Layerzero airdrop is imminent? Everything you need to know about $ZRO (with tutorial)
Layerzero airdrop imminent? All about $ZRO (incl. tutorial)
Author | [email protected]
In recent days, the call for Layerzero airdrop has been getting higher and higher. This article is a compilation of relevant articles about Layerzero airdrop based on the various potential references and internal logic observed by Web3CN.
LayerZero is a protocol designed for multi-chain interoperability, and its main goal is to facilitate lightweight information transfer between different chains. It has the following features:
1. Omni-chain interoperability: The term “Omnichain” is composed of “Omni” (meaning “all” or “inclusive”) and “chain” (meaning “chain”), so “Omnichain Interoperability” refers to interoperability among all blockchains. The design purpose of LayerZero is to enable different blockchains to communicate and interact with each other.
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2. Lightweight information transfer: The core functionality of LayerZero is to transmit messages between different chains, and these message transfers are lightweight, meaning they do not consume a significant amount of resources or incur high costs.
3. Configurable trust: LayerZero allows users to configure the trust level of message transfers. This means that users can choose to trust certain sources of messages while distrusting others, or select a certain level of trust.
4. Authentic and reliable message transfer: LayerZero guarantees the authenticity and reliability of message transfers between chains. This means that messages will not be tampered with or lost during the transfer process.
5. Gas efficiency and non-upgradable smart contracts: LayerZero is implemented through a set of smart contracts. These contracts are “gas-efficient,” meaning they consume a low amount of gas (i.e., execution fees) when executed. Moreover, these contracts are “non-upgradable,” which means that once deployed, they cannot be changed or upgraded.
For more information on the underlying logic of LayerZero, readers can refer to the previous article “Project Research | Interoperability Protocol LayerZero” for further reading, so it will not be repeated here.
Is LayerZero Airdrop Imminent?
Before diving into the details of the LayerZero airdrop, we need to understand what an airdrop is. Airdrop is a unique incentive model in the Web3 world, which is a marketing method used by project teams to attract long-term traffic by rewarding early users and developers with tokens. Early adopters receive token rewards, while project teams gain long-lasting traffic and immediate feedback on bug testing during the early stages of product development, enabling continuous optimization of the product. This creates a mutually beneficial and win-win relationship, which is the essence of an airdrop. This model is particularly important in the decentralized Web3 world. The financial strength of the project’s backers is often considered one of the necessary conditions for the project to distribute substantial airdrops. Recently, there has been a high demand for airdrops from LayerZero, which has received a $170 million investment from top-tier institutions such as Sequoia Capital, a16z, Coinbase, Binance, Uniswap, and LianGuaiy Ventures. There are even rumors that the project team will conduct an airdrop soon. We can make our own judgments based on the following points regarding the rumors of LayerZero’s upcoming “actions”:
Project team hints at airdrop rules multiple times
LayerZero’s CEO Bryan Pellegrino has repeatedly revealed some possible LayerZero airdrop interaction rules and witching rules, further implying the certainty and effectiveness of the airdrop. On July 1st, the CEO publicly discussed that the monthly interaction amount of the real and effective wallet addresses of LayerZero should not be less than $455 (based on the average monthly transaction volume of Stargete). As for witching attacks, the CEO has also stated that the official has marked some wallet addresses that use extremely low amounts for cross-chain operations to protect the legitimate rights and interests of real users.
Figure 1: LayerZero CEO's tweets about active users
So far, the official has supported a total of 31 public chains, including not only head public chains such as Arb, Optimism, etc., but also new generation Layer2 public chains such as Base, Linea, etc. It also includes non-Ethereum mainnet-related public chains such as BTC ecosystem, Apt ecosystem, etc. In the DeFi ecosystem field, it includes head protocols such as Sushi, Radiant, etc. As LayerZero’s cross-chain protocol is continuously deployed on multiple chains, the project’s ecosystem tends to improve. Compared with projects that have already conducted airdrops, there are two timing for airdrop distribution. The first timing is the end of the testnet, which is the day when the mainnet launches and airdrop occurs, such as APT. The second timing is after the ecosystem has been continuously improved and sound, airdrop is conducted, such as ARB. Arbitrium conducted airdrop after reaching 2.3 million addresses on the mainnet to meet users’ expectations for airdrops and further promote ecosystem prosperity. LayerZero obviously meets the second case.
Figure 2: LayerZero ecosystem projects
However, as the ecosystem becomes more complete, according to Figure 3, LayerZero seems to be experiencing a downward trend in daily active users. One reason for the decline is that with airdrop approaching, many airdrop hunters choose to no longer interact with LayerZero at this moment, which is actually the best time for the official to distribute airdrops. Comparing with ARB as an example, there was no cliff-like decline in on-chain data as imagined after the ARB airdrop. On the contrary, as can be clearly concluded from Figure 4, after the start of airdrop collection on March 12th, there was a further explosive growth in on-chain data of ARB. Similarly, after OP announced the airdrop distribution, on-chain data of OP was also in a growth state. Therefore, whether it is for further prosperity of the ecosystem or to meet users’ expectations for airdrops, airdrops will be an excellent marketing strategy at this stage for LayerZero.
Figure 3: LayerZero daily transaction count (recently showing a weak downward trend)
Figure 4: After the Arbitrium airdrop, the daily accumulation of users is rapidly increasing.
The initial plan for the launch of Stargate V.2 was set for the end of July or early August, but due to some technical issues, it may be delayed until the end of August or early September. It is worth noting that with the launch of Stargate V.2, the $ZRO token will also make its debut as a native cross-chain gas-consuming asset.
On June 25th, Coingecko updated the information of the LayerZero token, which is more reliable compared to the listing information on CMC. Additionally, on July 16th, Binance also set up a price page for the LayerZero token $ZRO, allowing users to directly access relevant information on the Binance token query website.
Figure 5: LayerZero token $ZRO appears on the Binance token query page.
On August 2nd, Layerzero deployed $ZRO on Aptos. This update once again sparked speculation within the crypto community, leading many investors and enthusiasts to delve into the issuance time of $ZRO and the strategic intent behind its deployment on Aptos. As more information is gradually revealed, the market’s response to $ZRO and expectations for the airdrop will also become clearer.
Figure 6: Token $ZRO deployed on Aptos.
Wintermute, as a potential market maker for LayerZero, received a large transfer from the LayerZero team on August 4th, suspected to be the corresponding market-making service fee payment from the official LayerZero team.
Figure 7: Payment record from the official LayerZero address to Wintermute.
Here, we can further compare it to ARB. After ARB allocated funds to market maker Wintermute, the official ARB airdrop announcement followed within two weeks. Additionally, Arbitrium took a snapshot when there were 2.3 million user addresses, and currently, LayerZero has reached 2.8 million addresses, indicating that the snapshot may have already been completed.
Considering the above information, LayerZero is currently at a crucial moment, with multiple dynamics suggesting an upcoming major event, including the possible issuance of $ZRO and corresponding airdrop plans. If you still want to seize this opportunity, you can follow the tutorial selected by Web3CN below to interact and gain airdrop opportunities.
https://twitter.com/xiaoyubtc/status/1674350535078711296 (via Twitter @xiaoyubtc)
https://mirror.xyz/0xb95.eth/T5xEMt7UXomp7tjBfU0YiB1yb8WeSWP7d2OiMT2D_nU (via Twitter @maik2hello)