LayerZero Takes Snapshot as Airdrop Draws Closer

As an experienced analyst, I’ve seen my fair share of blockchain projects and their token distributions. LayerZero’s announcement of the first airdrop snapshot taken on May 1, with more to come, is intriguing. The protocol’s interoperability solution has already gained traction with projects like Stargate and Radiant Capital, which have seen slight gains in their native tokens after the snapshot was confirmed.

LayerZero, the cross-chain interoperability protocol, announced that a snapshot for its inaugural airdrop was captured on May 1st.

The company unveiled intentions to launch a token in December, specifying it would emerge “during the first half of 2024.” In a recent update on platform X, LayerZero team members referred to this event as “snapshot number one,” suggesting there could be multiple airdrops to follow.

LayerZero is a groundbreaking technology that bridges different blockchains without requiring intermediaries. Currently, it is being employed by Stargate and Radiant Capital, leading to modest increases in the value of their respective native tokens following the confirmation of the snapshot.

In the month of April this year, LayerZero secured a Series B funding round totalling $120 million. Their valuation after this round was set at an impressive $3 billion. Notable investors in this round were Andreessen Horowitz and Sequoia Capital.

In simpler terms, taking snapshots often serves as an initial step for investors who utilize protocols to boost their airdrop allotments. Subsequently, they can transfer liquidity to different projects while retaining the eligibility for future airdrops.

Over the last 24 hours, DefiLlama reports a net loss of $5 million for the Stargate bridge, due to $43 million in deposits and $48 million in withdrawals.