In response to community discussions and a desire for clearer communication, LayerZero has officially confirmed there will be a native token integrated into the protocol. The LayerZero team noted its commitment to ensuring a fair and well-thought-out distribution process, with the launch anticipated in the first half of 2024.
LayerZero is an omnichain interoperability protocol designed for lightweight message passing across blockchains. It allows other blockchain networks to communicate directly, enabling the realization of cross-chain applications with a low level of communication primitive.
One of its key features is the Ultra Light Nodes (ULNs) which are smart contracts that run on each blockchain and act as endpoints for cross-chain communication.
ULNs verify the validity of transactions and messages from other chains using block headers, ensuring security and efficiency.
To involve the community in this development leading to the release of its token, LayerZero invites all users to register their wallets for the upcoming $ZRO token snapshot.
The distribution amount will be determined by wallet activity, offering an inclusive opportunity for active participants within the LayerZero ecosystem. The registration, while currently open, will close on December 15th, 2023.
The LayerZero team also encourages its community to take advantage of this pre-registration opportunity, noting transparency and inclusivity in the distribution process.
Following a series of successful interoperability plans with Ethereum, BNB Chain, Avalanche, Polygon, Arbitrum, Optimism, Fantom, and Aptos, LayerZero continues to make strides.
In its recent Series B funding round, the company raised an impressive $120 million, valuing it at $3 billion.
LayerZero aims to create the optimal interoperability solution for blockchains, enabling seamless and secure cross-chain communication.
The protocol has been involved in various developments and collaborations, such as partnering with Google Cloud to secure every LayerZero message by default.