Vancouver-based LayerZero Labs Plans to Launch Native Token in 2024
Vancouver-based blockchain infrastructure firm LayerZero Labs has announced its intention to launch its native token in the first half of 2024. The company addressed concerns from the crypto community about the lack of communication regarding the token launch, stating that there will indeed be a LayerZero token and it is committed to ensuring its distribution happens within the specified timeframe.
Securing $120 Million in Series B Funding
In April, LayerZero Labs raised $120 million in a Series B funding round to enhance its cross-chain messaging capabilities. Prominent crypto-focused venture capitalists such as Andreessen Horowitz, Sequoia Capital, Circle Ventures, and OKX Ventures showed significant interest in the funding round.
Building Projects Across Multiple Blockchains
LayerZero’s platform enables developers to seamlessly build projects across multiple blockchains without intermediaries. The platform currently supports over 30 mainnet blockchains, including Solana and Aptos, as well as non-Ethereum Virtual Machines (EVMs).
$3 Million Community Distribution Pool
LayerZero has set aside $3 million in ZRO tokens for a community distribution pool. This upcoming airdrop will reward users who have conducted more than 10 transactions on the Ethereum mainnet this year.
ZRO Token Price Speculation
Market speculation suggests that the ZRO token could be valued between $2.35 and $4.50 per token in private sales. Even a modest share of the airdrop could hold significant value for recipients.
LayerZero’s Stargate dApp
LayerZero is also behind Stargate, a prominent decentralized application (dApp) that facilitates asset bridging across different chains. Stargate currently has a total value locked of over $400 million, solidifying its position as a major player in the dApp space.
Hot Take: LayerZero Labs Paves the Way for Seamless Cross-Chain Development
LayerZero Labs’ upcoming native token launch and commitment to cross-chain development showcase their dedication to revolutionizing the blockchain infrastructure space. With their robust platform supporting numerous blockchains and the introduction of a community distribution pool, LayerZero is actively engaging with its user base and rewarding their participation. The success of their Stargate dApp further establishes LayerZero as a key player in the decentralized application ecosystem. As LayerZero continues to innovate, it will likely contribute to the widespread adoption of blockchain technology.
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