- The A16z staff intends to lock the acquired ZRO tokens for 3 years to make sure its market stability.
- ZRO value is properly primed for a significant bullish rebound if the broader crypto market rises within the close to future.
Andreessen Horowitz (a16z) has been an enormous contributor to the success of the LayerZero (ZRO) omnichain protocol. On Thursday, Ali Yahya, Normal Associate at a16z crypto, introduced that the enterprise capital agency has invested a further $55 million in LayerZero by buying ZRO tokens.
In keeping with the announcement, a16z will lock the bought ZRO tokens for the subsequent three years.
“Our world monetary system is evolving, and it’s nice to see the protocol enabling many new companies and sophisticated workflows to maneuver on-chain,” Ali famous.
A16Z’s Deep Connection With LayerZero
Up to now few years, a16z has been a key supporter of the LayerZero protocol. The enterprise capital agency participated in LayerZero’s Collection A+ spherical in 2022, which closed with $135 million raised and a valuation of about $1billion.
In 2023, a16z was among the many 33 contributors who helped LayerZero increase $120 million in its Collection B, thus tripling its valuation to $3 billion.
The strategic funding in LayerZero has helped it construct the mandatory infrastructure to allow a trustless inter-chain communication protocol with the assistance of ZRO tokens.
Affect on ZRO
Following the announcement, ZRO value rallied over 5 % prior to now 24 hours to commerce about $2.49 on Thursday, in the course of the mid New York session. The mid-cap altcoin, with a totally diluted valuation of about $2.49 billion and a 24 hour common buying and selling quantity of round $66.6 million, has been forming a possible reversal sample.
From a technical evaluation standpoint, ZRO value has been forming a possible inverse head and shoulders (H&S) sample coupled with a bullish divergence of the each day Relative Energy Index (RSI). Consequently, a constant shut above the resistance degree round $3.26 will set off a rally past $5.