LayerZero Foundation to begin ZRO Token Distribution Today
LayerZero Foundation announced that the claims for the airdrop of its native token, ZRO, will open today at 11:00 AM UTC. This comes after the foundation released an eligibility checker for its upcoming airdrop for users yesterday.
Introducing ZRO
— LayerZero Foundation (@LayerZero_Fndn) June 20, 2024
25% unlock Day 1 – 8.5% at TGE. 11.0% for future Snapshots and RFPs. 5% to LayerZero Foundation. 0.5% to community members.
Claims open on June 20 at 11:00 am UTC.
🔗https://t.co/UCYPPoIe26 pic.twitter.com/tsdTR4xDC8
The foundation stated in a blog post that the ZRO token supply is fixed at 1 billion. 32.2% to Strategic Partners (investors and advisors), 25.5% to Core Contributors with 3-year vesting (current and future team members), 38.3% to the LayerZero Community (users, developers, and community members), and 4% to Tokens Repurchased, which is dedicated to the community.
The goal of the community token distribution is to expand the LayerZero ecosystem and reward early, present, and future durable developers and users.
Explaining the breakdown of the distribution to users, developers, and community members. The post stated that on June 20, 8.5% of the total 1 billion supply can be claimed by eligible participants, and 15.3% is set aside for direct future distributions via upcoming Snapshots and techniques like RFPs to users, protocols, infrastructure builders, and community members.
The new Discord community program will be the first to distribute the 11.5% of ZRO supply that has been unlocked from this bucket, using 5,000,000 ZRO. The LayerZero Foundation will be in charge of 14.5% of ZRO supply. 5% of the ZRO supply is released from this bucket at launch for use in grant programs, ecosystem expansion, and liquidity provisioning.
ZRO Token Airdrop Eligibility for LayerZero Users
According to Bryan Pellegrino, CEO of LayerZero Labs, 1.28 million wallets are eligible for airdrop claims as of yesterday. The LayerZero protocol has been used by more than six million distinct wallet addresses in the interim, and developers have deployed over 54,000 OApp contracts.
LayerZero has been used by a sizable number of users at different activity levels; the post added For example, there are 957,640 users who have transacted over 50 times, 227,410 users who have transacted over 100 times, and 1,075,590 users who have spoken with over 15 chains. Additionally, LayerZero approved RFPs for the 211 protocol. A one-size-fits-all distribution strategy was impractical due to the unique requirements of each protocol.
The foundation wrote, It was extremely difficult to balance all of these requirements across the network scale of LayerZero. The ZRO distribution, which rewards durable users in a way that maximizes their alignment with the LayerZero protocol going forward, may not be ideal, but we believe it to be correct.
The LayerZero foundation outlined three primary factors that determined the eligibility for the first ZRO token distribution event: Sybil filtering, Request for Proposal (RFP), and Final Eligibility Criteria, which were based on numerous factors for both the Protocol RFP and LayerZero Core portion of the distribution.
LayerZero is an omnichain interoperability protocol that uses endpoints, which are immutable smart contracts, to enable permissionless development and censorship-resistant messaging.
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