Blockchain Firm LayerZero Labs to Launch Native Token in 2024
Vancouver-based blockchain infrastructure provider LayerZero Labs is coming up with its native token launch in the first half of 2024.
In a post on X (formerly Twitter), the company noted that it has heard the crypto community’s speculation regarding the lack of communication on the 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 has always been built with the ability to have a native token within the protocol, as can be seen in the immutable code launched on day 1. We’ve heard the community discussion over the last few months and the lack of clear communication around this. We’ll state now in…
— LayerZero Labs (@LayerZero_Labs) December 7, 2023
Early this year, LayerZero Labs raised $120 million in a Series B funding round to expand its cross-chain messaging efforts. The funding round saw several prominent crypto-focused venture capitalists including Andreessen Horowitz (a16z), Sequoia Capital, Circle Ventures, and OKX Ventures.
The LayerZero platform allows developers to create projects on multiple blockchains, without any intermediary to handle the cross-chain interactions. The platform connects more than 30 mainnet blockchains including Solana, Aptos and non-Ethereum Virtual Machines (EVMs).
In a separate blog, LayerZero noted that it has allocated $3 million of ZRO tokens to a distribution pool for the community. In the upcoming token airdrop, user addresses with over 10 transactions on the Ethereum mainnet this year are eligible to receive funds.
ZRO token price speculation suggests that it is currently available in the private sales round within the range of $2.35 to $4.50 per token. If this prediction holds true, even a small amount of the airdrop token would be valued more.
The team in September gave a hint on its GitHub code that the token is likely to be launched in the future.
LayerZero underpins Stargate, which allows assets to be bridged across different chains. It is also the largest decentralized application (dApp) in terms of total value locked at over $400 million dollars.