The recent airdrop of the Ethereum layer 2 network ZKsync has sparked considerable discussion in the crypto community. You can find out whether your Ethereum wallet has qualified for the ZK airdrop here Although the project gave away over $900 worth of ZK tokens to certain users of its L2 network, many users are dissatisfied after the airdrop.
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Her Main criticism is that so-called Sybil airdrop farmers received too many tokens while honest users received too few. Sybil airdrop farmers are individuals or groups who create and use multiple wallet addresses to maximize their chances of receiving more airdrop tokens. By using many wallets, they increase the number of tokens they can receive spread across different wallets, often to the detriment of genuine users who only use one wallet.
Many users believe that ZKsync has done too little to exclude Sybil airdrop farmers. In addition, technical problems during the airdrop launch further exacerbated the negative sentiment surrounding the Ethereum Layer 2 project. After the listing on Binance, the ZK price fell from over $0.32 at times to just under $0.22 at press time.
How one user made $753,000
An example of this is an airdrop hunter who took full advantage of the airdrop’s capabilities. By using 85 different wallet addresses, he obtained a total of 3.01 million ZK tokens. After receiving these tokens, he transferred 2.71 million tokens worth $678,000 to Binance and sold another 300,000 tokens on the decentralized exchange Sync Swap for 20 Ethereum (ETH), which was about $70,000. This tactic resulted in a total profit of $753,000, according to a tweet from Lookonchain.
The user’s practice provoked mixed reactions in the crypto community, as many long-time and active users came away empty-handed, while a few were able to make disproportionately large profits by strategically farming the airdrop.
Conclusion
The ZKsync airdrop has caused a stir in the crypto community and sparked important discussions about the fairness of airdrops. The criticisms of the execution of the airdrop, especially the high number of Sybil airdrop farmers who received many tokens, have shown how important transparency and effective anti-Sybil measures can be if you don’t want to upset your own community.
An example of a better approach is the Layer Zero AirdropThis project has publicly documented how Sybil wallets were systematically analyzed and marked to protect honest users and ensure a fairer distribution of tokens. This transparency and collaboration with the community could serve as a model for future airdrops. It seems likely that the criteria by which projects decide which users receive an airdrop will continue to change in the coming months. In this article, you will find out whether it will still be worthwhile for small investors to farm airdrops.
Disclaimer: This article reflects only the opinion of the author. It is not a recommendation to buy or sell. The author holds some of the cryptocurrencies mentioned here as part of his personal portfolio.
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