LayerZero Labs, a blockchain infrastructure provider, has revealed its intention to launch a token in the first half of 2024, according to a post on X.
LayerZero Labs, a blockchain infrastructure provider, has revealed its intention to launch a token in the first half of 2024, according to a post on X. The Vancouver-based company acknowledged the community's speculation surrounding the creation of a token and addressed the lack of clear communication on the matter.
In the post, LayerZero emphasized its commitment to introducing a LayerZero token and stated that the distribution process is a priority that they aim to execute correctly. The company expects the token launch to occur within the first half of 2024.
LayerZero Labs has been utilizing its significant venture capital to enhance interoperability and cross-chain messaging infrastructure. This improvement enables decentralized application developers to securely connect with different blockchains. Notably, decentralized exchanges PancakeSwap and Uniswap are among the on-chain applications that utilize LayerZero's services.
Earlier this year, the company successfully closed two separate venture capital rounds, raising a total of $255 million. These investments bring LayerZero's valuation to $3 billion. Prominent investors, including Andreessen Horowitz (a16z) and Sequoia Capital, co-led the initial $135 million funding round and were involved in the subsequent $120 million round. These successful funding rounds followed a $2 million seed funding round just a year prior and a $6 million Series A round eight months prior.
This comes as a series of highly anticipated airdrops hit the market in the past few weeks, from Celestia (TIA) and Pyth Network (PYTH), to more recently in the Solana ecosystem, such as liquid staking protocol Jito (JTO).
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