By
Mayowa Adebajo
June 27th, 2024
The LayerZero Foundation has officially announced the opening of the claims for its much-anticipated native token, ZRO.
The claims commenced today at 7 a.m. ET, following the successful launch of its airdrop claim checker page that allowed users to verify their eligibility. Notably, the token holders will have the privilege of voting on the LayerZero protocol’s fee switch, with an immutable voting contract enforcing a public on-chain referendum every six months.
In a blog post, the foundation revealed that 38.3% of the total fixed supply of 1 billion tokens will be distributed among users, developers, and community members.
On the initial day of distribution, 8.5% of the total supply – amounting to 85 million ZRO tokens – will be available for eligible participants. The remaining tokens allocated to the community will be reserved for future distribution programs aimed at fostering ecosystem growth.
Additionally, 15.3% of the overall supply is reserved for future distributions to users, protocols, infrastructure builders, and community members through future snapshots and other methods such as Requests for Proposals (RFPs).
LayerZero has also designated 32.2% of the total token supply for strategic partners and 25.5% for its core contributors. These will be subjected to a three-year vesting period with a one-year lock and a monthly unlock over the following two years.
Moreover, the foundation announced the repurchase of 40 million ZRO tokens, which are pledged to the community bucket.
It also highlighted the importance of the ZRO token launch, describing it as a transformative step towards establishing LayerZero as a publicly owned, immutable infrastructure. Bryan Pellegrino, CEO of LayerZero Labs, revealed that around 1.28 million wallets are eligible for airdrop claims, out of over six million unique wallet addresses that have interacted with the LayerZero protocol.
Listing on Exchanges
In addition to the airdrop, the launch of ZRO tokens has attracted major crypto exchange platforms. The world’s leading exchange Binance has announced ZRO listing and open trading for ZRO/BTC, ZRO/USDT, ZRO/FDUSD, and ZRO/TRY pairs at 12:00 UTC on June 20. Users can start depositing the token in preparation for trading, with withdrawals opening on June 21.
Moreover, Upbit, South Korea’s largest exchange, announced ZRO listing in its KRW, BTC, and USDT markets, with trading set to begin at 21:00 local time on June 20. Similarly, OKX and Bithumb have also confirmed their plans to list the token.
The launch of this airdrop and the subsequent listings represent a significant milestone for LayerZero, reinforcing its standing in the decentralized finance sector. Backed by a strong community and strategic alliances, the token is expected to make a solid start.