LayerZero (ZRO) is a project focused on the task of interoperability, connecting different blockchain networks so that they are compatible with each other.
In the same way that the internet eventually fell under standardized protocols after a decade of development, LayerZero’s ambitious goal is to standardize blockchain app development throughout the Web3 space.
What is the LayerZero token price right now?
ZRO is currently trading at $ 3.93, up 39.8% over the last 7 days.
LayerZero token price is also inching closer towards its all-time high of $4.57 which it reached on June 20 before slumping to $2.51 a week later, becoming the biggest loser in the crypto market for the day and shedding $600 million from its market capitalization.
The current market cap is over $400 million.
It’s worth noting that ZRO price history only goes back as far as June 20. This is a new, high-risk project with no track record in terms of proven utility as of yet.
What is causing LayerZero coin price to rise?
There are no particular project developments or ZRO coin news that could be pumping the price of ZRO. Heavy volatility for a brand-new and untested coin is not uncommon.
The project saw ZRO price falling towards the end of June when some users reported not receiving their share of a major airdrop used to promote the launch.
Developers corrected this error after receiving the complaints. It’s also apparent that many crypto users fell prey to a LayerZero scam impersonating the real team and soliciting airdrop purchases without any reward in store. Overall, the tumultuous airdrop likely caused doubt and uncertainty in the stability of the price, contributing to the volatility.
After seeing a strong start turn to a major correction, many traders may have viewed the price drop as an opportunity to buy ZRO at what they considered to be an undervalued rate, causing a major surge in price.
ZRO coin price prediction 2024 – 2025
As ZRO is a brand new coin, there’s really no telling what the coin will do next. However, we can outline some important factors that traders might do well to keep in mind when assessing the value of the project.
Firstly, the utility of the project can be examined. Interoperability is a crucial step in expanding the Web3 ecosystem, and LayerZero is certainly cashing in on the promise of being a big player in that space.
Savvy investors will likely be studying the track record of the team’s work history and the success of their past projects as well as the viability of LayerZero’s value proposition in general when making a decision.
LayerZero (ZRO) utility
Can LayerZero really standardize blockchain app development?
What we do know is that the team are not anonymous, alleviating concerns among some crypto investors, with LayerZero founded in 2021 by Bryan Pellegrino (CEO), Ryan Zarick (CTO), and Caleb Banister. The project raised $120 in Series B funding in 202.3.
The project claims to be more secure and scalable than Cosmos, a competitor in the blockchain ineroperability space, although this has not yet been fully explored and proven right or wrong as of yet.
With major backers like Sequoia Capital behind them and competent leadership, the project could indeed position itself to corner a piece of the market in years to come.
However, at just two weeks old, ZRO is a risky purchase with no price history to review. Investors could gain an understanding of the project by reading the whitepaper and gaining a sense of LayerZero’s potential edge over competitors when considering ZRO as a possible investment.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
