LayerZero Labs has introduced a solution to combat “airdrop farming” and Sybil activity.
LayerZero Labs has addressed the issue of “airdrop farming” in Sybil activity by introducing a remedy. The developer of the cross-chain communication protocol provided Sybil users with the opportunity to receive 15% of their projected token allotment in exchange for honesty within a fortnight by implementing a self-reporting mechanism.
LayerZero Combats Sybil Activity
In a post on X on May 3, the company LayerZero asserted that it believes it is crucial for its protocol to distribute tokens to those who are genuine and dedicated to the network, as opposed to those who engage in Sybil farming.
The term “sybil farming” refers to the process of creating many deceptive accounts in order to earn tokens or incentives in an unfair manner.
To ensure that individuals who contribute positively to the growth and sustainability of the network are the ones who benefit from the distribution of their tokens, the developers aim to make sure that those who exploit the network by deceptive methods such as sybil farming are not the ones who benefit.
LayerZero Labs is also providing an incentive to users involved in sybil activity who are willing to acknowledge their involvement. We do this to mitigate the negative impacts of sybil activity.
As an incentive, these users can self-report within a predetermined time frame and receive 15% of their initial tokens, free from further questions or penalties.
“We are giving all sybil users an opportunity to self-report within the next 14 days in return for 15% of their intended allocation, no questions asked.”
Establishing a connection to a wallet that is associated with Sybil activity and signing a message to verify ownership are both necessary steps in the self-reporting process. In the event that individuals do not self-report by May 17th, LayerZero Labs will have repercussions.
During the second phase, members of the community have the opportunity to report suspected instances of Sybil activity, which involves publicly identifying Sybil users who did not come forward freely during the first phase.
The proposal follows closely on the heels of the initial May 1 picture, which hinted at a potential airdrop distribution to community members. The team confirmed in a graphic on X that this snapshot signifies the eligibility deadline for the future token airdrop.
Decentralized finance (DeFi) protocols frequently make use of airdrops as a means of generating further traction by providing early users with newly minted cryptocurrency as a form of incentive.
According to a post that was published on December 7, 2023, LayerZero Labs did not disclose any additional information regarding the airdrop, nevertheless, earlier indications showed that they were getting ready for a token launch in the early part of 2024.
LayerZero launched ZRO, the first Hyperp (a hyperliquid-only perp), on the HyperLiquid perpetual futures decentralized exchange in September 2023.