Popular cryptocurrency network LayerZero announced that it plans to airdrop until June of next year. What will be the effects of the airdrop on the cryptocurrency?
LayerZero’s Airdrop Announcement!
Cryptocurrency airdrop means that the project owners distribute a certain token for free to existing token holders. Airdrops have several effects on cryptocurrencies. Airdrops are used to expand the project’s community and attract more attention.
The distribution of free tokens can increase participation in the project and encourage users to take a closer look at the details of the project. Airdrops can generally cause short-term volatility in the price of a cryptocurrency. It may lead investors to buy or sell the relevant cryptocurrency in order to obtain tokens.
Airdrop Date June 2024
In addition, the cryptocurrency network LayerZero gave the news to its investors through the social media giant X. In its announcements, the cryptocurrency network stated that it will start the airdrop event that investors have been waiting for until June 2024. The company said the following about the issue:
LayerZero has always been built with the ability to have a native token within the protocol. We have heard the community’s discussions over the past few months and the lack of clear communication on this matter. We will definitively state that LayerZero token will exist. We are committed to distributing it correctly and expect it to happen in the first half of 2024.
On the other hand, another popular cryptocurrency network Solana‘ (SOL) had announced airdrop efforts. Airdrop events, which have become popular in cryptocurrency networks in recent times, aim to increase investors’ interest in the network. It is also stated that price increases may occur with investors’ interest in the network.
Read the full article here