LayerZero CEO: Only a Fraction of Addresses Qualify for Airdrop

full version at beincrypto

LayerZero’s CEO, Bryan Pellegrino, shared new information amid the airdrop anticipation. In a Telegram group discussion, he revealed a surprising detail.

Pellegrino’s findings indicate a strict filter. The airdrop aims to reach truly active users.

From Participation to Protection: LayerZero’s Airdrop Eligibility Strategy

Pellegrino found that nearly half of the addresses linked to LayerZero had only one transaction. He estimated that only 400,000 to 800,000 out of 6 million addresses truly participate in the network. This makes about 6.67% to 13.33% of the total addresses eligible.

In addition to establishing eligibility criteria, Pellegrino emphasized the importance of internal fairness. On May 7, he announced that no LayerZero Labs employees are allowed to partake in the airdrop.

“It will be a fireable offense and has been announced internally for some time and has always been the case,” he wrote.

Furthermore, LayerZero Labs, the entity behind LayerZero, is taking steps to fight Sybil farmers ahead of its airdrop. On May 4, it announced a grace period for those involved in Sybil activities to self-report.

Those who come forward within a 14-day window can keep 15% of their intended allocation. The company also plans to identify and penalize unreported Sybil users to enhance the fairness and security of the airdrop.

BeInCrypto previously reported that LayerZero Labs has announced the completion of a snapshot tied to an upcoming crypto airdrop. This event was captured at 11:59:59 PM UTC on May 1, 2024. However, LayerZero has yet to provide further details regarding the snapshot.

LayerZero’s strategic approach supports its mission of fostering a fair and thriving ecosystem. By implementing these measures, the company ensures that the airdrop benefits only those genuinely engaged in the network.

LayerZero is an interoperability protocol. It allows developers to build cross-chain applications with modular security parameters.

The company has also secured significant funding, raising $120 million in a Series B round. This increased its valuation to $3 billion.

Major investors like a16z Crypto, Circle Ventures, and Sequoia Capital have backed LayerZero. Given its background, it is plausible that the crypto community eagerly awaits the project’s airdrop.