Earlier today, the LayerZero Foundation officially released the token economic model of ZRO, and announced that token claims will be launched at 7:00 p.m. Beijing time tonight. Users who have not checked can still check the airdrop qualifications. However, the big one is coming. The long-awaited cross-chain star LayerZero, OKX announced yesterday that it will be listed on the exchange, and other exchanges have followed suit, except for the big brother Binance. After all, Binance Labs also participated in the investment. It is only a matter of time before it is listed on the exchange. Just before the deadline, the news came!
Binance announced that it will launch LayerZero (ZRO) at 21:00 (ET on June 20, 2024) and add a seed tag to it.
Personally, I think LayerZero's airdrop was expected to be "something big is really coming", and with the new token model announced today, as the king of cross-bridge chains, its performance will definitely not be bad. Many people say that W is so bad, and layerzero is so good that it can be taken. I can only say that everyone should not compare layerzero with W.
1. Project Introduction
Layer Zero is a universal basic protocol for data information communication. It transmits information on the chain in a secure and simple way to achieve cross-chain communication between applications.
LayerZero provides a powerful underlying communication network structure on which a variety of cross-chain application sets can be built, breaking the isolation of blockchains from each other. For developers, LayerZero can achieve seamless linking of applications, eliminate barriers between different blockchains, and achieve efficient and accurate information exchange. For users, it allows transactions to be conducted between different chains, improving liquidity.
What are the characteristics?
1. Decentralized messaging: LayerZero uses decentralized oracles and relays to transmit messages between blockchains. It helps get rid of single points of failure and improves security.
2. Composable applications: Developers can use LayerZero to create applications that integrate several different blockchain services into their dApps, thereby increasing their capacity.
3. Scalability: The protocol was created to accommodate many transactions and is therefore suitable for applications that need to scale.
Flexibility: LayerZero facilitates a variety of blockchain networks, enabling software developers to choose the best network for their specific use case.
2. Project Team and Financing
Currently, LayerZero has 29 members, and the details of the core members are as follows:
Caleb Banister, co-founder of LayerZero Labs and Stargate Finance;
Bryan Pellegrino, co-founder and CEO of LayerZero Labs;
Ryan Zarick, co-founder and CTO of LayerZero Labs.
LayerZero has completed three rounds of financing, with a total disclosed amount of US$315 million. Investors include well-known crypto investment institutions such as Multicoin, Binance Labs, a16z, and Sequoia Capital.
In April 2021, it received a US$2 million seed round of financing.
In September 2021, LayerZero Labs completed a US$6.3 million Series A financing round, led by Multicoin and Binance Labs, with participation from Sino Global Capital, Defiance, Delphi Digital, Robot Ventures, Spartan, Hypersphere Ventures, Protocol Ventures, Gen Block Capital and others.
In March 2022, LayerZero Labs completed a $135 million Series A+ round of financing at a valuation of $1 billion, led by a16z, FTX Ventures, and Sequoia Capital, with participation from Coinbase Ventures, PayPal Ventures, Tiger Global, and Uniswap Labs. (In November 2022, LayerZero announced that it had repurchased 100% of its equity, currency rights, and any other agreements from FTX/FTX Ventures/Alameda Research.)
On April 4, 2023, Layer Zero Labs successfully obtained $120 million in Series B financing, with a valuation of $3 billion. This is also the largest round of financing in the encryption and blockchain field since FTX imploded in November last year. Nearly 36 institutions including a16z crypto, Circle Ventures, OKX Ventures, OpenSea Ventures, Samsung Next and Sequoia Capital participated in this financing.
It can be seen that LayerZero has been favored by many large capitals from the very beginning. The project has sufficient funds to support the advancement of technological products and ensure the long-term development and operation of the project.
3. Token Economy
According to the relevant information released by the LayerZero Foundation, its native token ZRO has at least three application paths:
1. Payment as a validator (autonomy and decentralization);
2. Voting support in network governance (decentralization);
3. Pay transaction fees instead of using native tokens.
The total supply of tokens is 1,000,000,000, and the specific distribution ratio is as follows:
Community: 383,000,000 ZRO, accounting for 38.3% of the total supply. The community token distribution is designed to reward LayerZero's early, current and future persistent developers and users, while growing the LayerZero ecosystem. Among them, 8.5% of the airdrop will be released in today's TGE; 15.3% will be reserved and distributed to users, protocols, developers or community members in the future; 14.5% will be managed by the LayerZero Foundation, and 5% will be released at the beginning of the TGE for ecological growth, donation plans and liquidity supply;
Strategic partners: 322,000,000 ZRO, accounting for 32.2% of the total supply, including investors and consultants. This portion of the share will be locked for 1 year and then unlocked monthly over 2 years;
Core contributors: 255,000,000 ZRO, accounting for 25.5% of the total supply, including existing and future team members. This portion of the share will be locked for 1 year and then unlocked monthly over 2 years;
Buyback: 40,000,000 ZRO, or 4% of the total supply, has been bought back by LayerZero Labs and will be invested in the community share.
The release of ZRO tokens according to the token economic model is as follows:
4. Community Sentiment
Since LayerZero, which had been undergoing a witch review for a month and a half, finally opened its airdrop inquiry yesterday, all major communities have been filled with doubts. Previously, there was ZKsync, and now the altcoins continue to fall. With the witch cleansing activities going on, a large number of studios and even retail investors have been labeled as witches, and after working hard for half a year, they were all wiped out. The community's resentment towards LayerZero has also reached its peak:
Later, today, LayerZero CEO Bryan Pellegrino disclosed that of the 25% unlocked on the first day of the ZRO airdrop, 20% was directly allocated to users/protocols.
8.5% available for claiming 0.5% to the community (for the future) 11% for upcoming STIPs + more retroactive allocations 5% to the foundation for ecosystem, growth, grants, and liquidity provision
Of the 20% given to the community, these funds will never be touched unless for a specific purpose, all uses will be announced in advance and allocated through a future protocol RFP (STIP) or retroactive allocation (like this TGE claim).
In addition, Ethereum, Arbitrum, Optimism, Base, Polygon, BNB Chain, Avalanche and Aptos networks can all be used to receive ZRO airdrops.
Even if they tried to save it, many people only got 200-300 tokens after a whole year of grinding. Many people were also disappointed by a few English words.
The good news is that LayerZero’s airdrop is finally online, the bad news is that “You are not eligible”, and the hair-pulling industry is about to come to an end.
5. Online performance prediction and strategy
According to the over-the-counter trading protocol Aevo, the over-the-counter price of LayerZero (ZRO) hit a high of $4.8 after the airdrop query was opened yesterday. It has now fallen back and is now trading at $4.25, with a 24-hour trading volume of over $2.3 million.
First, to predict the price of $ZRO when it is released, we need to find the following evidence:
Assumed FDV
Total Supply
Market value comparison
Without further ado, here are the pictures and texts:
The price of $ZRO at launch will be calculated as: FDV / Total Supply.
As mentioned above, the total supply of ZRO tokens is 1 billion. How to estimate FDV? Refer to the release of STRK & W.
From the figure, we can see the raised funds, valuation, and FDV statistical table.
I think a valuation of 2-3x of at least $3 billion is reasonable for $ZRO, which means $6 billion - $9 billion.
What about the price? FDV / Total Supply
Total supply of $ZRO: 1 billion
$ZRO Price:
$6 billion FDV = $6
$7 billion FDV = $7
$8 billion FDV = $8
$9 billion FDV = $9
Market value comparison
Strategic Planning:
FDV and Target Price:
$5 billion FDV or less: I would buy
At around $8 billion FDV, I would consider selling some
I would clear between $15 billion and $20 billion FDV
Price
$5 or less:
Sell part at $8
Clear between $15-20
VI. Project Evaluation
LayerZero is a beacon of innovation in the blockchain world. With its unparalleled interoperability, advanced cross-chain communication, strong security measures, and future-proof technology, it is setting new standards for what blockchain technology can achieve. The project's commitment to community engagement and real-world impact further solidifies its position as a leader in the field.
Generally speaking, the chances of getting rich overnight by taking advantage of airdrops will become fewer and fewer, and a balance of interests may be found between project owners and profit-taking agencies; and the two may also try to bring their previously under-the-radar behaviors into the open in an open and fair manner.
As the cryptocurrency space develops, we expect to see more innovative solutions like LayerZero, which will drive further growth and adoption. In the meantime, as far as I know, ZRO can be considered one of the best "pioneers" to solve blockchain problems. As for whether it is the next golden dog, let's wait and see.
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