LayerZero Labs, a cross-chain interoperability protocol, has accomplished the primary snapshot forward of its much-anticipated airdrop.
The snapshot was taken at 11:59:59 PM UTC on Could 1, 2024, in accordance with an announcement on X. LayerZero didn’t share what standards will decide eligibility for its upcoming airdrop, or any particular particulars in regards to the airdrop.
Nevertheless, the venture did state notice this was snapshot “#1,” hinting that extra snapshots to find out eligibility could also be taken sooner or later.
“Extra info coming quickly,” the LayerZero teased.
Airdrop hunters have lengthy speculated that LayerZero could drop a token to customers sooner or later.
Airdrops function a method for web3 initiatives to distribute governance tokens to early customers. This incentivizes adoption, with many customers hoping to attain free tokens flocking to early-stage initiatives. Recipients should meet particular standards set by the venture to be eligible for the airdrop.
Following Aribtrum’s high-profile airdrop in March 2023, LayerZero’s cumulative transaction quantity tripled over the course of a single month, with practically 5 million transactions executed by way of LayerZero in roughly 30 days.
In December 2023, LayerZero lastly put the rampant hypothesis to mattress by confirming that distributing a token to customers was included as a part of its roadmap.
“We’ll state now in no unsure phrases that there can be a LayerZero token,” LayerZero Labs tweeted on Dec. 8, 2023. “Its distribution is one thing we’re dedicated to getting proper and anticipate it to occur inside the first half of 2024.”
LayerZero adoption surges
Within the first quarter of 2024, LayerZero protocol hosted greater than $6.7 billion value of cross-chain asset transfers, marking a 91% improve from the quarter earlier than, knowledge from Messari exhibits.
Message visitors surged, with 29.6 million messages despatched by way of LayerZero for a 60% quarterly improve. This era additionally noticed a 93% rise in good contract deployments on LayerZero, indicating rising developer adoption of the protocol.
In April 2023, LayerZero raised $120 million in a Sequence B funding spherical at a valuation of $3 billion.
