The LayerZero cross-chain interoperability protocol completes the first airdrop snapshot
LayerZero, a cross-chain interoperability protocol, is preparing to launch its long-awaited airdrop to users.
LayerZero has completed the first screenshot for the upcoming May 2nd Airdrop, promising followers “more information coming soon,” according to LayerZero Labs' X post.
Airdrops are widely employed in decentralized finance (DeFi) protocols, rewarding early adopters with newly minted cryptocurrencies.
LayerZero's ZRO was the first Hyperp (Hyperliquid-only perp) to launch on the HyperLiquid perpetual futures decentralized exchange (DEX) in September 2023.
ZRO's Hyperliquid transaction at $8.3 could represent a fully-fledged net worth (FDV) of nearly $17 billion, said Kulian, the main contributor to Hyperliquid Simulation, in a May 2 X post.
Hyperops trade similarly to perpetual futures contracts but do not require a strike position or strike price. It is the world's largest perpetual futures DEX with hyperliquid volume and open interest trading.
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While LayerZero Labs did not share any additional information about the airdrop, it previously teased that the token is being prepared to launch in early 2024, according to XPost on December 7, 2023.
“LayerZero was built with the ability to always have a native token in the protocol, as seen in the immutable code that was released on Day 1… We can now confirm that there will be a LayerZero token. The distribution is something we have decided to fix and expect to be in the first half of 2024.
Will Airdrops Affect DeFi Protocols Long Term?
While AirDrop aims to create more use of the protocol by rewarding early adopters, users aren't always reaping the lion's share of the rewards.
Crypto airdrops are usually full of professional airdrop hunters (or scooters) who land the same airdrop in multiple wallets to use the protocol for a long time and sell the reward after asking.
In February, Banteg, the developer of the fake Yearn.finance, warned that Starknet's airdrop eligibility list consisted primarily of hackers. Of the 1.3 million authorized wallet addresses, 701,544 were suspected of duplicating or modifying GitHub accounts controlled by hackers.
On May 1, Chinese police discovered a Starknet airdrop ID impersonator, who assumed the identities of other users, claimed more than 40,000 STRK tokens on behalf of them, and exchanged them for $91,000 worth of Tether (USDT).
In the year In March 2023, it was revealed that airdrop hunters at the time Arbitrum (ARB) airdropped $3.3 million worth of tokens from 1,496 wallets into two wallets they controlled.
Airdrop squatters sell their pooled rewards as soon as they receive the tokens, often resulting in a significant discount to the price of the airdropped token.
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