LayerZero Fought the Sybils and Airdropped Its Token. Did the Team Win? - Ep. 664

Unchained

Laura Shin

News, Tech News, Business News

4.5 • 1.3K Ratings

🗓️ 21 June 2024

⏱️ 55 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

LayerZero’s token claims went live on Thursday, and as with every recent airdrop, there was plenty of controversy. In this episode, Bryan Pellegrino, cofounder and CEO of LayerZero Labs, joined to discuss their ambitious anti-Sybil campaign and the subsequent token distribution. He delved into the challenges of ensuring genuine user participation, the decision to offer a self-report option for Sybil attackers, and the complexities imposed by industrial-grade farmers. Bryan shared what he would have done differently and why a mandatory donation to Protocol Guild was imposed. Also, are airdrops dead? How can the industry improve this not-so-effective distribution method? Show highlights: 00:00 Intro 01:23 Why LayerZero launched an anti-Sybil campaign with its airdrop, and what challenges they faced in ensuring genuine user participation 04:51 Why LayerZero offered a self-report option for Sybil attackers, and how this strategy revealed both the complexities and the creativity within the crypto community 10:16 How the anti-Sybil campaign uncovered over a million fraudulent accounts 14:34 What Bryan would have done differently in their campaign 17:18 What alternative methods, such as KYC and proof-of-humanity protocols, LayerZero could have used for their anti-Sybil campaign 18:35How LayerZero navigated the cat-and-mouse game with industrial airdrop farmers 23:08 Why they decided to impose a donation to Protocol Guild to claim the ZRO token 32:07 What caused the dramatic drop in LayerZero's activity post-announcement of their anti-Sybil campaign, and why the team is optimistic despite the decline 35:23 LayerZero's plans for future airdrops 38:40 What Bryan thinks the future holds for airdrops in crypto, and how the current broken system can be improved to achieve better distribution and user engagement 42:43 Crypto News Recap Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! iTrustCapital Polkadot Guest Bryan Pellegrino, cofounder and CEO of LayerZero Labs Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	And yes, you have some tales of 20%, 10% of these people are like really bought in and interest in the thing that you're doing.
0:06.8	But you just have this ball of money or activity that's jumping around.
0:10.3	And so there's just this disconnected relationship between give us give us
0:14.5	these tokens and we release how many tokens we're giving and how we're doing it's
0:18.0	like give us more tokens like if you don't give us more than the community is
0:22.2	going to hate you and there's there's so much entitlement. Hi everyone, welcome to Unchained, you're no hype resource for all things crypto.
0:33.7	I'm your host Laura Shin, author of The Cryptopians.
0:37.2	I started covering crypto nine years ago and as the senior editor Forbes was the first
0:41.0	matrimmed reporter to cover cryptocurrency
0:42.8	full-time. This is the June 21st 2024 episode of Unchained.
0:47.0	With I-Trust Capital, you can buy and sell crypto in a tax advantage retirement account.
0:52.0	Enjoy significant tax advantages, 24-7 access,
0:55.0	and the industry's lowest fees.
0:58.0	Pocodot is the original and leading
1:00.0	Layer Zero blockchain with over 2,000 plus developers and the POGO upgrade will be a massive
1:05.8	accelerator for the ecosystem. Join the community at POGODOT network slash ecosystem
1:12.0	slash community.
1:14.2	Hey unchained listeners, as you know it's hard keeping up with a fast-paced world of
1:18.2	crypto so we've got just the thing for you.
1:20.6	subscribe to our free unchained daily newsletter at unchained crypto dot substation. for you'll get the
1:23.0	to subscribe to our free unchanged daily newsletter at unchained crypto.com
1:26.0	you'll get the latest crypto news in original articles from our reporters as well as
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