We’ve received some positive feedback on our Airdrop Guides, and content covering Airdrops in general.
In this edition, we’ll go over LayerZero and the prospective $ZRO airdrop. LayerZero has established itself as a key cross-chain communication & interoperability protocol, popularizing the ‘Ominchain’ movement.
While highly popularized, users may still be able to qualify for a potential airdrop if the distribution mechanics are similar to previous airdrops, assuming no snapshot has already been taken. With a high amount of users, transactions, and duration of farming, LayerZero may serve as a great case study for future airdrops.
Over and out ⬇
News:
- Progress for Spot Bitcoin ETF Applications: Grayscale and VanEck file Form 8-As, marking a step forward in their pursuit of launching spot bitcoin ETFs.
- Goldman Sachs in Talks for Bitcoin ETF Role: Goldman Sachs is negotiating with BlackRock and Grayscale to potentially become an authorized participant in their spot bitcoin ETFs, pending SEC approval.
- South Korea Proposes Crypto Trading Restrictions: South Korea's Financial Services Commission aims to limit citizens from trading cryptocurrencies on foreign exchanges by banning credit card purchases.
- BlackRock's ETF Could Threaten Bitcoin: BitMEX co-founder Arthur Hayes warns that successful spot Bitcoin ETFs, like those proposed by BlackRock, could ultimately harm Bitcoin's market.
- Moody's Rates First Tokenized Fund: Moody's assigns an AA rating to the first fund utilizing Standard Chartered's SC Ventures' Libeara tokenization platform.
- Franklin Templeton to Issue Bitcoin Securities: Franklin Templeton-backed Receipts Depositary Corporation plans to issue bitcoin-based depositary receipts exempt from SEC registration.
- Binance.US Appoints New Chief Compliance Officer: Lesley O’Neill, with extensive experience in regulatory compliance, has been named the new chief compliance officer for Binance.US.
- ACE Exchange Founder Arrested for Fraud: David Pan and 13 others have been detained for alleged fraud, with assets worth $6.4 million seized.
Project Updates:
- dYdX Publishes Post-Mortem on the $9M Loss in Targeted Attack: Decentralized exchange dYdX suffered a $9 million loss from a November attack, with legal actions against the identified attacker underway.
- Gamma Strategies Hit by $3.4M Exploit: DeFi protocol Gamma Strategies suffers a $3.4 million loss due to an exploit, prompting immediate security measures.
- Arbitrum Orbit Adds Custom Gas Tokens: Arbitrum Orbit now supports custom gas tokens, enhancing utility for Layer 3 chains.
- Starknet Community Votes on Upgrade: Starknet opens voting for transitioning v0.13.0 upgrades, including STRK token fee payments, from testnet to mainnet.
- ChronosFi Exploit Alert: Users are advised to revoke contracts associated with Concentrated Liquidity Pools due to a recent exploit.
- Saga Community Genesis Airdrop Details Revealed: Eligibility criteria and methodology for the Saga community's genesis airdrop announced.
- Curve Finance Integrates with ZetaChain: This collaboration introduces the first native BTC support for cross-chain swaps and omnichain asset pools.
- Astar Labs' Upcoming Major Updates: Founder Sota Watanabe announces significant updates including Astar zkEVM, dApp staking v3, and token economics v2.
Crypto Market Update:
- Top Gainer (24H) in the top 50 mcap: Celestia $TIA increased in price by 30.2%.
- Top Loser (24H) in the top 50 mcap: Sei $SEI is down -3.1%.
- Total crypto market cap has seen a increase by 2.8% to stand at $1.64T.
- BTC dominance in the market is currently at 52.7%.
- Median gas price on Ethereum over the past 24 hours has been 25 gwei.
Background on LayerZero
Most onchain users who have been interacting with dApps in the past year should be familiar with LayerZero and it’s offerings.
LayerZero is a trustless omnichain interoperability protocol designed to address the issues of liquidity fragmentation in the blockchain industry as a whole.
This is achieved with a lightweight message-passing protocol that provides authentic and guaranteed delivery.
LayerZero popularized the ‘omnichain’ phrase;
Multichain; simply refers to the existence of multiple chains
Cross-chain; refers to bridging or communication between distinct chains
Omnichain; uniting various chains and the liquidity spread across them
A host of projects now using LayerZero tech, including SushiSwap, Shrapnel, Stargate, and more.
Projects that have yet to launch like Tapioca DAO, and Curvance also establish themselves as Omnichain.
Omnichain Fungible Token (OFT) Standard
Omnichain Fungible Tokens (OFTs) are tokens that follow a fungible token standard developed by LayerZero for cross-chain interoperability.
Unlike traditional token transfer methods that rely on bridging and wrapping tokens, OFTs provide true composability across integrated blockchains within the LayerZero network.
With OFTs, tokens can be transferred directly between any integrated chain and can be used in decentralized applications (dApps) on those chains.
This is made possible through the established contract-to-contract communication protocol of LayerZero.
The process involves burning an OFT token on one chain, presenting the receipt to another chain, and minting an equivalent number of tokens there.
This ensures a consistent token supply regardless of the chain on which the tokens reside.
Background on Airdrops
In the cryptocurrency world, an airdrop is a promotional strategy where free tokens or coins are sent to multiple wallet addresses to raise awareness for a new blockchain project or service.
These tokens may be given in exchange for tasks such as trying out a crypto project in the early stages.
In our Airdrop Guides, we discuss how to take part in airdrops for LayerZero, a rising star in the realm of blockchain interoperability, among other protocols.
As markets become more bullish and Founders and Venture investors see a more opportunistic time to launch tokens, many believe Airdrops are a great way to be rewarded for parking capital and using protocols.
LayerZero Airdrop
LayerZero Labs has raised $120 million in a Series B funding round, reaching a valuation of $3 billion.
This funding is set to be used for growth initiatives, including team expansion and extending the company’s reach in the Asia-Pacific region.
Notable investors include Andreessen Horowitz, Coinbase Ventues, Binance Labs, Christie’s, and Sequoia Capital.
Launched in March 2022, LayerZero has facilitated over two million messages across more than 30 chains.
In October, we published our LayerZero airdrop, when the protocol has amassed over $15B in transaction volume; this figure is now over $50B.
It has also secured over $7 billion in total value locked.
With this in mind, it is clear that the time to be early to any sort of LayerZero airdrop has passed.
That being said, some have speculated that this airdrop will still reward users in greater quantities rather than bestowing the airdropped supply among a smaller number of users who have accumulated a lot of omnichain activity.
Dune data on number of LayerZero users
Although there isn’t any official announcement on the LayerZero airdrop, the native token $ZRO exists within their code snippet and might be used for gas fees on their blockchain.
This suggests that an airdrop could be a method for distributing $ZRO tokens and incentivizing user interaction with the LayerZero network.
To increase your chances of qualifying for the LayerZero airdrop, consider:
The number of transactions on LayerZero-integrated apps.
The volume bridged using Stargate.
Participation in cross-chain NFT movements.
Here are a few key ways to increase transaction count for LayerZero dApps.
Bridging Assets with Stargate
Connect your wallet to Stargate’s site.
Select the origin chain and token you want to send.
Choose the destination chain and asset you wish to receive.
Input the amount of tokens you want to send.
Click “Transfer” and approve the associated transaction.
Make a Cross-Chain Swap with Sushi
Connect your wallet to SushiSwap's site.
Toggle the "Cross Chain" slider and specify your origin and destination chain.
Select the asset you wish to swap from and enter the amount.
Choose the asset you wish to receive.
Click "Swap" and approve the associated transaction.
Cross-Swap Assets with Interport
Interport bridge functionality uses LayerZero's cross-chain messaging protocol.
Connect your wallet to Interport's site.
Select the origin chain and token you want to swap.
Choose the destination chain and token you wish to receive.
Input the amount of tokens you want to swap.
Click “Swap” and approve the associated transaction.
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