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The omnichain protocol\u2019s ZRO buyback highlights a broader trend of crypto projects returning revenue to tokenholders.<\/p>\n
LayerZero<\/a> Labs, the team behind the omnichain interoperability protocol, disclosed on Thursday that it had purchased $10 million of its native token, ZRO, from the open market.<\/p>\n In a post on X, the company called ZRO \u201cone of the most mispriced assets in the world\u201d and said it plans to continue buying as opportunities arise. ZRO is trading at $1.73, up 11% in the past 24 hours, with a market capitalization of $194 million, according to CoinGecko.<\/p>\n \u201cWe are living through a once-in-a-generation change in the financial system and LayerZero sits at the core of this transition to global-scale permissionless infrastructure,\u201d the post reads. <\/p>\n LayerZero has a history of token buybacks<\/a>. In September, the protocol said the LayerZero Foundation<\/a> executed a buyback of 50 million ZRO \u2013 or 5% of the token\u2019s total supply \u2013 from early investors. Following the announcement, ZRO rallied from near $1.82 to over $2.21 by Sept. 24.<\/p>\n LayerZero Labs\u2019 ZRO purchase fits into a wider trend of crypto projects returning revenue to tokenholders through buybacks. <\/p>\n