Bittime - On June 20, LayerZero's launch ofthe ZROcaused a huge spike in fees on the Arbitrum platform, resulting in a record $3.43 million in daily revenue forblockchain. This spike marked an increase of 16,680% compared to the previous day.
ZRO Launch Mechanism
According to data from Dune Analytics and DefiLlama, ZRO's launch mechanism requiring "donations" has pushed the average gas fee on the blockchain to 89 cents, up from the usual fee of less than 1 cent.
LayerZero requires ZRO token claimants to contribute a small amount of money per token, namely $0.10 in the form of real USDC, USDT, or ETH. Funds from this donation will be allocated to the Protocol Guild which helps fund Ethereum developers .
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Klaim 'Not an Airdrop'
LayerZero argued that their token launch was not an airdrop, as the airdrop was deemed inconsistent with the goals of fair distribution, community building, and long-term protocol health.
Rise of Arbitrum
In that single day, Arbitrum recorded revenue of $3.29 million, which was also a new high for the network since it earned $2.13 million on December 14, the day before the network went offline due to a massive spike in user registrations.
Also read: Whales Buy Arbitrum Signals
ZRO decline
However, the value of ZRO experienced a significant decline of 23% in the past day, now standing at $3.42 after peaking at $4.79.
LayerZero's launch of ZRO has attracted the attention of many in the DeFi industry, not only for its anti-Sybil strategy, but also its impact on Arbitrum's overall fee ecosystem and profitability.
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Conclusion
Thus, despite setting new daily revenue records, the challenge of maintaining a balance between costs and profits remains a key focus for blockchain platforms like Arbitrum in the face of ever-changing market dynamics.
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Also read:
The Launch of LayerZero's ZRO Token Causes Chaos at Polymarket
ZRO Token Plummets 17% Amid LayerZero's Not an Airdrop Controversy
Bullish or Bearish? LayerZero Token (ZRO) Price Prediction 2024-2030
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