LayerZero Establishes Foundation and Hints at Airdrop on June 20. Meanwhile, CEO Bryan Pellegrino announced the token economics of $ZRO and potential airdrop distribution, with 23.8% of the total $ZRO supply allocated for the airdrop.
LayerZero, the full-chain interoperability protocol, valued at over $3 billion, has become one of the most anticipated airdrop projects this year. After completing the first phase of the airdrop snapshot in early May and launching the “Witch Self-Reporting Program” to crack down on witch accounts, the officials finally hinted at a clear time for coin issuance.
Early this morning, the LayerZero Foundation uploaded an image with “06.20.2024” printed on it. Since the foundation typically manages project token governance matters, it is widely regarded as a signal that LayerZero will issue coins on June 20.
On the 7th, LayerZero CEO Bryan Pellegrino also stated that although the witch review work has not been completed, he emphasized that the airdrop will definitely take place in June.
Earlier, CEO Bryan Pellegrino had already disclosed the token economics of $ZRO and potential airdrop distribution. He explained that the total supply of $ZRO is 1 billion tokens, with 23.8% allocated for the community and developers, which equals 238 million tokens. 8.5% of the tokens will be circulating on the first day, distributed to official bridging users (5%), RFP projects (3%), and the community pool (0.5%). The remaining majority will be distributed over the next 36 months, with additional retroactive distributions every 12 months. This means that out of the 238 million $ZRO tokens airdropped, 85 million will be circulating on the first day, and the remaining 153 million will start unlocking after 12 months.
Bryan Pellegrino then mentioned that since the final numbers of witches and RFPs have not been determined, they have conducted four distribution simulations, one of which is as follows (below is the distribution of model 2 of 25 min):
Total eligible wallets: 823,376 (before the witch hunt, the eligibility rate was 27.44%, and after hunting 1 million witches, the rate is 41.16%)
Number of wallets receiving 25-100 $ZRO: 694,774 (total: 30,491,067.23 tokens)
Number of wallets receiving 100-1000 $ZRO: 122,448 (total: 29,352,999.82 tokens)
Number of wallets receiving 1000-10000 $ZRO: 5,997 (total: 11,420,971.35 tokens)
Number of wallets receiving over 10000 $ZRO: 157 (total: 3,734,961.60 tokens)
Although $ZRO has not officially launched yet, pre-market trading is already available on platforms such as Kucoin and Whale Market. According to Kucoin data, the latest trading price of $ZRO is $7.07, with an average price of $6.047. Calculated at the average price, this means that LayerZero’s FDV is approximately $6 billion, exceeding Wormhole ($W) with a $4.5 billion FDV.
This also implies the following airdrop profits:
Low-end: $150 – $600 (tokens 25-100)
Medium: $600 – $6000 (tokens 100 – 1000)
High-quality: $6000 – $60,000 (tokens 1000 – 10,000)
Boutique: $60,000 and above (tokens over 10,000)