Vancouver-based blockchain infrastructure firm LayerZero Labs has confirmed plans to launch its native token in the first half of 2024.
In a post on X, the company addressed the crypto community’s concerns about the limited communication regarding the upcoming token launch.
“We’ll state now in no uncertain terms that there will be a LayerZero token. Its distribution is something we’re committed to getting right and expect it to happen within the first half of 2024.”LayerZero
Earlier in April, LayerZero Labs secured $120 million in a Series B funding round aimed at bolstering their cross-chain messaging capabilities, which attracted significant interest from prominent crypto-focused venture capitalists, including Andreessen Horowitz (a16z), Sequoia Capital, Circle Ventures, and OKX Ventures.
LayerZero’s platform is designed to enable developers to build projects across multiple blockchains seamlessly, 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 $3m for community distribution pool
Additionally, LayerZero announced through a separate blog post that it has set aside $3 million in ZRO tokens for a community distribution pool. The upcoming airdrop will reward user addresses that have conducted more than 10 transactions on the Ethereum mainnet this year.
Airdrops are a standard method in the crypto world for distributing tokens, often in exchange for specific tasks or as part of liquidity provision.
Market speculation around the ZRO token price indicates a range of $2.35 to $4.50 per token in private sales. This valuation suggests that even a modest share of the airdrop could hold significant value for recipients.
LayerZero is also the driving force behind Stargate, a prominent decentralized application (dApp) that facilitates asset bridging across different chains. Stargate boasts a total value locked of over $400 million, highlighting its position as a major player in the dApp space.