- 1 LayerZero Foundation has finally announced the long-awaited ZRO airdrop.
- 2 Over 23.8% of the total supply is reserved for the community and builders.
- 3 LayerZero Foundation suggested manual registration for ZRO airdrop amid the misuse of bots.
On June 19, LayerZero Foundation finally released the ZRO airdrop details including eligibility criteria and registration date. The omnichain interoperability protocol recommended manual registrations amid the use of bots for system misuse. June 20, 2024, was set as the final deadline for the registration.
LayerZero Foundation’s Airdrop on the Way
LayerZero Foundation shared the upcoming ZRO airdrop details over X. An eligibility checker was provided to check the eligibility for the airdrop. June 20 is the deadline for registration.
To make the process more transparent and effortless, the platform recommended the community to go for manual registration. LayerZero Foundation’s team noticed that many people are abusing the system and misusing bots to impact the system.
Bryan Pellegrino, LayerZero Foundation’s CEO, shared details on the eligibility criteria.
Bryan Pellegrino’s Thoughts on Token Allocation
According to Pellegrino, approximately 1.28 Million wallets are eligible for the airdrop. The token has a total supply of 1 Billion, out of which 23.8% was reserved for the community and builders.
On June 15, Pellegrino shared the airdrop details over X. In the first cycle, 8.5% of the allotted tokens (5% core, 3% RFP, 0.5% community pool) will be distributed and the remaining are planned for the next 36 months.
Ok let's talk some numbers.
— Bryan Pellegrino (臭企鹅) (@PrimordialAA) June 14, 2024
23.8% of the supply is going directly to the community and builders. This does not include foundation, growth, etc. Directly to community.
8.5% of this is being distributed day 1 (5% core, 3% RFP, 0.5% community pool)
The majority of the remainder…
“The majority of the remainder will be given over the next 36 months with additional retroactive distribution every 12 months, along with some forward-looking RFPs for builders.”, added Pellegrino.
Furthermore, Pellegrino seconded on use of bots for misusing the system. The platform tried its hardest to resolve the issue and suggested making manual registrations after the final check. Moreover, the CEO also ensured more details on the ongoing process soon.
LayerZero and IOTA Foundation Partnership
LayerZero Foundation is strengthening its roots in the crypto space through ZRO airdrops, token listing, and partnerships. At the beginning of June, the foundation joined forces with the IOTA Foundation.
In partnership with LayerZero Foundation, IOTA Foundation introduced the IOTA Ethereum Virtual Machine (EVM), the first fully EVM-compatible smart contract chain. IOTA EVM will also help developers create decentralized applications seamlessly.
At press time, IOTA was trading at $0.1707, after an intraday surge of 5.19% intraday with $564,470,194 in market cap and $18,501,460 in 24-hour volume.
In the same way, Ethena Labs joined hands with LayerZero and Symbiotic to check and test the re-staking framework. The platform announced Ethena (ENA) & Ethena USDe (USDe) restaking through LayerZero and Symbiotic.
The partnership will ensure that USDe and sUSDe cross-chain transfers are confirmed through the LayerZero DVN network. Moreover, the ENA pool was expected to be launched on June 26.
According to CoinMarketCap, ENA was hovering in the bullish zone at $0.6415, after an intraday surge of 9.38%, market cap stood at $975,248,296 and $180,804,509 in 24-hour volume.
Disclaimer
The analysis given above is for informational and educational purposes only. You should not take it as financial, investment, or other advice. Investing in or trading crypto assets is risky. Please consider your circumstances and risk profile before making any investment decisions.
