LayerZero Labs, the developer of a cross-chain communication protocol, has completed the first snapshot apparently related to a potential airdrop distribution to community members.

The snapshot — the final point at which transactions count for eligibility of the airdrop — was finalized at 11:59:59 PM UTC on May 1, 2024, the team said in a graphic shared on X. “More information coming soon,” it added.

Airdrops are part of a broader strategy to reward early users and decentralize governance power within a network.

Although specific rewards for network use have not been detailed, the timing follows the firm’s earlier statement of a token launch targeted for the first half of 2024.

The designation of this snapshot as the “first” suggests that there will be multiple airdrop events in …