Coinbase, Binance, and several other major cryptocurrency exchanges worldwide have quickly added trading support for a new altcoin that is part of an “omnichain” project.
LayerZero is described as an omnichain interoperability protocol that aims to transfer data across blockchains and facilitate “censorship-resistant messages and permissionless development through immutable smart contracts.”
The project launched its new native token, ZRO, on Thursday. Binance included support for the asset with a seed tag, while Coinbase labeled the token as experimental. Both designations serve as a warning to users about lower liquidity and the potential volatility of newer tokens.
Other exchange giants, including OKX, Bybit, Crypto.com, and Bitfinex, also listed ZRO on Thursday.
Additionally, the LayerZero Foundation introduced a new claiming mechanism for ZRO called “proof-of-donation,” which is designed to support the Protocol Guild, a collective funding mechanism for Ethereum (ETH) development.
The foundation explains, “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, with the donations going 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 currently priced at $3.57.
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