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- 1 LayerZero allows secure cross-chain transactions, which helps in interconnecting different Blockchain platforms.
- 2 Launch of ZRO claims to be on June 20 at 11:00 AM UTC.
- 3 ZROs supply is fixed at 1 billion tokens.
ZRO which is the latest innovation. It is a native asset for the LayerZero protocol. In this blog, you will get to know Layerzero and its purpose. you will understand what ZRO is, when it was launched, and its supply.
Understanding LayerZero and its Purpose
LayerZero is a Blockchain protocol which is created to allow seamless cross-chain transactions. Unlike traditional Blockchains, LayerZero does not operate in isolation, it focuses on making an interconnected Blockchain environment. With the help of this, assets and data can be transferred to different Blockchain with security and efficiency.
What is ZRO?
ZRO is a native asset of LayerZero protocol. It plays an important role in the ecosystem as it works as a utility token and a governance token. Holders of ZRO can take part in governance for LayerZero protocol. They can also use ZRO for transaction fees.
Launch of ZRO
LayerZero Foundation made an announcement that revealed claims for their native token ZRO, will be open on June 20 at 11:00 AM UTC. LayerZero foundation, in their blog post, states that “The launch of ZRO marks a pivotal step for the protocol: making it publicly owned, immutable infrastructure”
ZRO supply
The supply for ZRO is fixed at 1 billion tokens.
The allocation of it is as follows:
– LayerZero communities are allocated 38.3%, this includes distribution done for users, developers, and members of the community.
– Strategic partners are allocated with 32.2% which has a 3-year unlock, it involves investors and advisors.
– With 3-year vesting, cord contributors are allocated with 25.5% this has current members and future team members in it.
– 4.0% tokens are repurchased, this is a pledge for the community.
Image ZRO supply schedule | src-info.layerZero.foundation
ZRO Token Airdrop: Eligibility Criteria and Checker
LayerZero Foundation says that it was difficult to implement Airdrop events correctly.
The LayerZero foundation wrote that “While the ZRO distribution is not perfect, we think it is correct: rewarding durable users in a way that maximally aligns them with the LayerZero protocol going forward”.
The airdrop eligibility has 3 important outlines which are Sybil filtering, Request for Proposal (RFP), and eligibility criteria. Layerzero is taking important steps to keep its tokens safe against attacks like Sybil. LayerZero wants to stop Sybil’s attackers as they create fake accounts to get more tokens. To prevent this, they are:
– Motivating people to report any activities that seem to be suspicious.
– People who help in catching these cheaters are given rewards.
– They are working with security experts to stop these attackers.
This will help distribute the tokens equally between genuine users.
LayerZero has distributed some tokens-
– 3% of the tokens were given to 211 people who gave ideas for improving the protocol.
– Some airdrops were given to users who made transactions on protocol before a specific date (snapshot).
– All users will get a minimum number of 25 ZRO tokens and a maximum of tokens up to 5,000.
– The amount for receiving the tokens is based on their paid fees.
In an X post, Pellegrino said “All unclaimed tokens at the end of the claim period will be redistributed to those who did claim based on LZ Core allocation”.
ZRO, which is a native token of LayerZero, highlights an important event in the development of Blockchain ecosystems. It has a fixed supply of 1 billion tokens. ZRO helps the LayerZero ecosystem in making cross-chain transactions. It takes important steps to stop Sybil attacks and to distribute the tokens equally, this makes ZRO a promising innovation in the Blockchain ecosystem.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
