- Layer Zero’s ZRO is listed on Binance, among others.
- The price plummeted and the community was dissatisfied with the airdrop.
Low Zero[ZRO] recently started distributing its ZRO tokens via an airdrop, with major crypto exchanges announcing their listings.
However, the excitement around these entries was tempered by frustration over the airdrop rewards, which many participants found disappointing.
New airdrop in the city
For context, LayerZero is a cross-chain interoperability protocol that enables seamless dApp functionality across blockchains and is in an expansion phase.
As part of this growth strategy, LayerZero recently distributed its own ZRO tokens via an airdrop. This token distribution coincided with major crypto exchanges, Binance and Upbit, announcing their listings of ZRO.
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While the exchange listings indicated broader accessibility and potentially increased token value, the airdrop rewards themselves fell short of many participants’ expectations. This disappointment hampered the excitement surrounding the listings.
To understand the context, stock exchange quotes are important for the price of a token. By listing a token, exchanges expose it to a wider audience of traders, often leading to increased demand and price appreciation.
In the case of LayerZero, however, the airdrop became a point of contention.
On June 19, LayerZero unveiled its airdrop eligibility checker, which allows users to view their allocated ZRO amount. Unfortunately, many users found that the allocations were significantly lower than expected.
Additionally, claiming the airdrop required a $0.10 fee, which further dampened enthusiasm.
The airdrop criteria itself was criticized for favoring holders of specific NFTs, such as Pudgy Penguins and Kanpai Pandas, over users with high transaction volumes or users who provided liquidity through Stargate Finance.
This approach left a significant portion of DeFi users and airdrop farmers feeling cheated as they expected more substantial rewards.
Technical issues further affected the airdrop process. Some users reported issues with the mandatory $0.10 claim fee transaction. LayerZero acknowledged these issues and assured users that corrective action had been taken.
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Price plummets
The ZRO Claim airdrop, targeting a broad audience of 1.28 million wallets, recently distributed 8.5% of the total community allocation of 23.8%.
This initial distribution represents only a slice of the pie, with the remaining tokens scheduled for payout over the next three years.
At the time of writing, ZRO was trading at $3.19 and the price had fallen 21.84% in the last 24 hours, creating even more FUD in the market.
Source: CoinMarketCap