Major Exchanges List LayerZero (ZRO) Amid Disappointing Airdrop

Binance and Upbit list LayerZero (ZRO) amid user frustration over airdrop allocations.

Pinguins on digital land seeing LayerZero.
Created by Kornelija Poderskytė from DailyCoin
  • Major exchanges list LayerZero.
  • Listings positively impact a token’s price. 
  • However, users are disappointed by airdrop rewards. 

As the crypto industry evolves, cross-chain interoperability is becoming increasingly important. One of the projects focusing on that issue is LayerZero (ZRO), a permissionless omnichain interoperability protocol. 

Recently, LayerZero has been distributing its ZRO tokens through an airdrop while major crypto exchanges have announced their listings. However, the excitement surrounding these listings is tempered by frustration over the airdrop rewards, which many participants found disappointing.

Binance, Upbit Lists LayerZero (ZRO)

LayerZero (ZRO), a cross-chain interoperability protocol that enables dApps to work across chains, is in the expansion phase, making its token available to more users. On Thursday, June 20, exchanges Binance and Upbit announced listing the token. 

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Binance will list ZRO/BTC, ZRO/USDT, ZRO/FDUSD, and ZRO/TRY trading pairs at zero BNB fees. The pairs will be available across multiple chains, including Ethereum, BNB Chain, Optimism, Arbitrum, Base, Matic, and Avalanche. Notably, Binance has released the token under a seed tag, indicating high risks. For that reason, users will have to pass risk-awareness quizzes every 90 days to trade the token actively. 

At the same time, South Korean crypto exchange Upbit announced it would also list LayerZero. The trading pairs available on Upbit include ZRO/KRW, ZRO/BTC, and ZRO/USDT. Upbit supports ZRO transactions via the Ethereum network and has implemented several trading restrictions. These include a temporary buy limit and market/order limits post-launch.

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Exchange listings are important because they positively affect the token’s price. When an exchange lists a token, it introduces it to a broader base of traders, putting positive pressure on the price. However, the excitement over the listings has been somewhat overshadowed by the disappointment with the recently unveiled airdrop rewards. 

LayerZero Airdrop Disappoints

On Wednesday, June 19, LayerZero released its airdrop eligibility checker, allowing users to see their ZRO allocations. However, many users found their allocations to be smaller than expected. Moreover, users had to pay a $0.10 fee to claim the airdrop. 

Notably, the criteria favor holders of specific NFTs, such as Pudgy Penguins and Kanpai Pandas, over users with high transaction counts or those who provided liquidity via Stargate Finance. This has led to significant disappointment among DeFi users and airdrop farmers, who had anticipated larger rewards.

Some users also reported issues with the $0.10 transactions they had to pay to be eligible for the airdrop. In response, LayerZero acknowledged the issues and claimed they had taken steps to fix them. 

The ZRO Claim airdrop is available to 1.28 million wallets, with 8.5% of the total 23.8% community allocation set to be distributed at the token launch. The remaining tokens will be distributed over the next three years through retroactive rewards, builder incentives, and community distributions.

On the Flipside

  • On May 30, LayerZero added Solana to the 70 blockchains it already supported. 
  • Airdrops face criticism over their vulnerability to bots and airdrop farmers exploiting them. For instance, critics called ZkSync’s airdrop the most exploitable event in crypto history. 

Why This Matters

Crypto exchange listings significantly impact the price of the tokens, as they expose it to a wider trading community. However, airdrops not well received by the community can have the opposite effect.   

Read more about LayerZero’s expansion: 
LayerZero Adds Solana, Breaking Down Crypto Walled Gardens

Read more about Pantera Capital’s big bet on Solana: 
Why Pantera Capital is Betting on Solana’s Overtaking Ethereum

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
David Marsanic

David Marsanic is a journalist for DailyCoin who covers the intersection of crypto, traditional finance, and government. He focuses on institutionalized crypto entities like major cryptocurrency exchanges and Solana, breaking down complex topics into easy-to-understand writing. David's prior experience as a business journalist at various crypto and traditional news sites has enabled him to maintain a critical approach to news while adhering to high journalistic integrity standards.