In the past 24 hours, volume on the Stargate cross-chain bridge has increased 30% as investors try to fulfill the requirements for a suspected LayerZero airdrop.
Activity on Stargate (STG) has also increased significantly over the previous five weeks, according to data from DefiLlama. This month, the protocol announced that it had exceeded $1 billion in monthly volume for the first time. Stargate, which serves as a gateway to LayerZero, is the source of most of the money entering the protocol.
The trading volume for STG increased by 95% over the last 24 hours.According to CoinMarketCap, the cryptocurrency was up 2% on Thursday and was currently trading at 78 cents.
Although LayerZero has not declared that it would issue a token, the mention of “ZRO token holder” in the protocol’s code on Gitbook suggests that a native token is about to be released.
An omnichain protocol called LayerZero permits the transfer of assets and arbitrary data between different blockchains by communicating with a variety of them. The company raised $120 million earlier this month from Sequoia Capital, Samsung Next, and Andreessen Horowitz at a $3 billion value.
Crypto traders were interested in this since several high-profile airdrops in the previous year produced huge returns with little work. Arbitrum, Aptos, and Optimism.
In order to encourage early adopters, Optimism (OP), Aptos (APT), Arbitrum (ARB), and Blur (BLUR) all offered attractive airdrops.
Airdrop hunters are jumping on Stargate governance suggestions as well as participating with the Stargate bridge in the hopes of earning a higher allocation of LayerZero. For a recent vote on whether to designate decentralized exchange Velodrome as a STG hub on the Optimism blockchain, more than 6.4 million STG tokens were staked.