LayerZero Foundation Begins Claiming ZRO Token Airdrops Starting Today
The LayerZero Foundation, the organization supporting LayerZero, a cross-chain interoperability platform, presentation Claims for the airdrop of native token ZRO will open today at 7 AM ET. This comes after the foundation launched an eligibility checker for users yesterday.
“The launch of ZRO is a pivotal step for the protocol. The goal is to make this a publicly owned and immutable infrastructure,” the foundation said in a blog post. The platform’s native token has a fixed supply of 1 billion, of which 38.3% will be distributed to users, developers and community members.
On the first day of distribution, Thursday, eligible participants will be able to claim 85 million ZRO tokens, or 8.5% of the total supply of 1 billion. The remaining tokens from the community allocated portion are reserved for future distribution programs and ecosystem growth.
15.3% of the total ZRO supply is reserved for future distribution directly to users, protocol, infrastructure builders, and community members through methods such as snapshots and RFPs, the foundation said.
LayerZero plans to distribute 32.2% of the total token supply to strategic partners and 25.5% to core contributors. Both have a three-year vesting period with one-year lock-in and monthly unlocks. It also claims to have repurchased 40 million ZRO tokens, which it said were “pledged to the community bucket.”
LayerZero Labs CEO Brian Pellegrino I said it yesterday He identified a total of 1.28 million wallets eligible for airdrop claims. Meanwhile, over 6 million unique wallet addresses interacted with the LayerZero protocol.
ZRO holders are granted the right to vote on fee conversion decisions for the LayerZero protocol. “The immutable voting contract conducts a public on-chain referendum every six months,” the foundation explained.
Airdrop eligibility for LayerZero users
The LayerZero Foundation said that because LayerZero is one of the most used and farmed protocols in history, running an airdrop event in the “right” way is difficult.
“The ZRO deployment isn’t perfect, but we think it’s right. Going forward, our goal is to reward durable users as closely as possible in line with the LayerZero protocol,” the foundation wrote.
The foundation noted that airdrop eligibility was outlined in three main components: Sybil filtering, request for proposal (RFP), and eligibility criteria. LayerZero has taken strict measures to eliminate token distribution against Sybil attackers who create multiple fake accounts to unfairly obtain a larger portion of the free tokens distributed. Actions include self-reporting, bounty hunting, and collaboration with on-chain security companies.
LayerZero said it will distribute 3% of its total supply to 211 approved RFPs, which are unique proposals for protocol improvements. All users who traded on the protocol before the snapshot will then be eligible to receive an airdrop, with a minimum allocation of 25 ZRO and a maximum of 5,000 ZRO, depending on the amount of protocol fees paid.
“At the end of the claim period, all unclaimed tokens will be redistributed to those who claimed them based on their (LayerZero) core allocation.” Pellegrino said In the X post.
Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.
© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.
