Fun

LayerZero cross-chain interoperability protocol completes first airdrop snapshot

News Feed - 2024-05-02 05:05:28

Zoltan Vardai22 minutes agoLayerZero cross-chain interoperability protocol completes first airdrop snapshotLayerZero’s ZRO perpetual futures contract is trading at $8.6 on Hyperliquid, the world"s largest perps DEX, suggesting a potential $17 billion fully diluted valuation.120 Total viewsListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksLayerZero, a cross-chain interoperability protocol, is preparing to launch its long-awaited airdrop for users.


LayerZero has completed the first snapshot for its upcoming airdrop on May 2, according to an X postby LayerZero Labs, that promised followers “more information coming soon.”Source: LayerZero Labs


Airdrops are widely employed by decentralized finance (DeFi) protocols to create more traction, by rewarding early users with newly issued cryptocurrencies.


LayerZero’s ZRO was the first Hyperp (Hyperliquid-only perp) that launched on HyperLiquid perpetual futures decentralized exchange (DEX) back in September 2023.


The ZRO Hyperp trading at $8.3 could imply a fully diluted valuation (FDV) of around $17 billion according to Xulian, the pseudonymous core contributor of Hyperiquid, said in a May 2 X post.


Hyperps trade similarly to perpetual futures contracts but do not require an underlying spot or index oracle price. Hyperliquid is the world’s largest perpetual futures DEX by trading volume and Open Interest.


Related:Tether nets record $4.5B profit in Q1 2024 — majority from Bitcoin and gold


While LayerZero Labs shared no additional details about the airdrop, it previously teased that it is preparing for a token launch in early 2024, according to a Dec.r 7 X post:“LayerZero has always been built with the ability to have a native token within the protocol, as can be seen in the immutable code launched on day 1… We’ll state now in no uncertain terms that there will be a LayerZero token. Its distribution is something we’re committed to getting right and expect it to happen within the first half of 2024.”Are airdrops harming DeFi protocols long term?


While airdrops aim to create more protocol usage by rewarding early adopters, it’s not always the users taking the lion’s share of the rewards.


Crypto airdrops are often riddled with professional airdrop hunters (or squatters) that farm the same airdrop with multiple cryptocurrency wallets with no intention of using the protocol in the long term and market selling the rewards after claiming.


In February, pseudonymous Yearn.finance developer Banteg warned that Starknet’s airdrop eligibility list mainly included airdrop squatters. Approximately 701,544 of the 1.3 million eligible wallet addresses were allegedly linked to repeat or renamed GitHub accounts controlled by airdrop squatters.


On May 1, Chinese police captured the StarkNet airdrop identity forger, who assumed other users’ identities, claimed over 40,000 STRK tokens on their behalf, and converted it to around $91,000 worth of Tether (USDT).


In March 2023, it was revealed that airdrop hunters consolidated $3.3 million worth of tokens from the then Arbitrum (ARB) airdrop from 1,496 wallets into just two wallets they had controlled.


Airdrop squatters tend to sell their compounded rewards as soon as they receive the tokens, which usually results in a sharp decline in the newly airdropped token’s value.Solana: Expectation Versus Reality. Source: Cointelegraph


Related:Bitcoin down 20%+ from all-time highs — Is BTC price headed to $50K?# Airdrop# Decentralized Exchange# DeFi# DEXAdd reaction

News Feed

Turner Wright6 hours agoEverything that’s happened with Celsius and Alex Mashinsky so farA look back at the rise and fall of Celsius, from the firm’s growth during the pandemic to the arrest of its former CEO and res
Gaming Giant Animoca Brands Reveals Ban Against Russian Users, Co-Founder Compares Russia to North Korea
Gaming Giant Animoca Brands Reveals Ban Against Russian Users, Co-Founder Compares Russia to North Korea Blockchain gaming firm Animoca Brands has revealed the company is breaking
Thailand distributing digital money to 45M citizens to boost economy
Derek Andersen7 hours agoThailand distributing digital money to 45M citizens to boost economyThe controversial plan began as a campaign promise and will help lower-income Thais buy more.1292 Total views26 Total sharesLis
Bitcoin Open Interest Falls To $37 Billion—Does This Spell Trouble For BTC?
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
William Suberg11 hours agoBitcoin traders hope to ‘buy the dip’ as BTC price heads toward $30KBTC price action teases a slow comedown to support, with Bitcoin dip-buyers at the ready.3365 Total views3 Total sharesLis
Tom Blackstone5 hours agoInflows into Bitcoin investment products reach $1.5B year-to-dateInflows into digital asset products rose for a ninth consecutive week, according to CoinShares.1161 Total views11 Total sharesList
‘No bridges or wrapping’ — dWallet and Avail are building native Bitcoin rollups
Gareth Jenkinson11 hours ago‘No bridges or wrapping’ — dWallet and Avail are building native Bitcoin rollupsThe integration is touted to allow users to natively manage Bitcoin on any rollup in Avail’s data availa
Brazilian Burger King Customers Can Now Purchase Meat-Flavored Dog Biscuits With Dogecoin
Brazilian Burger King Customers Can Now Purchase Meat-Flavored Dog Biscuits With Dogecoin According to regional reports, the Burger King franchise in Brazil has
Regulatory Roundup: Crypto Regulations Advance Despite Global Crisis, Cash Shortages, Bank Closures
Regulatory Roundup: Crypto Regulations Advance Despite Global Crisis, Cash Shortages, Bank Closures In this roundup, we cover crypto regulatory developments amid the global crisi
Holograph fell 80% in 9 hours after exploiter mints 1B additional HLG
Brayden Lindrea6 hours agoHolograph fell 80% in 9 hours after exploiter mints 1B additional HLGThe 1 billion HLG tokens were worth $14.4 million at the time of the first mint, Etherscan data shows.1451 Total views11 Tota
15 Privacy Coins See Double-Digit Weekly Gains, Monero Jumps 13%, Secret Gains 50%
15 Privacy Coins See Double-Digit Weekly Gains, Monero Jumps 13%, Secret Gains 50% Despite the fact that regulations have tightened and bureaucrats worldwide are scrutinizing crypt
Crypto startup funding grows to $2.7B in Q2 despite fall in total deals
Tom Mitchelhill2 hours agoCrypto startup funding grows to $2.7B in Q2 despite fall in total dealsCrypto infrastructure projects led the way in attracting venture capital with major infra projects raising a combined $685