LayerZero launches Proof-of-Donation mechanism

LayerZero launches Proof-of-Donation mechanism


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In this post:

  • LayerZero introduces a Proof-of-Donation mechanism to support Ethereum development by donating to Protocol Guild.
  • Donations made to claim ZRO tokens are matched up to $10 million by the LayerZero Foundation.
  • Users can claim and transfer ZRO across multiple blockchain networks during the open window from June 20 to September 20.

LayerZero, a prominent player in the blockchain industry, has rolled out its latest initiative, the Proof-of-Donation mechanism. This new feature aims to support Ethereum’s core development team via the Protocol Guild, a collective dedicated to funding the research and development of Ethereum’s Layer 1.

Users wishing to claim LayerZero’s native token, ZRO, are required to make a donation. The specifics? A minimal amount of $0.10 per ZRO token, which can be donated using popular cryptocurrencies such as USDC, USDT, or native ETH.

The LayerZero Foundation has pledged to match these contributions dollar for dollar up to a staggering $10 million. Per the announcement, all funds received by the Protocol Guild are set for a vesting period spread over four years, ensuring a sustained support system that’s tracked and transparent, thanks to their on-chain contracts.

For users eager to participate, the claim window is open from June 20 through September 20. This program is inclusive, extending beyond just Ethereum, as participants can claim their tokens across several chains, including Arbitrum, Optimism, Base, Polygon, BNB Chain, and Avalanche.

Related: Ecosystem thrives after LayerZero’s airdrop confirmation

However, it’s important to note that claims across these networks will require a LayerZero message for verification, except in the case of Arbitrum, which acts as the coordination chain for this particular contract.

Meanwhile, South Korea’s largest exchange, Upbit, has introduced trading markets for LayerZero (ZRO) in KRW, BTC, and USDT. The action kicks off at 21:00 local time on June 20. Not to be outdone, both OKX and Bithumb have also announced their intentions to launch LayerZero (ZRO) on their platforms.

Jai Hamid

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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