LayerZero Plans Native Cryptocurrency Launch in 2024

Blockchain interoperability project LayerZero has expressed its intentions to roll out a native cryptocurrency in the coming months, as announced on December 7.

The distribution of the token is slated for the first half of 2024.

The project has earmarked $3 million worth of ZRO tokens for a community distribution pool.

There have been no details regarding the other specifics of the airdrop, though scammers have already posted multiple phishing links in response to the Twitter post.

LayerZero primarily focuses on inter-blockchain communication, utilizing an Ultra Light Node (ULN) and decentralized oracle networks for seamless messaging across blockchains, facilitating cross-chain app development.

CoinGecko’s report reveals that DeFi services such as SushiSwap, Stargate Finance, Radiant Capital, and Trader Joe already leverage LayerZero for cross-chain functionalities.

The LayerZero network currently supports USDC, BTC.B, and Aptos bridges along with a testnet bridge.

In its peak, LayerZero saw close to 500,000 transactions per day.

Today, however, blockchain data indicates it only registers about 100,000 transactions a day – one fifth of its former glory.

In April this year, LayerZero successfully concluded a $120 million funding round, tripling its valuation to $3 billion.

Investors participating in this round included A16Z Crypto, Christie’s, Circle Ventures, OpenSea Ventures, and Sequoia Capital.

* Original content written by Coinlive. Coinbold is licensed to distribute this content by Coinlive.