How Pulley Became LayerZero's Single Source of Truth for Token Distributions

Introduction

LayerZero, a pioneering web3 infrastructure provider, facilitates direct, cross-chain transactions between blockchain networks without another party. Since its stealth launch in 2021, LayerZero has processed over 135 million messages across 70+ chains, securing more than $50 billion in total value. Leading on-chain applications including PancakeSwap, SushiSwap, TraderJoe, and Uniswap leverage the LayerZero protocol.

We spoke with Ari Litan, former COO and current strategic advisor for LayerZero, about why Pulley was the best choice for establishing a single source of truth for their token and equity management.

Challenge

LayerZero wanted to consolidate cap table details into a unified ledger that accurately reflected both token and equity ownership. 

"Managing control through spreadsheets leaves too much room for human error," Ari remarked.

Solution

LayerZero chose Pulley for its ability to seamlessly handle both equity and token management.

"We considered other crypto native products, but they didn’t have the features to meet the needs of LayerZero at our scale. Pulley was the only product that has the features to manage the complexity of our cap table and token distributions. It was an easy decision," Ari explained.

Pulley's experience handling complex token structures for top 100 projects assured Ari of the platform's reliability and scalability.

Integrated management of equity and tokens

Pulley allowed LayerZero to manage, issue, and distribute equity and token grants on a single platform. The unified cap table and efficient tracking mechanisms eliminated the need for manual spreadsheets and reconciliations across different systems.

A single source of truth for token ownership

"With Pulley, it's easy to understand when tokens are vesting, being distributed, who has received or exercised options, and who hasn’t," Ari noted.

Pulley's comprehensive dashboards and audit logs provide transparency into the status and vesting schedules of equity and token grants for all stakeholders.

"Having a source of truth for token distribution is by far the most beneficial part of using Pulley," said Ari.

Streamlined recording of token distributions

Before Pulley, the process of knowing which tokens were distributed took days. LayerZero manually reconciled spreadsheets to ensure the correct tax rates were withheld, requiring extensive reviews to confirm accuracy.

White glove support for a successful token launch

Throughout the onboarding and issuance process, LayerZero received dedicated support, ensuring immediate assistance and platform configuration. "The level of customer service and immediate help was outstanding," Ari stated.

Results

Using Pulley, LayerZero has successfully distributed tokens and equity to their investors, advisors, and employees. This streamlined process saved significant time and provided confidence in the accuracy and compliance of token distributions.

"I highly recommend Pulley for anyone in web3 looking for a comprehensive token management solution," Ari advised.

Ari trusts Pulley to manage LayerZero's cap table accurately. "I trust that it is right," he said. Pulley provided the reliable, web3-ready solution LayerZero needed to scale rapidly.