LayerZero Officially Announces ZRO Token Airdrop

Table of Contents

After two years of anticipation, LayerZero Foundation, the organization behind the LayerZero cross-chain solution, has officially announced a community airdrop. This event will kick off at 11:00 UTC on June 20, 2024.

According to the project team, the ZRO token airdrop will be available to a total of 1.28 million eligible wallets. This allocation represents 8.5% of the total supply of 1 billion ZRO tokens, distributed as follows:

5% allocated to users,
3% reserved for Request for Proposals (RFP),
0.5% potentially set aside for other communities.

Check out the wallet here. : https://www.layerzero.foundation/eligibility

LayerZero Tokenomics

At the time of the token release, the circulating supply of ZRO will be 250 million, which accounts for 25% of the total supply. This includes tokens allocated for the airdrop, upcoming ecosystem incentive proposals, and the operational budget for LayerZero Foundation.

Over the next 36 months, the remaining tokens will be distributed through additional retroactive airdrops every 12 months. The detailed distribution is as follows:

Community (38.3%): 383 million tokens, with 8.5% unlocked at the Token Generation Event (TGE), and the rest allocated gradually over time.
Strategic Partners (32.2%): 322 million tokens, locked for 1 year, then unlocked monthly over the following 2 years.
Core Team (25.5%): 255 million tokens, locked for 1 year, then unlocked monthly over the following 2 years.
LayerZero Labs (4%): 40 million tokens.

Bryan Pellegrino, the CEO of LayerZero, has also revealed that there will be 3 more ZRO airdrops over the next 36 months.

3 more over the next 36 months with additional forward looking RFP for protocols (similar to @arbitrum STIP) https://t.co/44LwWf7alq

— Bryan Pellegrino (臭企鹅) (@PrimordialAA) June 20, 2024

ZRO Token Utility

The ZRO token will play several crucial roles, including governance, allowing holders to vote on key protocol decisions. One of the initial proposals will concern the activation of fee-sharing for token holders, similar to Uniswap’s model. However, instead of distributing fees to investors, LayerZero’s system will burn the transaction fees, akin to the EIP-1559 mechanism on Ethereum.

This announcement comes just a day after LayerZero published a link for users to check their eligibility for the airdrop. Eligibility criteria include the number of chains interacted with, the number of transactions made, and the most frequently used dApps. A total of 1.28 million wallets have met the criteria to receive the airdrop.

In addition to the airdrop news, Binance has also announced the listing of LayerZero (ZRO) on their exchange, effective on June 20, 2024.