Layer zero Giro
+6.29%
The recent spike is a 433% increase from the previous low of 18,400 messages, signaling renewed interest in the protocol. This spike is particularly notable given the recent slowdown in activity on the protocol, during which daily messages have hovered around the 20,000 mark for several weeks.
The second airdrop announcement appears to be the catalyst for this sudden surge of activity. LayerZero’s strategic move includes an interesting twist.
- Wallets that claimed ZRO tokens in the first airdrop but have been inactive since will be excluded from this round, encouraging continued participation in the protocol.
- This criterion could potentially serve as a clever mechanism to distinguish genuine users from opportunistic “airdrop farmers”, fostering a more active and dedicated user base.
The implications of this strategy extend beyond boosting short-term numbers.
- LayerZero encourages ongoing interaction with the protocol by rewarding active users, which can lead to more organic growth and development of the ecosystem.
- A 30-day claim period for new airdrops can help maintain this high level of activity as users work to meet potential criteria for future token distributions.
As people start claiming their tokens, we will have to keep an eye on LayerZero’s daily activity. Will this surge in activity translate into long-term adoption and usage of the LayerZero protocol? Or will we see a decline as the excitement of the airdrop cools, similar to the pattern observed in other protocols following the token distribution?
This is an excerpt from The Block’s Data & Insights newsletter, where we dig into the numbers that make up the industry’s most thought-provoking trends.
Disclaimer: The Block is an independent media outlet providing news, research and data. As of November 2023, Foresight Ventures is the largest investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, influential and timely information on the cryptocurrency industry. Current financial disclosures are as follows:
© 2024 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be legal, tax, investment, financial or other advice.