Key Points:
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.
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
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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