LayerZero

LayerZero Labs has unveiled a solution to address sybil activity, also known as “airdrop farming.” The creator of the cross-chain communication protocol introduced a self-reporting mechanism, offering sybil users 15% of their planned token allocation for honesty within a defined 14-day period.
LayerZero&nbsp;<a href="https://twitter.com/LayerZero_Labs/status/1786441554816532646" target="_blank" rel="noopener nofollow">stated</a> in a May 3 post on X that it believes it’s important for its protocol to distribute tokens to genuine, committed network users rather than individuals who engage in sybil farming. 
Sybil farming refers to the practice of creating multiple fake accounts to unfairly acquire tokens or rewards. The developers want to ensure that their token distribution benefits those who contribute positively to the network’s growth and sustainability rather than those who exploit it through deceptive tactics like sybil farming.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-05/8df9499c-f59e-47f2-a13e-bf9dbac81832.png" alt="" title="">
 <figcaption style="text-align: center;">
 Source:&nbsp; <a href="https://twitter.com/LayerZero_Labs/status/1786441554816532646" target="_blank" rel="noopener nofollow">LayerZero Labs</a>
 </figcaption>
</figure>
In the hopes of curbing the negative effects of sybil activity, LayerZero Labs is also providing an incentive for users engaged in such activity to come forward and admit it voluntarily. The incentive is that these users can self-report within a specified period and receive 15% of the tokens they were originally allocated without facing further questions or penalties. 
<blockquote data-ct-non-breakable="true">
 “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.”
</blockquote>
The self-reporting process requires connecting a wallet associated with sybil activity and signing a message to confirm ownership. 
Related: <a href="https://cointelegraph.com/news/coinbase-base-could-become-nvidia-defi">Coinbase's Base could make it the NVIDIA of DeFi</a>
LayerZero Labs will enforce consequences for those who don’t self-report by May 17.&nbsp;The first phase involves publicly identifying sybil users who don’t come forward voluntarily, and the second phase allows community members to report suspected sybil activity.
The proposal comes on the heels of <a href="https://cointelegraph.com/news/layerzero-takes-airdrop-snapshot">the first snapshot</a> taken on May 1 related to a potential airdrop distribution to community members. This snapshot marks the deadline for eligibility in the upcoming token airdrop, as <a href="https://twitter.com/LayerZero_Labs/status/1785821562475839843" target="_blank" rel="noopener nofollow">confirmed</a> by the team in a graphic shared on X.
Airdrops are widely employed by <a href="https://cointelegraph.com/learn/defi-a-comprehensive-guide-to-decentralized-finance">decentralized finance (DeFi</a>) protocols to create more traction by rewarding early users with newly issued cryptocurrencies. 
LayerZero Labs did not provide further specifics about the airdrop, but earlier indications suggested they were gearing up for a token launch in early 2024, as per a Dec. 7, 2023, X <a href="https://twitter.com/LayerZero_Labs/status/1732862812710449466" target="_blank" rel="noopener nofollow">post.</a> LayerZero’s ZRO was the first Hyperp (Hyperliquid-only perp) to launch on the HyperLiquid perpetual futures <a href="https://cointelegraph.com/learn/what-are-decentralized-exchanges-and-how-do-dexs-work">decentralized exchange</a>&nbsp;in September 2023. 
Magazine: <a href="https://cointelegraph.com/magazine/runes-supporters-unlock-bitcoins-potential/">68% of Runes are in the red — Are they really an upgrade for Bitcoin?</a>

LayerZero tackles sybil activity with self-reporting mechanism

Cointelegraph

Egyéb ezen a dátumon (2024. máj. 4.) megosztott cikkek

MakerDAO announces launch of two new tokens

Grayscale Spot Bitcoin ETFs See $63 Million of Inflows

Charles Hoskinson Teases Cardano and Bitcoin Cash Partnership

BTC Price Continues to Trade Within Narrow Range: Here’s Why There Is No Growth After the Bitcoin...

Tellor Price Prediction: TRB Pumps 8.2% As This World-First AR/VR Crypto ICO Charges Towards $6 M...

Internet Computer Makes Comeback With Historic Surge, ALGT Presale Becomes Magnet For Whales Afte...

Join our free newsletter for daily crypto updates!