LayerZero Labs Targets Sybil Farming with Self-Reporting Mechanism for Token Allocation
Summary:
LayerZero Labs has introduced a self-reporting mechanism to combat 'sybil farming' in their network. Sybil farmers, who create multiple fake accounts to obtain tokens, are encouraged to self-disclose for a 15% allocation of their intended tokens, with no penalties. Those failing to self-disclose by May 17, 2024, face consequences. The move follows a potential community member airdrop distribution snapshot on May 1, 2024, in line with the firm's goal of rewarding genuine users contributing to the network’s growth.
LayerZero Labs has launched a mechanism aimed at targeting 'sybil farming', or 'airdrop farming'. The company behind the communication protocol spanning multiple blockchains has implemented a self-disclosure system, encouraging sybil participants to self-disclose in exchange for 15% of their intended token allocation, available for 14 days. The firm expressed its preference in a May 3 X post for genuine, dedicated network users to receive token distribution rather than sybil farmers - people who create multiple bogus accounts to obtain tokens or rewards unfairly. The emphasis for the developers is that recipients of token distribution should be those positively contributing to the sustainability and growth of the network, not those exploiting it through fraudulent tactics such as sybil farming.
LayerZero Labs has also introduced measures to mitigate the adverse impact of sybil farming, by offering an incentive for self-disclosure to those participating in such activities. In order to receive the 15% token allocation originally intended for them, these participants can self-disclose within a set timeframe, with no further questions asked or penalties issued. For the self-reporting procedure, a wallet linked with sybil activity must be connected, followed by a signature to confirm ownership.
LayerZero Labs will implement penalties for those failing to self-disclose by May 17, 2024. The initial stage involves openly identifying sybil users who have not self-disclosed, while the subsequent stage permits community members to report those believed to be engaged in sybil farming.
This move follows the first snapshot taken for a potential community member airdrop distribution on May 1, 2024, which is determined by a deadline set by the team, as mentioned in an X graphic. Protocols used by decentralized finance (DeFi) often utilise airdrops to boost traction by issuing new cryptocurrencies to early users. Detailed particulars of the airdrop were not shared, but prior indications pointed to a token rollout at the beginning of 2024, as cited in a Dec. 7, 2023 post. LayerZero’s ZRO was the inaugural Hyperp (Hyperliquid-only perp) to be launched on the HyperLiquid decentralized exchange (DEX) for perpetual futures in September 2023.
Published At
5/4/2024 10:32:07 AM
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