Arbitrum

DeFi

LayerZero

Ronin

LayerZero’s token launch on June 20 caused a massive surge in fees on Arbitrum, leading to a record $3.43 million daily revenue for the blockchain, a bump of around 16,680% compared to ththe day prior.
LayerZero launched the ZRO token on Thursday but <a href="https://cointelegraph.com/news/layerzero-zro-cryptocurrency-token-donation-launch-controversy">triggered criticism</a> over its obligatory “donation” mechanism — which requires claimants to spend a small amount of money per token to nab their allocation.
These mechanics pushed up the average gas fees on the blockchain, which <a href="https://dune.com/queries/1389077/2361423" target="_blank" rel="noopener nofollow">hit</a> 89 cents, up from its typical less-than-1-cent fee.
This led to its profits soaring on the day to $3.29 million, another record high for the network, <a href="https://dune.com/queries/3316813/5554338" target="_blank" rel="noopener nofollow">according</a> to Dune Analytics and DefiLlama <a href="https://defillama.com/fees/arbitrum" target="_blank" rel="noopener nofollow">data</a>.
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2024-06/21a52c6b-1ed3-4d95-a4b0-175e81f2d6c9.png">
 <figcaption style="text-align: center;">
 Arbitrum’s revenue and profit spike. Source: Dune Analytics
 </figcaption>
</figure>
LayerZero made it so ZRO token claimants must donate a small amount of money per token.
“To claim ZRO, users must donate $0.10 in USDC, USDT, or native ETH per ZRO,” LayerZero wrote in a June 20 X post. It added the donation goes to the Protocol Guild which helps fund Ethereum developers.
LayerZero has argued its token launch is “not an airdrop” as airdrops aren’t compatible with the “goals of equitable distribution, community building, and protocol health,” as many recipients have “little to no interest” in the project long-term.
It’s Arbitrum’s biggest revenue day since earning $2.13 million in revenue on Dec. 14, the day before <a href="https://cointelegraph.com/news/arbitrum-network-goes-offline-december-15">it went offline</a> due to a surge of inscriptions on the network.
Related: <a href="https://cointelegraph.com/news/tensions-defi-layerzero-sybil">Tensions in DeFi industry exposed by LayerZero’s anti-Sybil strategy</a>
Inscriptions are a type of <a href="https://cointelegraph.com/learn/bitcoin-ordinals-vs-ethereum-nfts">data formatting</a> that can carry bigger packages than simple transaction data, such as images which makes them expensive due to their size.
That cost also gets passed on to Arbitrum, which made a profit of only $414,000 on Dec. 14 as it was hit with steeper fees to post and verify the expensive inscription data on Ethereum.
ZRO, meanwhile, has tanked. It’s down 23% in the last day to $3.42, hitting a peak at $4.79, <a href="https://www.coingecko.com/en/coins/layerzero" target="_blank" rel="noopener nofollow">according</a> to CoinGecko.
Magazine: <a href="https://cointelegraph.com/magazine/bots-airdrops-push-ronin-to-no-2-blockchain-for-daily-users-not-pixels-fans/">Bots, airdrops push Ronin to No.2 blockchain for daily users — Not Pixels fans</a>

Arbitrum daily revenue surges 16,500% after LayerZero’s ZRO launch

Cointelegraph

2024년 6월 21일에 게재된 다른 기사

Win a Myria Node License with the Myria Nodes Learn & Earn

3 Coins Crypto Whales Buy Now – Why?

Top Crypto Presale In June 2024: MoonBag Attracts Investors As BitBot And Shiba Inu Fizzle Out!

Bitcoin: Japan banking crisis to aid BTC? Arthur Hayes predicts big moves

Schiff Predicts Bitcoin Price Will Keep Falling for Several Years

Terraform Labs CEO Chris Amani Confirms Huge USTC, LUNC Burn

무료 뉴스레터에 가입하여 매일 최신 암호화폐 소식을 받아보세요!