LayerZero Conducts Snapshot, Prepares for Token Airdrop

After much speculation and anticipation, the cross-chain solution LayerZero officially announced on the morning of May 2nd that it has conducted a snapshot in preparation for its upcoming token airdrop.

LayerZero Conducts Snapshot, Prepares for Token Airdrop

At 7 AM Vietnam time on May 2nd, X (Twitter), the official handle of LayerZero's cross-chain solution, announced that the project has successfully executed a snapshot for its upcoming token airdrop.

Notably, the announcement referenced the term "Snapshot #1," indicating the likelihood of multiple subsequent snapshots for future airdrops.

As reported by Coin68, LayerZero recently launched its mainnet in January and plans to release tokens in the first half of 2024.

Currently, LayerZero has not disclosed specific criteria, so further information from the project is awaited to verify conditions for receiving the airdrop. However, the community has speculated on potential criteria such as trading volume, number of interacting chains, etc. Additionally, there have been instances of unofficial websites claiming to rank wallets interacting with LayerZero, prompting users to exercise caution when connecting their wallets to such websites to avoid scams.

Previously, LayerZero confirmed its intention to support its native token from inception, but lack of communication with the community led to misunderstandings regarding recent token issuance.

LayerZero serves as a bridge solution between independent blockchains, ensuring compatibility without compromising decentralization, security, and efficiency. LayerZero has demonstrated significant airdrop potential, having raised $120 million and achieved a $3 billion valuation in April 2023.

In recent times, LayerZero has garnered considerable market attention with over 131 million transactions and more than $50 billion in value transferred across chains.

On-chain statistics of LayerZero. Source: LayerZero Scan (05/02/2024)

Stargate Finance, a multi-chain bridge solution backed by LayerZero, quickly reached a $2 billion TVL milestone just one week after its launch in March 2022. However, Stargate's TVL has since declined, currently standing at only $316 million.

TVL of Stargate Finance. Source: DefiLlama 05/02/2024)

The price of Stargate's token STG has shown slight recovery following LayerZero's airdrop announcement.

1-hour chart of the STG/USDT pair on Binance at 09:20 AM on May 2nd, 2024

Recent token launches by projects such as Renzo, EigenLayer, and Starknet have sparked intense reactions within the cryptocurrency investment community. Nevertheless, under the comments section of LayerZero's snapshot announcement, the community has expressed optimism and anticipation that the project will continue its successful airdrop streak following Jupiter (JUP), Jito (JUP), Pyth (PYTH), and Celestia (TIA).