#CryptoWatchMay2024

LayerZero tackles sybil activity with self-reporting mechanism

LayerZero Labs will enforce consequences for those who don’t self-report by May 17

snapshot taken on May 1 related to a potential airdrop distribution to community members. This snapshot marks the deadline for eligibility in the upcoming token airdrop, as confirmed by the team in a graphic shared on X.

Airdrops are widely employed by decentralized finance (DeFi) protocols to create more traction by rewarding early users with newly issued cryptocurrencies.

LayerZero Labs did not provide further specifics about the airdrop, but earlier indications suggested they were gearing up for a token launch in early 2024, as per a Dec. 7, 2023, X post. LayerZero’s ZRO was the first Hyperp (Hyperliquid-only perp) to launch on the HyperLiquid perpetual futures decentralized exchange in September 2023.