LayerZero Launches Eligibility Checker for Upcoming Token Airdrops
The LayerZero Foundation, the organization behind LayerZero, a cross-chain interoperability platform, has announced an eligibility checker for the upcoming airdrop.
Users of the platform will be able to check their airdrop eligibility along with a summary of user activity, including start date and total number of transactions, according to an LayerZero Labs is the core developer of the protocol.
Pellegrino said a total of 1.28 million wallets were eligible.
Last week, the LayerZero Foundation revealed the airdrop claim date in its first social media post. The post had the phrase ‘06.20.2024’ written on a white background, hinting at an upcoming airdrop on that date.
Pellegrino revealed the airdrop details over the weekend, explaining that 23.8% of the total 1 billion token supply will go directly to the community and builders. Pellegrino said 8.5% of the community’s allocation supply will be distributed on the first day of distribution.
“The majority of the remainder will come with some forward-looking RFPs (requests for proposals) for builders, with additional retrospective releases every 12 months over the next 36 months,” Pellegrino added.
In the weeks leading up to the airdrop claim date, LayerZero has been strengthening its “Anti-Sybil Strategy.” Sybil attacks involve creating multiple fake accounts to unfairly obtain a larger portion of the free tokens distributed.
LayerZero’s anti-Sybil measures include a bounty hunter program and a self-reporting system, the latter promising 15% of the intended token allocation to reporters, while anyone else will receive zero tokens. ZKsync, which distributed the airdrop on Monday, faced backlash from the cryptocurrency community for its lack of explicit anti-Sybil measures.
In April 2023, protocol developer LayerZero Labs raised $120 million in a Series B funding round at a valuation of $3 billion.
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