LayerZero Foundation, backing the cross-chain interoperability platform LayerZero, has announced that claims for its native token ZRO will start today at 7 a.m. ET, following the release of an eligibility checker for users yesterday.
In a blog post, the foundation highlighted the launch of ZRO as a major achievement for the protocol, marking its shift to publicly owned and unchangeable infrastructure. The platform’s native token has a total fixed supply of 1 billion tokens, with 38.3% reserved for distribution among its users, developers, and community members.
Details of LayerZero Foundation’s ZRO Token Distribution
On Thursday, LayerZero Foundation began distributing its ZRO tokens, offering eligible participants to claim 8.5% of the total 1 billion supply, which equals 85 million ZRO tokens. The remaining tokens designated for the community will be set aside for future distribution programs and growing the ecosystem.
Additionally, 15.3% of the total ZRO supply is reserved for future distributions to users, protocols, infrastructure builders, and community members through methods like Snapshots and RFPs, as outlined by the foundation.
LayerZero plans to allocate 32.2% of the token supply to strategic partners and 25.5% to core contributors, with a vesting period of three years, including a one-year lock and monthly unlocks over the subsequent two years. The foundation has also bought back 40 million ZRO tokens committed to the community bucket.
LayerZero Labs CEO Bryan Pellegrino stated that around 1.28 million wallets qualify for the airdrop claims, and more than six million unique wallet addresses have interacted with the LayerZero protocol.
ZRO token holders will enjoy voting rights, including decisions regarding the LayerZero protocol’s fee switch. The foundation highlighted that an immutable voting contract guarantees a public on-chain referendum every six months.
LayerZero Foundation’s Approach to ZRO Token Airdrop
LayerZero Foundation faced challenges in distributing ZRO tokens due to the protocol’s widespread use and farming activity, making it one of the most utilized in history.
Despite potential imperfections, the foundation aimed to reward long-term users to align them closely with LayerZero’s future. Eligibility for the airdrop was determined based on three main factors: Sybil filtering, Request for Proposal (RFP) submissions, and specific criteria. To prevent unfair token distribution, LayerZero implemented strict measures like self-reporting, bounty programs, and collaboration with on-chain security firms.
LayerZero allocated 3% of the total token supply to 211 approved RFPs aimed at improving the protocol. Users who had transactions before a specific snapshot were eligible for the airdrop, receiving between 25 to 5,000 ZRO based on the protocol fees they paid.
Source: X
“All unclaimed tokens at the end of the claim period will be redistributed among those who did claim, based on [LayerZero] Core allocation,” stated Bryan Pellegrino in a post on X.
Important:Â Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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