Interoperability giant LayerZero has announced a snapshot of an upcoming airdrop, which was first confirmed in December.
LayerZero is a fully connected mesh network that allows smart contracts spread across different blockchains to interact with each other. This technology, called cross-chain interoperability, is touted as a key solution to the value of bridging on decentralized, autonomous networks.
Several blockchains, including Aptos, Avalanche, Polygon, and Harmony, leverage LayerZero technology to extend utility.
Following a teaser last year, Protocol revealed its first snapshot on May 2. LayerZero mail On X, who said more information would be available soon, noted that the distribution plan includes multiple phases. The team previously shared plans to launch a token in the first half of this year.
Defi snapshots refer to the on-chain capture or bookmarking of wallet addresses that transact with a project's blockchain or dApp. Snapshots help teams determine user engagement and reward the first participants within a certain period.
Users typically gauge a project's readiness to release tokens when snapshots occur. Such announcements may also lead to a decline in activity, as airdrop farmers may believe that eligibility for free tokens has been secured and resources reallocated towards other initiatives.
LayerZero's airdrop parameters are unknown since the team has not issued tokens. However, data providers like CoinGecko have listed the ZRO token for some time, but the token has no details available other than the ticker.
There may be speculation about the ZRO supply and the number of tokens that can be allocated for community distribution and team and investor incentives. Such as crypto.news mentioned Last year, the protocol was valued at $3 billion after raising $120 million in a Series B funding round led by venture heavyweights like Andreessen Horowitz.
Money raised is not a surefire way to determine the value of an airdrop, but a good cash vault sometimes translates into a larger allocation for users.
