LayerZero Airdrop Allocations Disappoint DeFi Users – Crypto News – Crypto News
Connect with us
LayerZero Airdrop Allocations Disappoint DeFi Users LayerZero Airdrop Allocations Disappoint DeFi Users

De-fi

LayerZero Airdrop Allocations Disappoint DeFi Users – Crypto News

Published

1 year ago

on

The cross-chain messaging protocol released its official airdrop allocation checker on June 19.

Omnichain interoperability protocol Layer Zero has released its airdrop eligibility checker for its upcoming ZRO token ZRO, and many users are frustrated with the size of their allocations.

Following a poorly received ZkSync airdrop earlier this week, many farmers and DeFi users felt let down after receiving small ZRO allocations despite regular usage of the protocol.

While there is no official breakdown of the eligibility criteria yet, the distribution method appears to have favored Pudgy Penguins and Kanpai Pandas holders, as opposed to those with high transaction counts or wallets that hold Gh0stly Gh0sts, the very first ‘omnichain’ NFT to leverage LayerZero in 2022.

ZRO is set to launch later today.

The allocation factored in various criteria, including total transactions using a LayerZero integrated dApp, launch partner NFTs held, liquidity provided via Stargate Finance, and bonuses and multipliers for early users.

Nearly 1.28 million wallets are eligible for the airdrop, with 8.5% of the total 23.8% community allocation set to be distributed when the token launches tomorrow. The remainder will be distributed over the next three years through retroactive rewards, builder incentives, and community distributions.

Between the 8.5% allocation expected to circulate on TGE and nearly double the number of eligible wallets compared to ZkSync, many users could have expected smaller rewards to begin with.

The pre-market valuation for ZRO sits at $4.5 on ByBit and Kucoin, which would equate to a $4.5 billion fully diluted value (FDV).

State of Airdrop Farming

Airdrop farmers are becoming increasingly weary as their return on investment begins to dwindle with each new airdrop. Meanwhile, protocols are feeling the wrath of their communities as their protocols become oversaturated, and the farmers act more entitled.

Echo.xyz founder Cobie responded to a tweet regarding the modern state of airdrop farming and said, “If you’re a founder, IMO,you’re probably thinking about notdoing an airdrop at all these days; the downsides are much greater than upsides now.”

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Trending