Are users worried about becoming witches? Daily trading volume after LayerZero snapshot, number of active users dropped to 1/3

LayerZero, a full-chain interoperability protocol with participation from many star institutions such as a16z and Sequoia Capital, with a valuation of more than US$3 billion, finalized the airdrop news in early December last year, causing It has been hotly discussed in the community and has become one of the most anticipated airdrop projects by the community this year.

On the 2nd of this month, LayerZero officially announced further that it had completed the first phase snapshot at 7:59:59 am on May 2nd, Beijing time, and more information will be announced soon, which means that its native token $ The countdown to ZRO’s airdrop and issuance has begun.

However, last Saturday (4), LayerZero officially announced the "Witch Self-Reporting Plan" on the X platform, allowing users to report whether their addresses are engaged in witch behavior. If the user surrenders, the user will receive 15% of the airdrop reward. If the user does not surrender, the official will release a list of identified witch users, and the airdrop rewards of the users on the list who have not surrendered will be reset to zero. The witch self-reporting program also left users dissatisfied and confused.

The number of daily transactions and active users dropped sharply after the LayerZero airdrop snapshot

On yesterday (5th), on-chain analyst Spring (@superamscom) tweeted on the X platform that in LayerZero After the announcement of the snapshot and the launch of Project Witch, the number of daily transactions and active users dropped to about 1/3 of what they were before the snapshot, and it is predicted that the downward trend may continue.

According to the data provided by Spring, the number of daily transactions and active users declined after the snapshot date (2), reaching the lowest point on the day of the announcement of the Witch Project (4). The number of daily transactions compared with May It dropped by about 72% on the 1st, and active users dropped by about 65% compared to May 1st. In addition, comparing the total number of transactions and the number of independent users in the three days before the snapshot (4/29–5/1) and the three days after (5/2–5/4), it can be found that the number of independent users dropped by approximately 49%, while the total number of The number of transactions fell by approximately 61%.

Operation Witch caused users to be afraid to interact

On the other hand, after the Witch self-reporting plan was announced, many users expressed that they did not dare to use certain protocols anymore, and even did not dare to use LayerZero Cross-chain on the Internet, because I am afraid of being defined as a witch user.

"The main reason is that people are too scared to use it now. There are so many people using microscopes on the chain now. I need to cross the chain and I didn't choose l0 (LayerZero) last night to avoid it. I really want to use it later. Let’s wait until the dust settles in a month.”

Perhaps, LayerZero’s transaction volume and number of active users will not pick up until the Witch incident is over, or perhaps, the Witch scheme caused users to lose trust in LayerZero, further leading to active users. drain. This airdrop dispute between the project team and users deserves our follow-up attention.

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