LayerZero Labs has finished the initial airdrop snapshot for its forthcoming ZRO token as of May 1.

This step is part of the preparations for the official release of the ZRO token, expected in the first half of 2024.

The purpose of the snapshot is to allocate ZRO tokens to eligible participants. The successful completion of the snapshot was announced by LayerZero Labs on X platform on May 2.

Market Response to ZRO Token

Trading activity for the ZRO token is already evident ahead of its launch. Hyperliquid, a major decentralized exchange for perpetual futures, is actively trading a futures contract for ZRO at $8.4.

This trading price indicates a potential market valuation of around $17 billion for the ZRO token upon its launch.

Concerns about users exploiting airdrops, such as Sybil users, have been raised due to their actions impacting the token's price stability post-launch.

Previous Challenges with Airdrop Distribution

Similar issues have been faced by other projects dealing with airdrops. For instance, during the Starknet airdrop analysis, a significant number of addresses were linked to Sybil users.

In March 2023, the Arbitrum (ARB) airdrop saw wallets associated with airdrop hunters amass over $3.3 million worth of tokens, affecting the token's market price fluctuations after distribution.