LayerZero Foundation has introduced an eligibility checker for its upcoming airdrop. According to Layer Labs CEO Bryan Pellegrino, approximately 1.28 million wallets qualify for the airdrop.
LayerZero Foundation, which supports the cross-chain interoperability platform LayerZero, has launched an eligibility checker for its upcoming airdrop.
LayerZero Foundation Launches Airdrop Eligibility Checker
Users of LayerZero’s platform can now verify their eligibility for an upcoming airdrop using a newly introduced eligibility checker. This tool provides users with a summary of their activity on the platform, including their start date and total number of transactions. According to Bryan Pellegrino, CEO of LayerZero Labs, approximately 1.28 million wallets are eligible for the airdrop.
Details of the Upcoming Airdrop: Recently, LayerZero Foundation hinted at the imminent airdrop claim date with a social media post featuring the date “06.20.2024” on a white background. Pellegrino further disclosed that 23.8% of the total token supply, amounting to 1 billion tokens, will be distributed to the community and builders. Initially, 8.5% of this supply designated for the community will be distributed on the first day of the airdrop.
LayerZero Foundation’s Airdrop Distribution Strategy
LayerZero Foundation, the organization behind the cross-chain interoperability platform LayerZero, has detailed its distribution strategy for an upcoming token airdrop. According to Bryan Pellegrino, CEO of LayerZero Labs, the majority of the total token supply, which amounts to 1 billion tokens, will be distributed over the next 36 months. This distribution will include retroactive distributions every 12 months and will also involve requests for proposals (RFPs) aimed at builders within the ecosystem.
In preparation for the airdrop, LayerZero has intensified its efforts to combat Sybil attacks, which involve creating fake accounts to unfairly obtain more tokens. Their strategy includes implementing a bounty hunter program and a self-reporting system. Participants who verify their identities through the self-reporting system can secure 15% of their intended token allocation. However, those who do not verify their identities will receive zero tokens. This approach aims to ensure fair distribution among genuine community members. In contrast, ZKsync, another project that recently conducted an airdrop, faced criticism from the crypto community for not implementing sufficient anti-Sybil measures.
In April 2023, LayerZero Labs successfully raised $120 million in a Series B funding round, valuing the company at $3 billion. This funding round highlights significant investor confidence in LayerZero’s technology and its potential to innovate within the blockchain and cryptocurrency ecosystem.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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