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LayerZero Takes Snapshot as Airdrop Draws Closer

Cross-chain interoperability protocol LayerZero said a snapshot for its first airdrop was taken on May 1. The firm announced plans to issue a token in December, saying it would be released “in the first half of 2024.” In a post on X, LayerZero developers referred to the operation as “snapshot #1,” indicating that there will be a series of airdrops. LayerZero is a protocol that connects various blockchains through technology that removes the need for a third party. Snapshots typically act as a precursor to outflows as airdrop farmers – investors that use protocols to increase airdrop allocations. There has been a negative $5 million net flow from the Stargate bridge over the past 24 hours.

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