What is LayerZero and how can you benefit from the juicy airdrops?
LayerZero is a cross-chain compatibility protocol designed for the efficient and seamless exchange of messages and transactions between different blockchains.
The protocol belongs to Layer 0, which creates the foundational infrastructure upon which Layer 1 blockchains such as Bitcoin, Ethereum, and Solana are built. Layer 0 includes essential components like protocols, connections, hardware, and miners, creating a reliable support system for blockchain ecosystems.
LayerZero serves as a prime example of Layer 0, providing a cross-chain messaging exchange system.
Protocol Overview
In terms of investment, the protocol has attracted a significant amount totaling $262 million from top-tier funds such as Binance Labs, a16z, Deplphi Digital, Sequoia Capital, Multicoin Capital, and over 40 other investors!
Funds entered the protocol between August 2021 and April 2023, around the bottom of the bear market. As of the beginning of April 2024, the protocol’s total revenue exceeds $115 million, with over 4 million unique users.
The project’s Twitter activity, measured by TwitterScore, stands at 359 points, indicating a strong engagement level. Moreover, the number of users on Twitter continues to grow.
LayerZero is an interoperability protocol – an omnichain – built to connect different blockchains. This means it lets users easily transfer assets across multiple chains in a secure and cost-effective manner.
It also provides increased interoperability for other DeFi activities such as swapping, lending, borrowing, and providing liquidity on multi-chain dApps. This means it lets users easily transfer assets across multiple chains in a secure and cost-effective manner.
LayerZero has so far raised $263 million and is already used as a blockchain interoperability solution by several established platforms, such as SushiSwap, PancakeSwap, Uniswap, Trader Joe, Radiant Capital, and Hashflow. With and valuation of $3 billion, it’s set to perform one of the biggest and most anticipated crypto airdrops.
A twist for airdrop farmers as they set to perform the biggest Sybil attack
Addressing Sybil Activity
Almost 6 million unique wallet addresses have interacted with LayerZero since its initial launch over two years ago. As we consider token distribution, a critical point is identifying the optimal set of users to bootstrap the network. Our conclusion is that it should be the most durable users, where durability is defined as those users most likely to continue to use the protocol or repeat past actions in the future.
Addressing Sybil Activity
A key challenge in achieving a healthy distribution is detecting Sybil’s activities.
Examples of what we view as Sybil activity within LayerZero are as follows:
- If you are a single entity with tens, hundreds, or thousands of addresses participating in industrial farming.
- If you minted a “valueless” NFT for the sole purpose of moving it around chains.
- If you have used popular “Sybil farming” applications such as Merkly, L2Pass, L2Marathon, etc. For more information, read this tweet.
- If you bridged $0.01 back and forth across chains for the sake of having touched a chain.
- • If you think you are a Sybil, you are most likely a Sybil.
We are allowing all Sybil users to self-report within the next 14 days in return for 15% of their intended allocation, no questions asked.
If a Sybil user does not self-report by the end of the 14 days (May 17th 11:59:59 UTC), we will move into the following 2 phases:
- Phase 1: LayerZero will release its own list of all identified Sybil users — those who are identified and did not self-report will receive nothing.
- Phase 2: We will open a bounty where users can submit detailed reports of Sybil’s activity. A successful report will result in the Sybil user receiving nothing, and the bounty hunter receiving 10% of the Sybil’s intended allocation.
How to Self-Report Sybil Activity
If you are a Sybil user and would like to self-report, here’s how:
- Visit Sybil.layerzero.network
- Connect a wallet associated with Sybil activity
- Sign a message to prove ownership of the address
- Repeat for all Sybil addresses
For industrial Sybil activities, we are also providing an API for mass reporting.
Note: All allocation eligibility will be subject to any legal or geographic requirements and each transaction is signed on-chain and should be considered permanent.
Conclusion
LayerZero’s goal is to reward the durable users — protocols, users, and community members — who helped LayerZero succeed thus far and who will help the protocol expand in the future.
