LayerZero (ZRO) - Referendum #3 (Fee Switch) - 20 December 2025

LayerZero is holding Referendum #3, where ZRO holders can vote from any supported chain on whether to activate a protocol fee, according to the official governance announcement. Mechanically, a “Yes” vote would turn on LayerZero’s fee switch, enabling the protocol to charge fees on its cross-chain messaging activity. This changes LayerZero from a pure infrastructure play to a fee-generating network. If the economic design ultimately routes part of these fees to the treasury or ecosystem aligned with ZRO, markets may start valuing ZRO more as a cash-flow and governance asset, potentially impacting long-term pricing and volatility around the vote outcome.