{"id":23202,"date":"2024-06-21T12:00:13","date_gmt":"2024-06-21T09:00:13","guid":{"rendered":"https:\/\/coinengineer.io\/?p=23202"},"modified":"2024-06-21T09:41:22","modified_gmt":"2024-06-21T06:41:22","slug":"layerzeros-new-token-zro-falls-17","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/layerzeros-new-token-zro-falls-17\/","title":{"rendered":"LayerZero&#8217;s New Token ZRO Falls 17% Amid Controversial Donation Mechanism"},"content":{"rendered":"<p><strong>Layer Zero (ZRO)<\/strong>, a cross-chain interoperability mechanism, has suffered a notable daily price decline of 17% since introducing its token. This drop comes under a dubious token claiming criteria based on donations, some of which have been compared to a &#8220;tax.&#8221;<\/p>\n<p>Launched on June 20, <strong>ZRO<\/strong> rose 15.15% to $4.71 within only 20 minutes before falling 22% within two hours\u2014a trend often seen in token airdrops when claimants sell their just-obtained tokens.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_71 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/coinengineer.net\/blog\/layerzeros-new-token-zro-falls-17\/#Controversial_Claim_Mechanism\" title=\"Controversial Claim Mechanism\">Controversial Claim Mechanism<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/coinengineer.net\/blog\/layerzeros-new-token-zro-falls-17\/#Community_Reactions\" title=\"Community Reactions\">Community Reactions<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/coinengineer.net\/blog\/layerzeros-new-token-zro-falls-17\/#Current_Market_Impact\" title=\"Current Market Impact\">Current Market Impact<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Controversial_Claim_Mechanism\"><\/span>Controversial Claim Mechanism<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Layer Zero&#8217;s original method calls for users to claim <strong>ZRO tokens<\/strong> by donating $0.10 in USDC, USDT, or native ETH. This gift immediately goes to the Protocol Guild, a group funding source for Ethereum developers. Layer Zero projected that these contributions would bring around $18.5 million for the Protocol Guild.<\/p>\n<p>The action has drawn criticism from the crypto community as people claim that paying a &#8220;tax&#8221; alters the character of the airdrop to something more like an initial coin offer (ICO). Comments pouring in on Layer Zero&#8217;s announcement post voiced displeasure with the demand.<\/p>\n<p><a href=\"https:\/\/coinengineer.net\/blog\/coinbase-launches-ongoing-futures\/\"><em><span style=\"font-weight: 400;\">This Might Interest You: Coinbase Launches Ongoing Futures!<br \/>\n<\/span><\/em><\/a><\/p>\n<p>Firm in its posture, Layer Zero says the most recent release is &#8220;not an airdrop.&#8221; <strong>Layer Zero<\/strong> said in a statement that the emergence of airdrop farming and Sybil attacks renders conventional airdrops useless for achieving objectives of fair distribution, community development, and protocol health.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Community_Reactions\"><\/span>Community Reactions<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong>LayerZero<\/strong> co-founder Bryan Pellegrino has defended the token launch, emphasizing that the donation is voluntary. &#8220;There is no forced donation; if you don&#8217;t want to donate, simply don&#8217;t claim. This is not something you own; it&#8217;s something being offered,&#8221; he said.<\/p>\n<p>Notwithstanding the debate, some crypto enthusiasts think the contribution system would be a good start for further airdrops. In a June 20 article, Adam Cochran said that the gift promotes a larger ecosystem and helps establish a base cost value for the token, therefore lowering the possibility of Sybil attacks.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Current_Market_Impact\"><\/span>Current Market Impact<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Based on CoinMarketCap statistics, ZRO is trading at $3.35 now, down 17% over the last 24 hours. This price movement captures the conflicting opinions in society as well as the influence of the contentious contribution demand on the market performance of the token.<\/p>\n<p><a href=\"https:\/\/t.me\/coinengineernews\"><em><span style=\"font-weight: 400;\">Click here to get the latest news from Coin Engineer!\u00a0<\/span><\/em><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Layer Zero (ZRO), a cross-chain interoperability mechanism, has suffered a notable daily price decline of 17% since introducing its token. This drop comes under a dubious token claiming criteria based on donations, some of which have been compared to a &#8220;tax.&#8221; Launched on June 20, ZRO rose 15.15% to $4.71 within only 20 minutes before<\/p>\n","protected":false},"author":6,"featured_media":23204,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,657,1,2],"tags":[177,6918],"class_list":["post-23202","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","category-en","category-genel","category-news","tag-layerzero","tag-zro-token"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>LayerZero&#039;s New Token ZRO Falls 17% Amid Controversial Donation Mechanism - Coin Engineer<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/layerzeros-new-token-zro-falls-17\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"LayerZero&#039;s New Token ZRO Falls 17% Amid Controversial Donation Mechanism - Coin Engineer\" \/>\n<meta property=\"og:description\" content=\"Layer Zero (ZRO), a cross-chain interoperability mechanism, has suffered a notable daily price decline of 17% since introducing its token. 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