The recent launch of $ZRO has generated significant buzz in the crypto community, debuting with a $934 million market cap and a $3.7 billion fully diluted valuation (FDV).
The #Merkly deployer donated 2.83 $ETH($9,976) to claim the airdrop of 102,068 $ZRO.
Then he sold all 102,068 $ZRO for 106.69 $ETH($381K).https://t.co/K8nVPuiaBz pic.twitter.com/sssmv5sah1
— Lookonchain (@lookonchain) June 20, 2024
This excitement was further amplified by a notable transaction involving the Merkly deployer, who donated 2.83 ETH (approximately $9,976) to claim an airdrop of 102,068 $ZRO tokens. The deployer then sold all the airdropped $ZRO for 106.69 ETH, valued at around $381,000.
$ZRO just launched with a $934m MC and $3.7B FDV.
If not for VCs valuing @LayerZero_Labs at $3b is there any justification for the high price tag compared to competitors such as @wormhole and @axelarnetwork ?
What should $ZRO's fair valuation be? pic.twitter.com/c29AdHtmjY
— Defi_Mochi (@defi_mochi) June 20, 2024
The airdrop frenzy has had a profound impact on the Arbitrum One network. Gas prices have soared above 25 gwei due to the high demand for claiming the LayerZero airdrop, marking an astonishing 257,000% increase in just 24 hours.
ARB Transaction Spikes Due To Airdrop Rush
As a result, transaction costs have skyrocketed. A simple swap on Uniswap V3 now costs over $15, and the $ZRO claim fee is around $8.
This surge is notable given that Arbitrum typically operates with a gas price of 0.01 gwei, thanks to the recent Dencun upgrade.
Gas Price on Arbitrum Spiked Above 25 Gwei
Gas price on #Arbitrum One has risen above 25 gwei due to the #LayerZero airdrop claim frenzy, which marks +257K% increase in 24h. Currently, a swap on Uniswap V3 costs over $15, and the $ZRO claim costs around $8. Arbitrum usually has… pic.twitter.com/vWzt5VGZwZ
— CryptoRank.io (@CryptoRank_io) June 20, 2024
The substantial increase in gas fees highlights the intense activity and interest surrounding the $ZRO launch and its associated airdrop. This event underscores the growing influence and rapid adoption of new tokens in the crypto ecosystem, even as it places a temporary strain on network resources.
The $ZRO launch exemplifies the dynamic nature of the cryptocurrency market, where significant value can be created and realized in a short span of time.
It also reflects the broader trend of increasing participation and speculation in new token offerings, driving both opportunities and challenges within the blockchain networks that support these transactions.
As the crypto space continues to evolve, such events will likely become more common, further shaping the landscape of digital finance.
Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.