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Airdrop

LayerZero Airdrop Eligibility: Poor Transactions Deweighted By 80%

June 11, 2024 - Around 2 mins mins to read

Key Points:

  • LayerZero targets genuine users for airdropping.
  • Low-value transactions are deweighted by 80% to fight spam.
Bryan Pellegrino officially outlined LayerZero airdrop eligibility, focusing on genuine users. Transactions under $1 and ‘valueless NFTs’ are deweighted by 80%.
LayerZero Airdrop Eligibility: Poor Transactions Deweighted By 80%
LayerZero Airdrop Eligibility: Poor Transactions Deweighted By 80%

Recently, LayerZero’s CEO announced the company’s eligibility approach where it is focusing on airdropping genuine and committed users.

This view, according to the CEO, comes from looking at the results of the ongoing Sybil process. Of the initial six million wallets, three million—that have sent less than five transactions in their lifetime—are under deliberation.

Measures Implemented to Counter Network Spam and Valueless NFT Transactions

To fight network spam, transactions that are worth under $1 are deweighted by 80%. Despite that reduction, they will still count, but at a reduced rate of one-fifth of a normal transaction.

‘Valueless NFT’ transactions—those defined as having a value less than 0.00001 ETH on the marketplace or a minimal volume during their lifetime—naturally are also deweighted by 80%, but continue counting at a reduced rate.

Beyond that, gas-drop transactions are valid for the normalization of transactions. Also, normalization will be based exclusively on the protocol fee and not the fee that was paid to the blockchain on which the transaction was processed.

Readmore: LayerZero Sybil Check List Will Release Before Mid-2024

LayerZero Airdrop Eligibility Targets Committed Users

All in all, the CEO said these are best practices regarding the fairest and most efficient distribution for a particular protocol: removing spam, removing Sybil, and rewarding early and durable users.

Meanwhile, according to the last report, one month ago, the LayerZero CEO had said that, of the six million users registered on the platform, only 400,000 to 600,000 accounts were unique. Yet, only 30,000 accounts have now registered for the Sybil exercise.

Additionally, LayerZero CEO Bryan Pellegrino announced yesterday that the final LayerZero Sybil checklist will be released before the first half of 2024, thus ending the sybil hunt.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

LayerZero

LayerZero airdrop

LayerZero airdrop eligibility

LayerZero CEO

LayerZero Sybil activity

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Author

Thana

I am a news editor at Coincu, where I produce daily editorial packages and manage the knowledge and review article sections. Before journalism, I earned a Bachelor's degree in Global Logistics and Supply Chain Management from Northampton University and studied news journalism at Press Association Training.
Airdrop, News

LayerZero Airdrop Eligibility: Poor Transactions Deweighted By 80%

Key Points:

  • LayerZero targets genuine users for airdropping.
  • Low-value transactions are deweighted by 80% to fight spam.
Bryan Pellegrino officially outlined LayerZero airdrop eligibility, focusing on genuine users. Transactions under $1 and ‘valueless NFTs’ are deweighted by 80%.
LayerZero Airdrop Eligibility: Poor Transactions Deweighted By 80%
LayerZero Airdrop Eligibility: Poor Transactions Deweighted By 80%

Recently, LayerZero’s CEO announced the company’s eligibility approach where it is focusing on airdropping genuine and committed users.

This view, according to the CEO, comes from looking at the results of the ongoing Sybil process. Of the initial six million wallets, three million—that have sent less than five transactions in their lifetime—are under deliberation.

Measures Implemented to Counter Network Spam and Valueless NFT Transactions

To fight network spam, transactions that are worth under $1 are deweighted by 80%. Despite that reduction, they will still count, but at a reduced rate of one-fifth of a normal transaction.

‘Valueless NFT’ transactions—those defined as having a value less than 0.00001 ETH on the marketplace or a minimal volume during their lifetime—naturally are also deweighted by 80%, but continue counting at a reduced rate.

Beyond that, gas-drop transactions are valid for the normalization of transactions. Also, normalization will be based exclusively on the protocol fee and not the fee that was paid to the blockchain on which the transaction was processed.

Readmore: LayerZero Sybil Check List Will Release Before Mid-2024

LayerZero Airdrop Eligibility Targets Committed Users

All in all, the CEO said these are best practices regarding the fairest and most efficient distribution for a particular protocol: removing spam, removing Sybil, and rewarding early and durable users.

Meanwhile, according to the last report, one month ago, the LayerZero CEO had said that, of the six million users registered on the platform, only 400,000 to 600,000 accounts were unique. Yet, only 30,000 accounts have now registered for the Sybil exercise.

Additionally, LayerZero CEO Bryan Pellegrino announced yesterday that the final LayerZero Sybil checklist will be released before the first half of 2024, thus ending the sybil hunt.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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