LayerZero Confirms Committment to Native Token and $3M Community Distribution Pool

By: Eva Baxter

LayerZero, the blockchain interoperability project, has confirmed plans to launch its native cryptocurrency. In the post published on Dec. 7, it was stated unequivocally that there will indeed be a LayerZero token. Distribution of the token is expected to begin in the first half of 2024.

LayerZero emphasized its firm commitment to getting this distribution process right, with a dedicated allocation of $3 million ZRO tokens for a community distribution pool. Eligibility for the upcoming token airdrop will include user addresses with more than ten transactions on the Ethereum mainnet between Q1 2023 and Q3 2023. The exact amounts distributed will be based on individual wallet activity.

The project also announced that pre-registration would be open until Dec. 15,2023, with users having the chance to connect via MetaMask, Coinbase Wallet, Trust Wallet, Binance Wallet, or QR Code through WalletConnect.

LayerZero has grown significantly in recent months, with its user base growing from 1.8 million in September to 3.4 million as of Dec. 7. Notable DeFi services such as SushiSwap, Stargate Finance, Radiant Capital, and Trader Joe are among those utilizing LayerZero for cross-chain purposes. In 2023, LayerZero tripled its valuation to $3 billion after a successful $120 million funding round.