LayerZero plans to launch native token in H1 2024
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 group’s considerations concerning the restricted communication relating to the upcoming token launch.
“We’ll state now in no unsure phrases that there can be a LayerZero token. Its distribution is one thing we’re dedicated to getting proper and count on it to occur inside the first half of 2024.”
LayerZero
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 outstanding 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 tasks throughout a number of blockchains seamlessly, eliminating the necessity for intermediaries in cross-chain interactions. The platform presently helps over 30 mainnet blockchains, comparable to Solana and Aptos, together with non-Ethereum Digital Machines (EVMs).
LayerZero allocates $3m for group distribution pool
Moreover, LayerZero introduced by way of a separate weblog publish that it has put aside $3 million in ZRO tokens for a group distribution pool. The upcoming airdrop will reward person addresses which have performed greater than 10 transactions on the Ethereum mainnet this 12 months.
Airdrops are a regular technique 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 value signifies a spread of $2.35 to $4.50 per token in personal gross sales. This valuation means that even a modest share of the airdrop may maintain vital worth for recipients.
LayerZero can be the driving pressure behind Stargate, a outstanding 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 serious participant within the dApp area.
