In a significant move within the cryptocurrency ecosystem, LayerZero Foundation, the organization behind the cross-chain interoperability platform LayerZero, has announced the launch of an eligibility checker for its upcoming token airdrop. This development holds immense implications for the broader crypto community, as it provides users with the opportunity to verify their eligibility and gain a better understanding of their participation in the LayerZero ecosystem.
The Eligibility Checker
The eligibility checker, unveiled by LayerZero Labs CEO Bryan Pellegrino, allows users to check their eligibility for the upcoming airdrop, along with a summary of their user activity, such as their start date and total number of transactions. According to Pellegrino, a total of 1.28 million wallets are eligible for the airdrop.
1.28M eligible wallets https://t.co/bPe4GphvZj
— Bryan Pellegrino (臭企鹅) (@PrimordialAA) June 19, 2024
Airdrop Details
Last week, the LayerZero Foundation teased the airdrop claim date in its first-ever social media post, featuring a white background with the inscription “06.20.2024,” hinting at the upcoming airdrop on that date. Pellegrino has since revealed additional details about the airdrop, explaining that 23.8% of the total 1 billion token supply will be distributed directly to the community and builders.
“The majority of the remainder will be given over the next 36 months with additional retroactive distribution every 12 months, along with some forward-looking RFPs (requests for proposals) for builders,” Pellegrino added.
Anti-Sybil Measures
In the weeks leading up to the airdrop claim date, LayerZero has been ramping up its “anti-Sybil strategy” to combat the potential for Sybil attacks, which involve creating multiple fake accounts to gain a larger share of free tokens unfairly. LayerZero’s anti-Sybil measures include a bounty hunter program and a self-reporting system, the latter of which promises reporters 15% of their intended token allocation, while those who do not will receive zero tokens.
LayerZero’s Growth and Funding
In April 2023, LayerZero Labs, the developer behind the protocol, raised $120 million in a Series B funding round at a valuation of $3 billion, further solidifying its position in the rapidly evolving crypto landscape.
This announcement from LayerZero Foundation comes at a crucial time as the crypto industry continues to evolve and innovate. The launch of the eligibility checker and the upcoming airdrop allow the LayerZero community to engage more deeply with the platform and contribute to its growth and development.
