TL;DR
- LayerZero has completed its first snapshot for the upcoming airdrop.
- ZRO, its native currency, becomes the first Hyperp on Hyperliquid, trading at $8.3 and a possible fully diluted valuation of $17 billion.
- There are concerns about the long-term impact of airdrops on DeFi protocols due to the involvement of professional airdrop hunters.
LayerZero, a blockchain interoperability protocol, has completed its first snapshot for its upcoming airdrop. This event, scheduled for May 2nd, has sparked interest in the community due to the potential rewards for early adopters.
The airdrop, a strategy commonly used by decentralized finance (DeFi) protocols, aims to incentivize early participation by granting new cryptocurrencies to users. In this case, rewards have been promised to those who engage with the protocol.
More information coming soon. pic.twitter.com/NyMpJFVg9S
— LayerZero Labs (@LayerZero_Labs) May 2, 2024
ZRO, LayerZero’s native currency, has become the first Hyperp (exclusive perpetual contract on Hyperliquid) on the Hyperliquid platform. Its current price on Hyperliquid’s perpetual futures market is quoted at $8.6, with a possible fully diluted valuation of $17 billion.
LayerZero was the first Hyperp on @HyperliquidX launched back in September 2023, $ZRO is currently trading at a price of ~$8.60 implying an FDV of ~$17B.
Trade it here: https://t.co/QnBVGJxe4K https://t.co/C4J6rvqnbx pic.twitter.com/CHMnp7DZAi
— xulian – MultiPurr Capital (@KingJulianIAm) May 2, 2024
Hyperliquid, the platform where Hyperps are traded, has established itself as a leading global player in terms of trading volume and open interest in perpetual futures contracts. This dominant position has significantly contributed to the popularity of assets associated with the platform, such as ZRO.
Airdrop Hunters Eyeing LayerZero
However, the excitement surrounding LayerZero’s airdrop has been tempered by concerns about its long-term impact. Allegedly, airdrops may have negative effects on DeFi protocols due to the involvement of professional airdrop hunters. These individuals often exploit such events to obtain large quantities of tokens, which they then sell on the market, potentially causing a decline in their value.
A recent example of this practice is the StarkNet airdrop, where a significant portion of eligible addresses were found to be associated with GitHub accounts controlled by airdrop hunters.
Despite these concerns, LayerZero’s airdrop continues its course and fuels expectations within the crypto community. Its launch is expected to attract greater attention to the protocol and its associated cryptocurrency, ZRO.
