capital, and Dealer Joe are utilizing LayerZero for cross-chain functions. The LayerZero community presently options USDC, BTC.B, and Aptos bridges in addition to a testnet bridge.
CoinGecko mentioned, primarily based on community knowledge from Dune Analytics in September, that 1.8 million customers had interacted with LayerZero. As of Dec. 7, the variety of customers which have interacted with the protocol has risen to 3.4 million.
In April 2023, LayerZero completed a $120 million funding spherical, tripling its valuation to $3 billion. That spherical noticed participation from main buyers together with A16Z Crypto, Christie’s, Circle Ventures, OpenSea Ventures, and Sequoia Capital.
