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LayerZero Labs Completes First Snapshot for Potential Airdrop

Layerzero

Related to a potential airdrop distribution, LayerZero Labs, developers of a cross-chain communication protocol, have concluded the first snapshot.

According to a graphic released on X, the team announced that the snapshot, which is the last moment at which transactions are eligible for the airdrop, was finished at 11:59 PM UTC on May 1, 2024. “And the rest” was the wording.

Also, a network’s governance power can be decentralized, and airdrops can be used to reward early adopters as part of a broader strategy.

Even though the precise benefits of employing the network are yet to be known, the announcement comes in line with the company’s announcement concerning the planned token launch in the first half of 2024.

The name of this snapshot as “first” intrinsically means that the airdrop events will continue in the future.

LayerZero enables communication between blockchains, thus data, asset, and information transfer.

LayerZero raised Series B financing in the amount of $120 million in April 2023, when the company’s valuation was set at $3 billion.

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