LayerZero is a cutting-edge omnichain interoperability protocol aimed at solving the problem of fragmented liquidity across the blockchain landscape. This is accomplished using a lightweight message-passing protocol that assures both authenticity and guaranteed delivery of messages.
Picture LayerZero as the “internet” for blockchains. Just like the internet links together individual computers, making it easy for them to communicate and share information, LayerZero connects different blockchains.
Decentralized exchanges like PancakeSwap, SushiSwap, TraderJoe, and Uniswap are among the on-chain applications that make use of LayerZero.
Why LayerZero Might Issue an 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, Binance, Christie’s, and Sequoia Capital.
Launched in March 2022, LayerZero has facilitated over two million messages across more than 30 chains and has amassed over $15 billion in transaction volume. It has also secured over $7 billion in total value locked.
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.
Possible Criteria for Airdrop Eligibility
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.
Step-by-Step Guide to Farming Airdrop on LayerZero
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.
Watch our quick video demo on using Stargate for bridging below!
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.
(As of October 2nd, 2023, Sushi Cross-Swap is under maintenance due to an update from LayerZero but it should be available soon based on the comments from the SushiSwap team.)
Collect and Bridge an Omnichain NFT from Holograph
Connect your wallet to Holograph’s site.
Locate an NFT that you want to mint.
Switch to a chain that both the NFT is available on and that you have funds on.
Input the number of mints you want and click on the cost of the mint.
Click “Mint” and confirm the transaction.
Hover over the “Bridge” tab at the top of the page and select “NFT Bridge.”
Input the chain you minted your NFT(s) on as the origin chain and select a destination.
Select the collection and NFTs that you want to bridge.
Select a chain and token you want to swap to $agEUR.
Approve the transaction to swap the selected asset to $agEUR.
Go to the Bridge page of Angle and select $agEUR as the asset to bridge, the origin and destination network.
Click on “Bridge” and approve the associated transaction.
Watch our quick video demo on using Angle to transfer agEUR from one-chain to another below!
Risks or Downsides of Participating in a Crypto Airdrop
Scams and Fraud: Participation in airdrops can be risky, especially on a new chain or network. Some protocols might turn out to be scams, targeting unsuspecting users. It’s essential to be cautious and conduct thorough research before engaging with an unfamiliar project.
Regulatory Risks: Legal and regulatory considerations can be complex, varying widely by jurisdiction. Participants should always check the rules of both the protocol and their residing country to ensure compliance. Engaging in an airdrop without understanding the relevant regulations might lead to unintended legal complications.
Uncertain Returns: While the prospect of an airdrop can be exciting, the rewards are never guaranteed. Some protocols might promise to launch a token and never follow through, or the token’s value might not justify the resources spent on obtaining the airdrop. Understanding that airdrops can be unpredictable and that returns might fluctuate is vital for anyone considering participation.
Disclaimer
Please note that this is not an endorsement of any of the protocols mentioned above. Pre-launched and newly launched protocols carry more inherent risk so interact with these (and any other) protocols at your own discretion.
