LayerZero opens eligibility checker for upcoming token airdrop

Quick Take

  • LayerZero Foundation announced an eligibility checker for its upcoming airdrop.
  • Layer Labs CEO Bryan Pellegrino a total of 1.28 million wallets are eligible.

LayerZero Foundation, the organization supporting the cross-chain interoperability platform LayerZero, announced an eligibility checker for its upcoming airdrop.

Users of the platform can check their eligibility for the airdrop, along with a summary of their user activity, such as their start date and total number of transactions, according to an X post from LayerZero Labs CEO Bryan Pellegrino. LayerZero Labs is the core developer behind the protocol.

Pellegrino said a total of 1.28 million wallets are eligible.

Last week, the LayerZero Foundation teased the airdrop claim date in its first-ever social media post. The post featured a white background with the inscription “06.20.2024,” hinting at the upcoming airdrop on that date.

Pellegrino had revealed airdrop details over the weekend, explaining that 23.8% of the total 1 billion token supply will go directly to the community and builders. On the first day of distribution, 8.5% of the community-allocated supply will be distributed, Pellegrino said.

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“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.

In the weeks leading up to the airdrop claim date, LayerZero has been ramping up its “anti-Sybil strategy.” Sybil attacks involve creating multiple fake accounts to unfairly gain a larger share of free tokens being distributed.

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. ZKsync, which distributed its airdrop on Monday, faced backlash from the crypto community due to apparent lack of anti-Sybil measures.

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.


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About Author

Danny Park is an East Asia reporter at The Block writing on topics including Web3 developments and crypto regulations in the region. He was formerly a reporter at Forkast.News, where he actively covered the downfall of Terra-Luna and FTX. Based in Seoul, Danny has previously produced written and video content for media companies in Korea, Hong Kong and China. He holds a Bachelor of Journalism and Business Marketing from the University of Hong Kong.

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