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Blockchain Firm LayerZero Labs to Launch Native Token in 2024

LayerZero Labs, a blockchain infrastructure provider based in Vancouver, has announced plans for the launch of its native token in the first half of 2024. Addressing speculation within the crypto community about the lack of communication on the token launch, the company clarified its intentions in a post on X (formerly Twitter).

The post stated, “We’ll state now in no uncertain terms that there will be a LayerZero token. Its distribution is something we’re committed to getting right and expect it to happen within the first half of 2024.” This announcement provides clarity on the company’s commitment to introducing its native token, with a focus on ensuring a well-planned and successful distribution process.

Earlier this year, LayerZero Labs successfully raised $120 million in a Series B funding round, drawing support from prominent crypto-focused venture capitalists such as Andreessen Horowitz (a16z), Sequoia Capital, Circle Ventures, and OKX Ventures. The funding was intended to facilitate the expansion of LayerZero Labs’ cross-chain messaging initiatives.

The LayerZero platform enables developers to create projects on multiple blockchains without requiring an intermediary for managing cross-chain interactions. It boasts connectivity with over 30 mainnet blockchains, including Solana, Aptos, and non-Ethereum Virtual Machines (EVMs).

In a separate blog post, LayerZero Labs mentioned that it has allocated $3 million worth of ZRO tokens to a distribution pool for the community. The upcoming token airdrop will be available to user addresses with over 10 transactions on the Ethereum mainnet throughout the year, making them eligible to receive funds. This initiative aims to involve and reward the community actively engaged with LayerZero Labs.

Speculation on the ZRO token price suggests that it is currently available in the private sales round with a price range of $2.35 to $4.50 per token. If this speculation proves accurate, the value of even a small amount received through the upcoming token airdrop could be significant.

The LayerZero team had previously hinted at the future launch of the token in September through its GitHub code.

LayerZero serves as the foundation for Stargate, facilitating the bridging of assets across different blockchain networks. Notably, Stargate stands as the largest decentralized application (dApp) in terms of total value locked, surpassing $400 million.

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Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

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