A war of words, the sorrow and reflection of LayerZero's airdrop reversal
Written by: Asher Zhang
Regarding LayerZero’s anti-scam mechanism, we have published an article titled “LayerZero, which is about to issue a coin, has started to “report on rumors”. What “dangers” and “opportunities” will it face in the future?” It stated: “This kind of mutual investigation is just like the “report on rumors” adopted by ancient emperors to prevent speech obstruction. Judging from many lessons in history, this move may not be perfect.” With a suspected 470,000WitchThe report on the address was submitted to LayerZero, and the market discussion and criticism of this anti-stealing mechanism reached a peak.CommunityWhat feedback and dissatisfaction have they received? What measures have the project taken to deal with this? Coincidentally, the recent popular project Taiko directly adopted an opaque airdrop mechanism, which also encountered a lot of criticism in the market. What changes are happening to the once widely praised Web3 airdrop? Perhaps it is time to reflect on airdrops, a product of the Web3 era.
The conflict of interests behind LayerZero's anti-slip mechanism
In a sense, currentlyCommunityThe debate about LayerZero is essentially a dispute over interests, and LayerZero's anti-scam mechanism cleverly uses human nature to try to counter it. When LayerZero touches the cheese of the scammers, it will inevitably lead to an unprecedented war of words.
LayerZero is a well-known full-chain interoperability protocol with a high valuation. Investors include Multicoin, Binance Labs, a16z, Sequoia Capital and other well-known crypto investment institutions. Therefore, the Web3 army has long been eyeing this "lamb" to be slaughtered. WOO X Research, the analysis department of WOO X, estimates that the value of LayerZero's upcoming airdrop will be between $600 million and $1 billion. Conservatively speaking, assuming that TGE is 4 times the valuation of the previous round and the initial circulation is 15%, Layerzero estimates that the market value of TGE is estimated to be $1.8 billion and the FDV is $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 that TGE is 4.5 times the valuation of the previous round and the initial circulation is 20%, Layerzero estimates that the market value of TGE will increase to $2.7 billion and the valuation will be $13.5 billion. In this case, the airdrop value is expected to increase to $10.8 billion. The average value per user is between $1,350 and $2,700.
The huge airdrop worth $600 million to $1 billion is very profitable, so how could the army of swindlers miss it? However, LayerZero does not want the army of swindlers to swindle themselves. In essence, LayerZero has three main strategies: "self-exposure", "trial", and "mutual exposure". Among them, "self-exposure" can retain the airdrop allocation of 15%, those who are screened out will not receive the airdrop, and mutual exposure can obtain an airdrop share of 10%.
From the results, LayerZero screened out a large number of wool users, but it was obviously not enough. According to LayerZero CEO Bryan Pellegrino, more than 3,000 applications were received within a few hours of the start of the bounty campaign.WitchReports and 30,000 complaints. Bryan Pellegrino then said: It is estimated that only 6.67%-13.33% out of 6 million addresses are eligible for airdrops; 90%-95% reports are valid, or even more, and of course bad reports are quickly "discarded". Nothing is perfect. On June 5, Bryan Pellegrino further posted on the X platform: "I hope to have another two months to deal with the inspection of witch reports. There are some very obvious large witch clusters, including tens of thousands of addresses, but due to time reasons, I have to give up checking them because they are extremely unlikely to meet LayerZero's final airdrop qualifications, 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."
Amidst the uproar, the distinction between right and wrong
In LayerZero's view, the best users should receive airdrop rewards, and these best users should be the most "persistent" users, and the so-called "persistence" is defined as those users who are most likely to continue to use LayerZero in the future or follow their past usage habits. More specifically, LayerZero is trying to knock out "fleecing" agencies. LayerZero stated its attitude: to protect niche users, and the main target is large witches, which are essentially fleecing 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 inspection efforts will also be very strict to prevent "hunters" from making random reports in order to increase their profits and accidentally injuring real users.
The LuMao Studio believes that they paid real money to help the project improve data and test performance, but were later abandoned. Under the mutual exposure system, chaos began to emerge. Some LuMao Studio employees chose to resign and report internal accounts, the address of a large airdrop holder of a certain project was reported, and there were also users who targeted large holders/LuMao KOLs to report witch clusters. There was even a rumor in the market that a certainSafetyThe organization submitted 470,000 suspected Sybil addresses to Layerzero at one time.
Crypto V Marco said that "mutual reporting" has not only become a game between the project owner and the studio, but also a struggle between the studio and individual users.TokenIt 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 weapon for ordinary freeloaders to promote "freeloader justice".
Tao saidBlockchainHe said: I think the occurrence of events like Layerzero is foreseeable from the perspective of the trend. From the perspective of the project, as the startup costs are getting higher and higher,TokenAirdrops will certainly become more and more cautious.Xiaobai NavigationThe qualification of investment will be more stringent. From the user's perspective, in the future, whether it is a full-time wool party or an ordinary retail investor, the profit obtained from the wool-pulling method will become increasingly thin, and may eventually reach a certain level where the income is very close to the investment cost. Getting rich overnight by taking advantage of airdrops will definitely become history. I agree that the project party catches "witches", but I am very disgusted by catching "witches" by reporting and exposing.
Reflections on the Industrialization of “Airdrops”
In a sense, wherever there is a chance to get rich overnight, people will flock to it. This was the case with the ICO in 2017, and it is also the case with the current airdrop. However, from the mutual explosion of Layerzero, we can see a phenomenon: airdrops are moving towards industrialization and professionalization, and this phenomenon actually has obvious drawbacks.TokenPreviously, a large number of airdrop institutions participated in the creation of a false prosperity on the chain. After the tokens were issued, the airdrop institutions sold them in large quantities, causing a sharp drop in the project tokens, which discouraged many investors. This may also be the reason why many well-known projects fell after they were launched in this round.
From the perspective of trend development, the game between project owners and airdrop institutions will continue, and the core 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 their selling is indeed not conducive to the later stages of the project. Project owners may try to retain some profits; in addition, linear release of airdrop tokens may also be a way to reduce short-term selling pressure.
In general, the chances of getting rich overnight by taking advantage of airdrops will become fewer and fewer, and a balance of interests may be found between project owners and profit-taking agencies; and the two may also try to bring their previously under-the-radar behaviors into the open in an open and fair manner.
The article comes from the Internet:A war of words, the sorrow and reflection of LayerZero's airdrop reversal
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