Regarding LayerZero’s anti-censorship mechanism, we once published “LayerZero’s imminent currency issuance and the start of “rumor reports”. What “risks” and “opportunities” will it face in the future? "The article stated:
"This kind of mutual picketing is just like the "rumor reports" adopted by ancient emperors to avoid blocking the way of speech. Judging from many lessons in history, this may not be perfect. "
With a report of 470,000 suspected witch addresses submitted to LayerZero, market 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 team 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 is the once widely praised Web3 airdrop changing? Maybe it’s time to reflect on airdrop, a product of the Web3 era.
The battle of interests behind LayerZero’s anti-playing mechanism
In a sense, the current community debate about LayerZero is essentially a battle of interests, and LayerZero's anti-playing mechanism cleverly uses human nature to try to counter it. When LayerZero touches the cheese of the hairdressing organization, it will inevitably trigger an unprecedented war of words.
LayerZero is a very well-known full-chain interoperability protocol with a high valuation. Its investors include well-known crypto investment institutions such as Multicoin, Binance Labs, a16z, and Sequoia Capital. Therefore, the Web3 army has been eyeing this potential for a long time. "Lamb" for slaughter. WOO X Research, the analytics arm of WOO
Conservatively, assuming that TGE is 4 times the valuation of the previous round and the initial circulation is 15%, Layerzero estimates that TGE's market value is estimated to be US$1.8 billion and its FDV is US$12 billion. The airdrop value is estimated to be US$600 million, which translates into a value of between US$750 and US$1,500 per user.
Optimistic outlook: Assuming TGE is 4.5 times the valuation of the previous round and the initial circulation is 20%, Layerzero expects TGE's market value to increase to US$2.7 billion, with a valuation of US$13.5 billion. In this case, 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 benefits of a huge airdrop worth US$600 million to US$1 billion are huge. How could the army of hairdressers miss it? However, Layerzero doesn’t want the army of hair-pullers to 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, and those who are screened will not receive airdrops. Mutual explosion reports can get 10% of the airdrop share.
Judging 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 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 X platform:
"I was hoping to have another two months to process the checks on witch reports. There were some very obvious large witch clusters containing tens of thousands of addresses, but due to time constraints I had to abandon checking them. , as they are highly unlikely to qualify for LayerZero's final airdrop, but I'm 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 for LayerZero's TGE timeline. Still unchanged."
Extended reading: The airdrop contradiction behind LayerZero’s witch censorship: the human struggle between structure and interests
Under the commotion, the difference between right and wrong
In LayerZero’s view, the best users should receive airdrop rewards, and these best users should be the most “sustainable” users, and the so-called “sustainability” is defined as those most likely to Users who will continue to use LayerZero in the future or continue their past usage habits. 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 stated that "witch self-reporting" is not aimed at individual users, but at large-scale 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 injure real users.
Lumao Studio believes that it spent real money to help the project improve the data and test the performance, but then it was abandoned like nothing. Under the mutual explosion system, chaos also began to appear. Some employees of Lumao Studio chose to resign to report internal accounts, the addresses of large airdrop users in a certain project were reported, and there were also reports of witch clusters of users targeting large accounts/Lumao KOL, etc. There was even a rumor in the market that a security agency reported to Layerzero all at once 470,000 suspected witch addresses were submitted.
Crypto V Marco said that "mutual reporting" has not only become a game between the project team and the studio, but also a struggle between the studio and individual users. Since every time an address is reported successfully, 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 practice. Hairy people use weapons to promote "hair-raising justice".
Taoshuo block link string list: Layerzero I think the occurrence of such events is foreseeable in terms of trends. From the perspective of the project team, as the startup cost becomes higher and higher, token airdrops will definitely become more and more cautious. 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 level where income is very close to input costs. Getting rich overnight through airdrops will definitely become a thing of the past. I agree with the project team's efforts to catch "witches", but I am very disgusted with the whistle-blowing method used to catch "witches."
Extended reading: LayerZero rewrites airdrop rules! The dealer forced the "witch to surrender" in order to destroy the hair-raising studio
"Lu Airdrop" Reflection on Industrialization
In a sense, wherever someone gets rich overnight, people will flock there. This was the case with the ICO in 2017, and it is also the case with the airdrops now. However, one phenomenon 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 sold them on a large scale, 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.
Extended reading: LayerZero Airdrop Hunter: We are the tool of false prosperity on the chain, and we are also the donkeys who were killed after unloading the mill.
Judging from the development trend, the game between the project parties and the 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 the network performance in the early stage of project development, but selling and selling is indeed not conducive to the later stages of the project. The project team may try to retain part of the profits; in addition, the linear release of airdrop tokens may also be A way to slow short-term selling pressure.
Overall, there will be fewer and fewer opportunities to make a fortune overnight through airdrops, and a balance of interests may be found between the project side and the hair-raising institutions; and the two may also try to change the original behavior under the ice, Put it into the elegant hall in an open and fair way.
