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LayerZero

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LayerZero (ZRO) has become one of the first altcoins to bounce amid the market retrace. The token has registered green numbers despite its controversial token airdrop last month. &nbsp;As a result, investors and market watchers remain bullish on ZRO’s long-term performance. 
<h2 style="font-weight: 400" id="from-zro-to-market-hero">From ZRO To Market Hero</h2> 
In late June, the omnichain interoperability protocol LayerZero launched its long-awaited ZRO token. The launch, which included a token airdrop for the protocol users, <a href="https://www.newsbtc.com/news/layerzeros-zro-token-airdrop-receives-backlash-for-proof-of-donation-mechanism/" target="_blank" rel="noopener ">received</a> a negative response from the crypto community. 
Users found the airdrop’s claim mechanism to be a slap in the face for the community. Minutes before the launch, the LayerZero Foundation announced that a new ‘Proof-of-Donation’ claim mechanism would be used for those who wanted to receive their token allocation. 
The mechanism required users to donate $0.1 in USDC, USDT, or ETH, per token allocated. The donations would go directly to the Protocol Guild, a collective funding mechanism for Ethereum developers. 
LayerZero received backlash for this measure. Many community members found that the project was “milking” their supporters and lacked proper communication. As a result, the token saw a 38% drop following <a href="https://www.newsbtc.com/news/zksync-zk-drops-20-amid-binance-listing-and-new-token-distribution-program/" target="_blank" rel="noopener ">the launch</a>. 
ZRO went from trading at its $4.57 all-time high (ATH) to trading as low as $2.83. The retrace continued as it reached its all-time low (ATL) of $2.48 a week after its launch. 
The token has since recovered by 53%. ZRO’s upward trajectory started last week as Bitcoin (BTC) regained its $60,000 support zone. The token moved from its ATL to a biweekly high of $4.2. 
However, LayerZero’s token followed the rest of the market in the <a href="https://www.newsbtc.com/all/bitcoin-plunging-is-this-the-best-time-to-buy-btc/" target="_blank" rel="noopener ">retrace</a>. BTC’s performance dragged ZRO back to the $2.75 level earlier today, but it has bounced over 20% in the last few hours. 
As of this writing, ZRO is one of the few altcoins registering green numbers in multiple timeframes. Moreover, the protocol’s token displays double-digit gains in the weekly and biweekly timeframes, with 40.2% and 22.1% price increases. 
<h2 style="font-weight: 400" id="investors-bullish-on-layerzero">Investors Bullish On LayerZero</h2> 
Following this performance, investors and market watchers expressed bullish sentiment regarding the token. Some traders <a href="https://x.com/WisdomMatic/status/1809236051916956047" target="_blank" rel="noopener nofollow">assert</a> that ZRO “held relatively well during the dump” and is now “recovering pretty hard.” 
Crypto trader CryptoKnight <a href="https://x.com/cryptoknight890/status/1809246057970471421" target="_blank" rel="noopener nofollow">highlighted</a> ZRO’s bounce and suggested that the token could reach $5 in the short-term timeframe. Similarly, SpiderCrypto believes that ZRO will hit $10 by the end of the year. To the market watcher, LayerZero is the “best infra company for those who believe in a multichain future.” 
Seemingly, users remain confident in the protocol despite the launch mishap. Some investors <a href="https://x.com/nocoiner88869/status/1809147167535149481" target="_blank" rel="noopener nofollow">consider</a> it one of the “cleanest brands around” with a token that “is not difficult to sell to people with a bit of FOMO.” 
LayerZero Labs recently <a href="https://x.com/LayerZero_Labs/status/1809210764470911033" target="_blank" rel="noopener nofollow">announced</a> its integration with Flare, a data-focused blockchain, to enable Flare developers to connect with 75 other networks. Per the post, the integration will connect the blockchain with 50,000 dApps and offer access to a “vast quantity of new users and sources of liquidity.” 
At the time of writing, ZRO is trading at $3.81, representing a 21% increase in the last 24 hours. 
<img loading="lazy" decoding="async" class="size-large wp-image-628158" src="https://www.newsbtc.com/wp-content/uploads/2024/07/ZROUSDT_2024-07-05_12-23-31.png?w=860&amp;resize=860%2C460" alt="LayerZero" width="860" height="460" srcset="https://www.newsbtc.com/wp-content/uploads/2024/07/ZROUSDT_2024-07-05_12-23-31.png?w=1102 1102w, https://www.newsbtc.com/wp-content/uploads/2024/07/ZROUSDT_2024-07-05_12-23-31.png?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/07/ZROUSDT_2024-07-05_12-23-31.png?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/07/ZROUSDT_2024-07-05_12-23-31.png?w=860&amp;resize=860%2C460 860w, https://www.newsbtc.com/wp-content/uploads/2024/07/ZROUSDT_2024-07-05_12-23-31.png?w=750 750w" sizes="(max-width: 860px) 100vw, 860px" data-recalc-dims="1">

LayerZero Bounces Amid Market Retrace, ZRO Soars 20%

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