LayerZero Labs finalizes initial snapshot for potential airdrop

LayerZero Labs, the developer of a cross-chain communication protocol, has completed the first snapshot apparently related to a potential airdrop distribution to community members.

The snapshot — the final point at which transactions count for eligibility of the airdrop — was finalized at 11:59:59 PM UTC on May 1, 2024, the team said in a graphic shared on X. “More information coming soon,” it added .

Airdrops are part of a broader strategy to reward early users and decentralize governance power within a network.

Although specific rewards for network use have not been detailed, the timing follows the firm’s earlier statement  of a token launch targeted for the first half of 2024.

The designation of this snapshot as the “first” suggests that there will be multiple airdrop events in the future. 

LayerZero is an interoperability protocol that enables cross-communication, such as transferring data, assets, and information between blockchains.

In April 2023, LayerZero raised $120 million in a Series B funding round at a valuation of $3 billion.