📰 Table Of Contents
LayerZero Labs’ Efforts Against Sybil Activity
LayerZero Labs has taken significant steps to combat sybil activity in the crypto space. They have identified and addressed a total of 800,000 addresses that were flagged as potential sybils, making them ineligible for full token allocations.
Refinement of Criteria
Originally, the team had identified over two million addresses as potential sybils. However, they later refined their criteria to reduce false identifications and ensure accuracy in their assessments.
End of Sybil Self-Reporting Phase
In a recent announcement, LayerZero Labs declared the conclusion of the sybil self-reporting phase in their initiative to combat sybil activity, also known as “airdrop farming.” This initiative aims to tackle the issue of users creating multiple fake accounts to gain unfair advantages in token allocations.
Address Allocation Details
According to LayerZero, addresses meeting the specified criteria will receive 15% of their expected token allocation, while the remaining 85% will be redistributed to eligible users.
List of Sybil Addresses
The complete list of sybil addresses, including self-reported ones and those identified through examinations by LayerZero, Chaos Labs, and Nansen, has been publicly disclosed. The team introduced a self-reporting mechanism on May 3, offering rewards to sybil users who came forward within a specific period.
Bounty Hunting Process
The sybil bounty hunting process began on May 18 and will continue until May 31. Participants are required to report a minimum of 20 addresses along with a clear methodology to be eligible for rewards. The bounties will be awarded to the first eligible reporter of each specific address.
Impact of Sybil Farming
Sybil farming, the practice of creating multiple fake accounts to unfairly acquire tokens or rewards, has become a significant concern in decentralized finance protocols. Airdrops, commonly used to reward early users with new cryptocurrencies, have been targeted by sybil farmers.
Instances of sybil farming have been observed in the crypto space before, with projects like Optimism and ZkSync Era taking actions against suspected wallets engaged in such activities.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
