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The LayerZero Foundation has repurchased 50 million ZRO, equal to 5% of the token\u2019s total supply.<\/p>\n
The native token of cross-chain protocol LayerZero, ZRO<\/a>, jumped over 22% after the project announced it had completed a token buyback. <\/p>\n LayerZero<\/a> said in an X thread<\/a> on Monday, Sept. 22, that the LayerZero Foundation had executed a buyback of 50 million ZRO \u2014 or 5% of the token\u2019s total supply \u2014 from early investors. ZRO rallied sharply from near $1.82 on Monday to over $2.21 by press time today, Sept. 24. <\/p>\n In the X thread, the LayerZero Foundation noted that a16z crypto had also acquired ZRO tokens in April. As the venture firm announced<\/a> at the time, it purchased $55 million worth of ZRO with a three-year lock up period. <\/p>\n LayerZero added that revenue from cross-chain bridge Stargate<\/a> will fund future buybacks, but that Monday’s purchase was “discretionary and separate from the ongoing program from Stargate revenue.”<\/p>\n LayerZero originally developed the Stargate protocol in 2022, but it transitioned into an independent project. However, last month, LayerZero reacquired the protocol after weeks of debate and controversy. <\/p>\n As The Defiant reported<\/a> last month, although the Stargate community ended up approving LayerZero Foundation\u2019s takeover bid \u2014 returning the cross-chain bridge to its original developers \u2014 over half of the support actually came from just two addresses, which had little to no prior voting history in the Stargate DAO.<\/p>\n