Introducing LayerZero’s ZRO Token Distribution
LayerZero has launched a unique token distribution method for its ZRO token, involving a “Proof-of-Donation” mechanism. Here’s what you need to know:
ZRO Token Distribution Mechanism
LayerZero has introduced a new system where users must donate $0.10 in USDC, USDT, or ETH for each ZRO token they wish to claim. The donations are channeled to Protocol Guild, a funding collective for Ethereum core developers.
- Users donate $0.10 in USDC, USDT, or ETH per ZRO token.
- Donations support Protocol Guild, aiding Ethereum core developers.
- Matching donations up to $10 million by LayerZero Foundation.
- Potential total contributions of $18.5 million.
Controversy and Community Reaction
The implementation of the Proof-of-Donation mechanism has sparked controversy within the crypto community, with mixed reactions:
- Some see it as a form of “tax” or ICO.
- Others believe it’s a way to establish a token’s value and prevent abuse.
“This is not something you own, it’s something being offered.” – Bryan Pellegrino, CEO of LayerZero Labs
ZRO Token Launch and Price Volatility
The ZRO token launch on June 20 led to significant price fluctuations, indicating both interest and volatility in the market:
- Initial surge of 15.15% to $4.71 followed by a 22% drop.
- Observation of typical token airdrop behavior of quick sell-offs.
Token Allocation and Claiming Period
LayerZero has allocated 85 million ZRO tokens for eligible participants to claim, with a claiming period from June 20 to September 20, 2024:
- 85 million ZRO tokens for eligible claimants.
- Claiming period open from June 20 to September 20, 2024.
- Remaining token supply reserved for strategic partners and future distribution programs.
Hot Take: The Future of Token Distribution
As the crypto industry evolves, innovative approaches to token distribution like LayerZero’s Proof-of-Donation mechanism could shape future practices. Stay tuned for more developments in the space!
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