According to Odaily, Bryan Pellegrino, co-founder of LayerZero, has announced the approximate distribution plan for the LayerZero token, ZRO. He stated that 23.8% of the ZRO token supply will be directly allocated to the community and builders, excluding the foundation and growth.

On the first day, 8.5% will be distributed, with 5% for the core, 3% for RFP, and 0.5% for the community pool. The majority of the remaining tokens will be distributed over the next 36 months, with additional retrospective allocations every 12 months, as well as some forward-looking RFPs for builders.

This announcement provides a clear roadmap for the distribution of ZRO tokens, ensuring transparency and fairness in the process. The allocation to the community and builders highlights the importance of these stakeholders in the growth and development of LayerZero.

According to Odaily, Bryan Pellegrino, CEO of LayerZero, has reported a user who was flaunting multiple LayerZero addresses on the X platform. The user had posted a YouTube video that displayed 42 wallet addresses, each of which had been involved in transactions ranging from $2000 to $3000. These transactions were identified as having distinct characteristics of 'witch' features. The CEO's report came after the user's video was flagged for showcasing these addresses.

As the cryptocurrency market enters a bullish phase, Avalanche (AVAX) is positioned for a rally, while TRON (TRX) enhances its network with LayerZero integration, reaching over 65 networks. Amidst these developments, BlockDAG (BDAG) emerges as a formidable force. Having raised $50.6 million in its presale and achieved an 1120% price increase from its first to the eighteenth batch, BlockDAG’s cutting-edge technology and dynamic marketing strategies make it a prime candidate for 2024’s top altcoin, with analysts predicting a rise to $20 by 2027.

Avalanche’s Rising Price Trajectory: Bullish Outlook

Avalanche’s AVAX token is primed for a significant rally, with current trading around $36 and resistance at $97.64. The strong base formed by the support zone between $9.49 and $10.06 could catalyze a notable upward movement.

Daily price analysis shows a pattern of higher highs and higher lows, indicating a robust reversal and the onset of an uptrend. Immediate resistance levels to watch are $50 and $60. Breaking these could pave the way for AVAX to reach a long-term goal of $100.

DTX Exchange Challenges TRON as a Notable Altcoin Competitor

DTX Exchange (DTX) is swiftly gaining traction as a strong competitor to TRON (TRX), with predictions of it becoming the next $1 cryptocurrency by 2024. In its Stage 2 presale, DTX has already amassed over $600K, with targets set to hit $1M by June 2024. Its hybrid trading system merges the benefits of decentralized and centralized exchanges, offering significant leverage without KYC requirements.

Meanwhile, TRON’s network expansion via LayerZero has contributed to a 45% price increase this year. Though TRX is projected to surpass $0.15 in Q2 2024, DTX’s innovative approach positions it as a formidable rival.

BlockDAG’s Marketing Strategies Propel Price Target to $20 by 2027

BlockDAG (BDAG) is quickly becoming a standout in the cryptocurrency world, thanks to its groundbreaking technology and aggressive marketing strategies. Its Directed Acyclic Graph (DAG) architecture and Proof-of-Work (PoW) consensus mechanism ensure unmatched scalability and decentralized security, distinguishing BlockDAG from its competitors.

The enthusiasm for BlockDAG is also driven by its stellar presale achievements. Kicking off at just $0.001 per BDAG coin in Batch 1, the presale witnessed a staggering 1120% rise in price, reaching $0.0122 by Batch 18. This explosive growth has captivated a broad investor base, with BlockDAG raising $50.6 million and distributing over 11.4 billion BDAG coins.

BlockDAG’s dynamic marketing has been pivotal to its trajectory. It made a splash with a viral keynote in Tokyo’s Shibuya Crossing, showcasing its superior features. This momentum continued with a major event at The Sphere in Las Vegas, where BlockDAG introduced its latest technical whitepaper. The Las Vegas event underscored BlockDAG’s global allure and solidified its market leadership, celebrating its presale triumphs.

With these achievements and strategic maneuvers, BlockDAG shows great promise for future growth. Industry experts forecast that BlockDAG could hit a price of $20 by 2027, bolstered by its innovative technology, effective marketing initiatives, and increasing investor trust.

Concluding Observations

BlockDAG’s strategic initiatives and presale achievements indicate its vast potential. The notable 1120% increase in its presale price and significant events such as the Las Vegas keynote underscore its upward trajectory. With expert projections setting a $20 target by 2027, BlockDAG is poised to stand out. As Avalanche targets a $100 price point and TRON advances its network, BlockDAG’s technological innovations and investor interest establish it as a leading contender for the best altcoin of 2024.

Invest in the BlockDAG Presale Now:

Presale: https://purchase.blockdag.network

Website: https://blockdag.network

Telegram: https://t.me/blockDAGnetwork

Discord: https://discord.gg/Q7BxghMVyu

The post Will BlockDAG Reach $20 by 2027? Insights on Avalanche’s Price and TRON’s Rival appeared first on Crypto News Land.

As crypto airdrops become more mainstream, the projects behind them have encountered a big problem: Sybil attackers.

These buccaneering DeFi players create multiple wallet addresses to spoof airdrops by pretending to execute legitimate activity, costing crypto projects millions.

They syphon rewards from legitimate users and compromise the integrity of the projects they target.

Tapioca DAO, a fledgling money market protocol built on LayerZero, says it has a solution. Instead of handing out free tokens, its airdrop will give users the ability to buy its native TAP token at a discounted price.

“If someone wants to Sybil, there’s a capital expenditure,” Tapioca DAO co-founder Matt Marino told DL News. “It’s kind of the same outcome. If you airdrop 1,000 tokens at a 50% discount that person ends up with 500 free tokens.”

Marino says Tapioca’s approach ensures that even if users do Sybil attack, they won’t just be extracting value — they will have to give something back.

Tapioca DAO is building a DeFi money market and stablecoin. It is built on LayerZero, a cross-chain bridge.

This lets Tapioca connect borrowers and lenders across different blockchains.

Inspiration from the DeFi godfather

The inspiration for the airdrop, Marino said, came from Andre Cronje, the so-called DeFi godfather behind protocols Yearn Finance, Keeper Network, and Solidly.

“He talked about call options, and I was a big fan of Keeper Network,” he said. “I just really agreed with the principle of what he was talking about, and we just ran with it.”

Cronje first floated the idea of incentivising using calls, derivative bets that pay off if a token price rises, in 2021.

Still, Tapioca’s plan has risks.

Marino said Tapioca is probably the first protocol to attempt an options airdrop. There’s a chance that Sybil attackers will find a loophole to exploit the untested mechanism.

It wouldn’t be the first time one of Cronje’s ideas has gone awry. When he launched Solidly in 2022, users gamed the protocol by voting on their own token liquidity pools.

The options airdrop

Tapioca DAO says its options airdrop will “create the most Sybil resistant, aligned, and value maximised airdrop ever performed.”

It’s scheduled to start on June 14, and will give TAP token call options to those who participated in the protocol’s launch auction, Pearl Club ONFT holders, and certain community members.

The first round of the airdrop will distribute options with a payoff price 50% below the final TAP launch auction price of $2.07, and will expire in one week. Subsequent rounds will give out options with a 25% to 50% discount.

If the TAP price falls below the payoff price of the options, they become worthless, potentially cutting off some users.

Marino said this situation is intentional.

“We’ve created a protection mechanism where if there’s not enough demand, and the token is falling, then inflation stops,” he said.

However, Marino added, the protocol was designed to incentivise holding TAP to avoid this issue.

Holders who lock up TAP in the protocol will receive the fees it generates. They’ll also be able to use their locked tokens as collateral to borrow against.

‘Hall monitors’

Marino criticised the popular approach to airdrops, where projects give out free tokens to users who meet certain criteria.

“You always end up losing a massive amount of value to people who are Sybiling,” he said.

Some projects have spent a lot of time and effort identifying and excluding Sybil attackers, with limited success.

Some even put bounties on them, and promise to give more tokens to users who can identify them.

This incentivises users to misreport legitimate users to projects in the hopes of securing more tokens for themselves.

“They’re putting hall monitors there to look,” Marino said. “It just doesn’t work.”

Tapioca’s endgame

Besides thwarting Sybil attackers, the options airdrop has another function.

Tapioca will use the money raised through the options airdrop to provide liquidity, a system known as protocol-own liquidity — or PoL.

Marino said many DeFi money markets and stablecoins end up being very illiquid.

“The way you make fees and profit off of a CDP stablecoin as a platform is from leverage. And if you have no liquidity, nobody can leverage it and then you have no fees,” Marino said.

CDP stands for collateralised debt position — in essence, creating dollar-valued tokens by locking up other tokens with a greater value as collateral.

MakerDAO’s DAI stablecoin uses a CDP model.

The hope is that if Tapioca can generate enough PoL, it won’t be dependent on mercenary liquidity providers and can offer competitive rates.

Whether Tapioca can achieve this is uncertain.

Other protocols that tried to generate PoL, such as Olympus DAO and Tokemak, have struggled to stay relevant.

Tim Craig is a DeFi Correspondent at DL News. Got a tip? Email him at tim@dlnews.com.

According to Odaily, LayerZero, a prominent blockchain protocol, has announced its expansion to BounceBit, a Bitcoin re-pledging network. This strategic move signifies LayerZero's continuous efforts to broaden its reach and enhance its services in the blockchain industry.

The integration with BounceBit, a network that allows for the re-pledging of Bitcoin, will provide LayerZero with an opportunity to tap into a new market segment. This expansion is expected to bring about significant benefits for both LayerZero and BounceBit, potentially leading to increased user engagement and improved service delivery.

Further details about the expansion or the potential impact on the users of both platforms have not been disclosed yet. As the blockchain industry continues to evolve, such strategic partnerships and expansions are becoming increasingly important for companies to stay competitive and relevant.

According to Odaily, Bryan Pellegrino, CEO of LayerZero, has responded to user inquiries stating that the company aims to release a complete list of witches (Chaos + Nansen + all approved bounty hunter clusters) for public review by the end of this week. There will not be a formal address appeal process, but there will be a 24-hour period for reviewing and reporting any clusters found to be flawed or missing. If these clusters are verified, they will be removed.

This announcement comes as part of LayerZero's ongoing efforts to maintain transparency and accountability in its operations. The company's decision to allow public review of the witch list underscores its commitment to ensuring the integrity of its bounty hunter clusters.

The 24-hour review period will provide users with the opportunity to scrutinize the list and report any discrepancies they may find. This process is expected to enhance the reliability of the list and ensure that all clusters are accurately represented.

However, it's important to note that there will not be a formal process for address appeals. This means that any clusters found to be flawed or missing during the review period will be removed if verified, without the opportunity for an appeal. This approach is designed to maintain the integrity of the list and prevent any potential misuse.

According to Odaily, Bryan Pellegrino, CEO of LayerZero, has recently announced that the company has made significant progress with nearly 200 approved project reports. Pellegrino expressed his satisfaction with the company's progress, stating that it feels great to be entering the final stages of this process.

LayerZero is a technology company that focuses on developing innovative solutions in the tech industry. The CEO's announcement indicates that the company is making strides in its project development, with a large number of reports receiving approval. This suggests that LayerZero is on track to complete its current projects successfully.

Pellegrino's statement reflects the company's commitment to its projects and its dedication to achieving its goals. The CEO's positive outlook on the company's progress is a testament to the hard work and dedication of the LayerZero team. As the company moves into the final stages of its current projects, it is expected to continue its trend of success in the tech industry.

Ethereum’s Zero-Knowledge (ZK) Layer-2 scaling solution, zkSync, is facing backlash from the crypto community after its recent ZK token airdrop announcement. 

Community members have expressed concerns about the lack of anti-Sybil filtering and the “unfair” token distribution.

ZkSync Faces Backlash

On Tuesday, zkSync announced the upcoming airdrop of its ZK token and the distribution plan. According to the announcement, 17.5% of ZK’s 21 billion token supply will be airdropped to 695,000 eligible wallets on June 17.

Introducing the ZK Token

Checker → https://t.co/O2UonCvfziAnnouncement → https://t.co/hjgI14PHoiDocs → https://t.co/taWBoCnfbc

It’s time to put the ZK token into the hands of the community. It’s your turn to govern ZKsync’s future. pic.twitter.com/VD3fZgH5bf

— ZK Nation (@TheZKNation) June 11, 2024

Additionally, 33.3% of the token’s supply would be distributed between the project’s team and investors. The allocation was meant to reward early users and long-time supporters among zkSync’s community.

Per the post, eligible users could receive up to 100,000 ZK tokens depending on the criteria they had met before the March 25 snapshot. However, the project faced criticism after users started to check their allocation.

Online reports revealed that some community members were not content with their rewards. 

Despite being active long-term users, many investors claimed to have received a lower token allocation than others with less activity.

Similarly, several users complained of not being eligible for the airdrop despite their volume and transaction history and meeting the criteria. 

One X user shared being in the top 0.04% of wallets and receiving only 1,023 ZK tokens, while wallets with significantly less activity registered after the snapshot got the maximum allocation.

Just one word@zksync#Zkscam pic.twitter.com/wbBzEm72wb

— Rahim29 (@rahim1370219) June 11, 2024

Various top-ranking projects built on zkSync have expressed disappointment after not being included. NFT project zkApes and NFT marketplace Element shared they had not received any airdrops despite generating between $15-$20 million in gas fees for the network.

We generated $15 million in gas fees for @zksync , but received no airdrop in return. What a joke!!!#zk #zksync

— zkApes | Build on zkSync (@zk_apes) June 12, 2024

Moreover, zkApes, Element NFT, and other projects have formed a coalition to “keep the pressure” on zkSync’s team and negotiate a token allocation, which would be distributed between their communities. Critics expressed their desire for “transparency and fairness.”

A Lack Of Anti-Sybil Filtering?

Mudit Gupta, Chief Information Security Officer (CISO) at Polygon Labs, called the situation the “most farmable and farmed airdrop ever.” 

zkSync airdrop is out.

Most farmable and farmed airdrop ever probably.

Almost no sybil filtering as far as I can see.

Anyone who knew the criteria could've easily farmed the shit out of it.

Makes you appreciate what LayerZero is trying to do with sybil filtering.

— Mudit Gupta (@Mudit__Gupta) June 11, 2024

Gupta highlighted the lack of anti-Sybil filtering and claimed that “anyone who knew the criteria could’ve easily farmed the shit out of it.”

Similarly, Adam Cochran, partner at Cinneamhain Ventures, considers the airdrop not well-planned from a Sybil perspective. He pointed out that the criteria were “easy to not hit as a real user, and easy to hit as a farmer.”

I love the zkSync guys but damn that was not a well planned airdrop from a sybil perspective.

Those criteria are easy to not hit as a real user, and easy to hit as a farmer, and had no anti-sybil program.

Real users could easily use 1-2 dapps or only a handful of tokens on your… pic.twitter.com/PiqprIbKJ3

— Adam Cochran (adamscochran.eth) (@adamscochran) June 11, 2024

Many users believed that the controversial criteria were not zkSync’s responsibility but that the crypto analytic firm Nansen was at fault. However, Nansen clarified they had not been involved with the ZK airdrop.

In an X post, the firm stated that they provided data to Matter Labs, zkSync’s developing company, in the past. 

The information provided included data about the wallets of some whales and known scammers. Additionally, they explained they did not do any anti-Sybiling or give any advice on the token allocation.

It’s worth noting that the project decided not to use any anti-Sybil criteria for the airdrop as it was considered an “incomplete approach.”

(…) It’s tempting to eliminate bot swarms by applying strict sybil criteria. But Sybil detection often cuts out real users with arbitrary filters. This was an incomplete approach for the ZK airdrop. The ZK airdrop focuses on identifying real users using a human-first approach.

According to online reports, Sybil wallets are estimated to receive around $135 million ZK tokens from the airdrop, based on an initial list provided by LayerZero Labs. Since then, the Sybil list has been discarded by Bryan Pellegrino, CEO of LayerZero.

The Sei team announced via X on Tuesday that LayerZero, an omnichain interoperability protocol, has launched on the Sei V2.

According to Odaily, LayerZero Labs has announced that Symbiotic will be integrated into the LayerZero DVN framework via Ethena Labs. This integration will allow users to stake ENA to ensure the cross-chain transfer of Ethena assets. LayerZero Labs made the announcement on platform X.

The integration of Symbiotic into LayerZero is expected to enhance the functionality and security of the LayerZero DVN framework. By staking ENA, users will be able to ensure the safe and efficient cross-chain transfer of their Ethena assets. This development is a significant step forward for LayerZero Labs, as it continues to innovate and expand its services.

Further details about the integration and its potential impact on the LayerZero DVN framework and its users are yet to be released. However, the announcement has already generated significant interest in the crypto community, highlighting the growing importance of cross-chain transfer capabilities in the digital asset space.

According to Odaily, LayerZero Labs has announced the launch of Sei V2 on the X platform. This new development allows developers on other LayerZero-supported networks to seamlessly deploy their applications on Sei V2. The launch of Sei V2 marks a significant step forward for LayerZero Labs, as it continues to expand its platform and services.

The introduction of Sei V2 on the X platform provides developers with a more efficient and streamlined process for deploying their applications. This is expected to enhance the overall user experience and functionality of the LayerZero-supported networks.

The launch of Sei V2 is a testament to LayerZero Labs' commitment to providing innovative solutions and services to its users. It also underscores the company's dedication to fostering a more interconnected and efficient digital ecosystem.

Further details about the launch and the features of Sei V2 were not provided in the original report. However, the announcement is expected to have a positive impact on the LayerZero Labs community and the broader digital ecosystem.