LayerZero’s grief and reflections on airdrop counterattack

Regarding LayerZero’s anti-scam mechanism, we once published “LayerZero’s imminent currency issuance has begun to “rumor”. What “crises” and “opportunities” will it face in the future? "The article stated: "This kind of mutual picketing is just like the "heard reports" adopted by ancient emperors for fear of blocking their channels of speech. Judging from many lessons in history, this move may not be perfect." With a copy of 470,000 A report of a suspected witch address was submitted to LayerZero, and the market's discussion and criticism of this anti-lull mechanism reached a high point. What feedback and dissatisfaction does the community have? What measures has the project side taken to deal with this? Coincidentally, the recent popular project Taiko directly adopted an opaque airdrop mechanism, which has also encountered a lot of criticism in the market. How has the once widely praised Web3 airdrop changed? Maybe it’s time to reflect on airdrop, a product of the Web3 era.

The battle of interests behind LayerZero’s anti-lulling mechanism

In a sense, the current community debate about LayerZero is essentially a battle of interests, and LayerZero’s anti-lulling mechanism is a clever use of Human nature tries to counter it. When LayerZero touches the cheese of the hair-raising organization, it will inevitably trigger an unprecedented war of words.

LayerZero is a very well-known full-chain interoperability protocol with a high valuation. Participating investors include well-known crypto investment institutions such as Multicoin, Binance Labs, a16z, and Sequoia Capital. Therefore, the Web3 army has been eager to attract attention for a long time. Eyes on this "lamb" to be slaughtered. WOO X Research, the analytics arm of WOO X, expects LayerZero’s upcoming airdrop to be worth between $600 million and $1 billion. Conservatively, assuming TGE is 4x its last valuation and an initial float of 15%, Layerzero expects TGE to have an estimated market capitalization of $1.8 billion and an FDV of $12 billion. The airdrop value is expected to be $600 million, which translates to a value of between $750 and $1,500 per user. Optimistic Outlook: Assuming TGE trades at 4.5x its last valuation and an initial float of 20%, Layerzero expects TGE’s market cap to grow to $2.7 billion, valuing it at $13.5 billion. In this scenario, the airdrop value is expected to increase to $1.08 billion, with the average value received per user ranging from $1,350 to $2,700.

The huge airdrop worth 600 million to 1 billion US dollars, the benefits are not unreasonable, how could the army of hair-lovers miss it. However, Layerzero doesn’t want to let the army of hairdressers touch her body. At its core, LayerZero has three main strategies: "self-exposure," "trial," and "mutual exposure." Among them, "self-exposure" can retain 15% of the airdrop allocation, those who are screened out will not receive airdrops, and mutual reporting can obtain 10% of the airdrop share.

Judging from the results, Layerzero has screened out a large number of wool users, but it is obviously still not enough. According to LayerZero CEO Bryan Pellegrino, more than 3,000 witch reports and 30,000 complaints were received within the first few hours of the bounty campaign. Later, Bryan Pellegrino said: It is estimated that only 6.67%-13.33% of the 6 million addresses are eligible for airdrops; 90%-95% of the reports are valid, or even more. Of course, the bad reports are quickly 'discarded', no What is perfect. On June 5, Bryan Pellegrino further posted on the , but due to time reasons, I had to abandon checking them because it is extremely unlikely that they will qualify for LayerZero’s final airdrop, but I am sure they may get other airdrops. However, it should be noted that this is just my personal venting. , because I don’t have that much time. LayerZero’s TGE timeline remains unchanged.” High-quality users should receive airdrop rewards, and these top-quality users should be the most "persistent" users, and the so-called "persistence" is defined as those most likely to continue using LayerZero in the future or continue their past usage habits. User. To be more specific, LayerZero is trying to get rid of the "hair-raising" organization. LayerZero declares its attitude: to protect niche users, it mainly targets large-scale witches, which are essentially hair-raising studios. LayerZero said: "Witch self-reporting" is not aimed at individual users, but at large witches, and LayerZero employees are prohibited from participating in airdrop applications, and violators will be fired. LayerZero's inspections will also be very strict to prevent "hunters" from reporting indiscriminately in order to expand profits and accidentally hurt real users.

Lumao Studio believes that after paying real money to help the project improve data and test performance, it was later abandoned like a waste. Under the mutual explosion system, chaos also began to appear. Some employees of Lumao Studio chose to resign to report internal accounts, the address of a large airdrop owner of a certain project was reported, and there were also reports of users targeting large users/Lumao KOLs in a witch cluster, etc. There was even a rumor in the market that a security agency submitted a one-time submission to Layerzero 470,000 suspected witch addresses were found.

Encryption V Marco said that "mutual reporting" has not only become a game between the project party and the studio, but also a struggle between the studio and individual users. Since every time an address is successfully reported, 90% of the airdrop tokens of the account will be returned to the airdrop pool, which also means that the airdrops shared by users will increase, and "mutual reporting" seems to be becoming a common issue. A weapon used by those who promote "hair-raising justice".

Daoshuo Blockchain said: I think the occurrence of events like Layerzero is foreseeable in terms of trends. From the perspective of project parties, as startup costs become higher and higher, they will become more and more cautious about token airdrops. The further you go, the more stringent the qualifications for airdrops will be. From the perspective of users, whether they are full-time wool enthusiasts or ordinary retail investors, the profits gained from wool harvesting will become increasingly thinner in the future, and may eventually reach a point where income is very close to input costs. Getting rich overnight through airdrops will definitely become a thing of the past. I approve of the project team's arrest of "witches", but I am very disgusted with the use of whistle-blowing methods to catch "witches".

Reflections on the industrialization of “Lu Airdrop”

In a sense, wherever someone gets rich overnight, people will flock to them. This was the case with the ICO in 2017, and it is also the case with the airdrops now. However, one thing can be seen from the mutual explosion of Layerzero: Lu airdrop is moving towards industrialization and specialization, and the disadvantages of this phenomenon are actually very obvious. Before the project team issued the tokens, a large number of airdrop institutions participated, creating false prosperity on the chain. After the tokens were issued, airdrop institutions heavily dumped them, causing the project tokens to fall sharply, which discouraged many investors. This may also be the reason why many well-known projects in this round fell after they went online.

From the perspective of trend development, the game between project parties and Lu airdrop institutions will continue, and the core of this lies in the balance of interest distribution. From the perspective of project development, a large number of traders are indeed needed to test network performance in the early stages of project development, but selling and selling is indeed not conducive to the later stages of the project. The project party may try to retain part of the profits; in addition, the linear release of airdrop tokens may also be a way to way to slow down short-term selling pressure.

Generally speaking, the chances of making a fortune overnight through airdrops will become less and less, and a balance of interests may be found between the project party and the Lumao organization; and the two may also try to The original behavior under the ice was put into the elegant hall in an open and fair way.

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