LayerZero Labs, the company behind blockchain interoperability protocol LayerZero, is striving to establish a fair and seamless airdrop experience by tackling the issue of Sybil activity.
LayerZero Labs, the company behind blockchain interoperability protocol LayerZero, is striving to establish a fair and seamless airdrop experience by tackling the issue of Sybil activity. However, the initial launch of the airdrop has been far from smooth, according to LayerZero CEO, Bryan Pellegrino.
Pellegrino expressed his astonishment at the chaotic situation that unfolded after the latest stage of LayerZero's airdrop. During this stage, users were on the hunt for Sybils who failed to self-report in exchange for a bounty. Pellegrino revealed that over 3,000 bounty reports and 30,000 appeals flooded in just hours after the launch.
To address these issues, Pellegrino announced a temporary pause in the reporting process for the next day or two. He suggested implementing a .02 ETH bond (approximately $60) as a potential solution to reduce automated reporting systems. The bond would be required to submit a report, ensuring that the best bounty hunters can still participate while deterring malicious activities.
Sybil activity refers to users controlling numerous wallets to farm airdrop rewards. Following previous high-profile and lucrative airdrops, sybil activity has surged. For instance, in the recent Starknet’s STRK airdrop, DeFi developer Banteg discovered over 1800 people who have deleted their account after the snapshot. Over 700,000 addresses were also linked to repeated Github accounts.
LayerZero's final snapshot indicated that six million individual wallets had interacted with the protocol, which achieved a valuation of $3 billion following its last funding round in April 2023. Before the bounty hunter stage of the airdrop, up to 100,000 addresses had self-reported as Sybils.
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