LayerZero Labs Curbs Airdrop Farming: Concludes Sybil Phase, Launches Bounty Hunt
Summary:
LayerZero Labs has marked the end of the Sybil self-reporting phase on the X platform, aimed at curbing "airdrop farming." In the process, they identified over 800,000 potential Sybil addresses, which have been denied full token allocation. Also, LayerZero has initiated a bounty hunting process to identify Sybil addresses, with rewards for eligible reporters. The final, authoritative list will be published following the end of the bounty hunting process. The Labs also highlighted the prevalent DeFi practice of airdrops and their role in the potential distribution to community members.
The digital solutions company, LayerZero Labs, have officially declared the closing of their sybil self-reporting phase. This initiative was introduced as a means to control sybil activities, commonly termed "airdrop farming," on the X platform. Those addresses that meet the determined criteria can expect to receive 15% of their projected token allocation. The remaining 85% will be reallocated to qualified users. From this thorough review, about 803,093 addresses have been flagged as potential sybil addresses, having these addresses ruled ineligible for full token allocation. Initially, the LayerZero team pinpointed over 2 million addresses that were probable Sybils, but sharpened their criteria to reduce false flaggings, leading to a more accurate classification. They have released the comprehensive list of addresses, featuring self-reported and those discovered via initial checks by LayerZero, Chaos Labs, and Nansen. On May 3, LayerZero, the architect of the cross-chain communication protocol, instituted a self-reporting mechanism, encouraging Sybil users with 15% of their programmed token allocation for exhibiting honesty during a specific 14-day window. LayerZero explained in the X post that the premier analysis sought to identify industrial sybil clusters, with the objective to remove large clusters from bounty hunting eligibility. But, the list isn't regarded as conclusive until the final report is issued, as calculations are continually refined means addresses might be deleted from the Sybil list. Effective from today, May 18th, at 2:00 UTC, the Sybil bounty hunting process is kicking off and will proceed until May 31st, 23:59 UTC. Those who report a minimum of 20 addresses with a distinct methodology will be eligible to receive a reward of 10% of Sybil’s intended token allocation. The first eligible reporter of a specific address will receive all bounties. The team is enhancing their method but guarantees that the initial list will remain unchanged through the process of bounty hunting. Therefore, bounty hunters need not fret regarding the original list as they continue their work. The definitive, authoritative list will be published only after the completion of the bounty hunt. The term Sybil farming refers to the unauthorized creation of fake accounts, with the intent to unjustly procure tokens or rewards. In connection to a possible airdrop distribution to community members, the Sybil analysis was conducted after the first snapshot on May 1. Often used by Decentralized Finance (DeFi) protocols, Airdrops serve to attract more users by rewarding early adopters with newly released cryptocurrencies. LayerZero's ZRO became the first Hyperp (Hyperliquid-only perp) to go live on the HyperLiquid perpetual futures decentralized exchange in September 2023. As reported in a magazine, about 68% of Runes are redlined, prompting questions about their effectiveness as an advancement on Bitcoin.
Published At
5/18/2024 3:57:37 PM
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