LayerZero Labs Pauses Sybil Reporting “Warzone” for Highly Anticipated Airdrop
Crypto News

LayerZero Labs Pauses Sybil Reporting “Warzone” for Highly Anticipated Airdrop

2ในการอ่าน
2 months ago

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 Pauses Sybil Reporting “Warzone” for Highly Anticipated Airdrop
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.
View post on Twitter
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.

This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators. This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice. The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap.
1 person liked this article