LayerZero team will launch its native token in the first half of next year

The asset will be distributed among the network participants by airdrop

08.12.2023 - 10:25

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What’s new? The developers of LayerZero, an interoperable blockchain protocol, have confirmed plans to issue their native token. The project’s team is still finalizing the mechanism of coin distribution among network participants and expects it to take place in the first half of 2024.

What else is known? The developers noted that the possibility of issuing a native token in the future was initially built into the immutable code of the project. Separately, in a conversation with participants of the official Telegram chat, LayerZero Labs CEO Bryan Pellegrino clarified that the coins will be distributed at launch using the airdrop method, not by sale. At the same time, the snapshot of network activity, based on which projects distribute coins, has not yet been conducted.

Pellegrino also clarified that the launch of the coin will be preceded by the release of the second version of the Stargate bridge.

The LayerZero protocol was launched last March. It provides interoperability between different networks, enabling the development of cross-chain applications, and supports Arbitrum, Avalanche-C, BNB, Ethereum, Fantom, Gnosis, Optimism, Polygon, Celo, and Base networks.

According to analysts at aggregator CoinGecko, LayerZero is used by some of the largest platforms in decentralized finance, including SushiSwap, Stargate Finance, Radiant Capital, and Trader Joe’s. The total number of users of the protocol exceeds 3,4 million, according to the Dune platform.

In April, LayerZero raised $120 million at a valuation of $3 billion. A16Z Crypto, Christie’s, Circle Ventures, OpenSea Ventures, and Sequoia Capital participated in the funding round.

In October, the LayerZero team joined the development of a blockchain-based SIM (BSIM) previously released by blockchain company Conflux Network in partnership with telecom operator China Telecom.

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