LayerZero Announces Airdrop Eligibility for 1.28 Million Wallets

LayerZero, the leading cross-chain interoperability protocol, has revealed that 1.28 million wallets are eligible for its highly-anticipated airdrop. The announcement, made by Bryan Pellegrino, CEO of the LayerZero Foundation, marks one of the largest token generation events to date.

On July 19, Pellegrino disclosed that 23.8% of the token supply will be distributed to LayerZero users and developers. Of this, 8.5% of the tokens will be claimable when the airdrop goes live. The allocation includes 5% for core contributors, 3% for ecosystem projects that have submitted requests for proposals (RFP), and 0.5% for the community pool. The remaining tokens will be distributed gradually over the next three years, with retroactive distributions occurring every 12 months.

However, Pellegrino cautioned that the number of eligible wallets could change as the project continues to weed out wallets involved in sybil farming. Sybil farming refers to the practice where a single entity uses multiple wallets to farm activity on a protocol to increase their airdrop allocation.

In an effort to maintain the integrity of the airdrop, LayerZero has launched an anti-sybil campaign to exclude addresses identified as engaging in sybil activity. Addresses found to be sybil farming will be excluded from the airdrop, though sybil users who self-report could still receive 15% of their expected token allocation. Pellegrino noted that of the six million wallets that have used LayerZero, about one million were involved in sybil farming.

In April 2023, the company successfully raised $120 million in a Series B funding round, which valued LayerZero at $3 billion. The protocol facilitated over $6.7 billion worth of cross-chain asset transfers and transmitted 29.6 million messages in the first quarter of 2024.