Crypto News- ZRO Token Airdrop Claims Commence Today by LayerZero Foundation

Crypto News- LayerZero Foundation Launches ZRO Token Airdrop Claim Phase Today

Crypto News– LayerZero Foundation, the organization behind the cross-chain interoperability platform LayerZero, has announced the commencement of ZRO token airdrop claims starting today at 7 a.m. ET. This follows the release of an eligibility checker for users just a day prior.

In a blog post, the foundation highlighted the significance of the ZRO launch, describing it as a pivotal step towards establishing publicly owned and immutable infrastructure for the protocol. The native token of the platform, ZRO, has a total fixed supply of 1 billion tokens, with 38.3% allocated for distribution among users, developers, and community members.

On the first day of distribution, Thursday, eligible participants can claim 8.5% of the total supply, equating to 85 million ZRO tokens. The remainder of the community-allocated tokens will be earmarked for future distribution programs and to foster ecosystem growth. This distribution strategy aims to incentivize participation and support the long-term development and sustainability of the LayerZero platform.

LayerZero plans to allocate 32.2% of its total token supply to strategic partners and 25.5% to core contributors, with both allocations subject to a three-year vesting period including a one-year lock-up and subsequent monthly unlocks over the following two years. Additionally, the foundation has repurchased 40 million ZRO tokens, which are designated for the community bucket.

According to LayerZero Labs CEO Bryan Pellegrino, 1.28 million wallets are eligible for airdrop claims, with over six million unique wallet addresses having interacted with the LayerZero protocol.

Holders of ZRO tokens will gain voting privileges to determine the LayerZero protocol’s fee switch. The foundation has implemented an immutable voting contract that mandates a public on-chain referendum every six months, ensuring community involvement in protocol governance.

Determining Eligibility for LayerZero Airdrop Participants

LayerZero Foundation faced challenges in executing the airdrop event correctly, especially considering LayerZero’s status as one of the most utilized and farmed protocols in history. The foundation emphasized that airdrop eligibility was determined based on three primary factors: Sybil filtering, Request for Proposal (RFP), and specific eligibility criteria.

LayerZero implemented rigorous measures to prevent token distribution to Sybil attackers, who exploit the system by creating multiple fake accounts to unfairly acquire more tokens. These measures include self-reporting mechanisms, bounty programs, and collaborations with on-chain security firms to enhance security and fairness in token distribution.

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