Hassan Maishera
On Monday, the LayerZero Foundation announced via X that it has executed a buyback of 50 million ZRO tokens from early investors, representing 5% of the token supply. In addition to the a16z Crypto investment in April, this marks over ~$150m in ZRO repurchased this year.
The team added that Stargate revenues continue to drive future buybacks. This purchase was discretionary and separate from the ongoing program from Stargate revenue.
The foundation added that it will buy back more ZRO tokens if a similarly attractive opportunity presents itself.
LayerZero is an interoperability protocol designed to facilitate seamless communication between different blockchains. It aims to create a unified, interconnected blockchain ecosystem where assets and data can move freely across various networks. ZRO trades at $1.89, down 3% in the last 24 hours.
