Coinbase, Binance and a host of other top crypto exchanges around the world rolled out immediate trading support for a brand new altcoin native to an “omnichain” project.
LayerZero bills itself as an omnichain interoperability protocol. The project aims to move data across blockchains and support “censorship-resistant messages and permissionless development through immutable smart contracts.”
On Thursday, the project launched its new native token, ZRO. Binance added support for the asset with a seed tag, and Coinbase assigned the token an experimental label. Both designations alert users to lower liquidity and newer tokens that could be particularly volatile.
They weren’t the only exchange giants to immediately roll out trading services for the asset: OKX, Bybit, Crypto.com and Bitfinex also listed ZRO on Thursday.
On Thursday, the LayerZero Foundation also introduced a new claiming mechanism for ZRO called “proof-of-donation” that is designed to support the Protocol Guild, a collective funding mechanism for Ethereum (ETH) development.
Explains the foundation,
“Protocol Guild and Ethereum’s core developers have been fundamental to LayerZero’s growth, driving the proliferation of the EVM (Ethereum Virtual Machine), Ethereum’s L2-centric roadmap, and the broader crypto ecosystem. By donating to Protocol Guild, eligible recipients show long-term alignment with the LayerZero protocol and a commitment to the future of crypto.
To claim ZRO, users must donate $0.10 in USDC, USDT, or native ETH per ZRO. This small donation goes directly to the Protocol Guild. The LayerZero Foundation is matching all donations up to $10 million.”
The governance token, which is already the 90th-ranked crypto asset by market cap, dropped by nearly 20% on its first day of trading and is priced at $3.57 at time of writing.
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