Crypto News – LayerZero Foundation Initiates ZRO Token Airdrop Claims Starting Today
Crypto News- LayerZero Foundation, the organization behind the cross-chain interoperability platform LayerZero, has announced that users can start claiming their airdropped ZRO tokens today at 7 a.m. ET. This follows the release of an eligibility checker for users yesterday.
A Major Step for LayerZero
“The launch of ZRO marks a pivotal step for the protocol: making it publicly owned, immutable infrastructure,” the foundation stated in a blog post. With a fixed supply of 1 billion tokens, 38.3% of ZRO will be distributed to users, developers, and community members.
Initial Distribution Details
On the first day of distribution, 8.5% of the total supply, equating to 85 million ZRO tokens, will be available for eligible participants to claim. The remaining tokens from the community-allocated portion will be set aside for future distribution programs and ecosystem growth.
Future Allocations and Strategic Partnerships
The foundation has reserved 15.3% of the overall ZRO supply for future distributions to users, protocols, infrastructure builders, and community members through methods like Snapshots and Requests for Proposals (RFPs). Additionally, 32.2% of the total token supply is earmarked for strategic partners and 25.5% for core contributors, all subject to a three-year vesting period with a one-year lock and a gradual release over the next two years. The foundation also repurchased 40 million ZRO tokens, pledging them to the community bucket.
Widespread Eligibility and Voting Rights
LayerZero Labs CEO Bryan Pellegrino revealed that 1.28 million wallets are eligible for the airdrop, while over six million unique wallet addresses have interacted with the LayerZero protocol. ZRO holders will have voting rights on LayerZero protocol’s fee switch, with a public on-chain referendum held every six months.
Challenges in Executing the Airdrop
The foundation acknowledged the difficulty in executing the airdrop correctly, noting that LayerZero is one of the most used and farmed protocols. Despite the challenges, the foundation believes the distribution rewards long-term users in a way that aligns them with the protocol’s future.
Ensuring Fair Distribution
The airdrop eligibility was determined by three main factors: Sybil filtering, Request for Proposal (RFP) approval, and eligibility criteria. LayerZero implemented strict measures to prevent Sybil attacks, which involve creating multiple fake accounts to claim more tokens unfairly. These measures include self-reporting, bounty hunting, and collaboration with on-chain security firms.
RFP Contributions and User Eligibility
LayerZero is distributing 3% of the total supply to 211 approved RFPs, which are unique proposals aimed at improving the protocol. Users who transacted on the protocol before the snapshot are eligible to receive the airdrop, with allocations ranging from a minimum of 25 ZRO to a maximum of 5,000 ZRO, depending on the amount of protocol fees paid.
Redistribution of Unclaimed Tokens
“All unclaimed tokens at the end of the claim period will be redistributed to those who did claim based on [LayerZero] Core allocation,” Pellegrino stated in an X post.
FAQ for LayerZero Foundation’s ZRO Token Airdrop
What is LayerZero Foundation?
LayerZero Foundation is the organization behind LayerZero, a cross-chain interoperability platform that aims to facilitate seamless communication between different blockchain networks.
What is the ZRO token?
ZRO is the native token of the LayerZero platform. It plays a crucial role in the ecosystem, including governance and protocol fee decisions.
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