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News

LayerZero Sybil User Analysis: Only 30k Users Admit To Sybil Activity

May 11, 2024 - Around 2 mins mins to read

Key Points:

  • LayerZero’s 5 million addresses made 1-5 transactions each, 4.24 million costing less than $10.
  • Out of 6 million users, only 400k to 600k are real, with 30k identified as Sybil.
  • LayerZero incentivizes Sybil users to self-report, offering 15% of their initial tokens.
LayerZero Sybil user analysis revealed, CEO said that out of 6M users, just 400k-600k are genuine accounts. Currently, only 30k are identified as Sybil.
LayerZero Sybil User Analysis: Only 30k Users Admit To Sybil Activity

On May 04, LayerZero Labs reportedly introduced a mechanism to address Sybil activity, also known as “airdrop farming”.

Sybil farming refers to the creation of multiple fake accounts to unfairly gain tokens. LayerZero aims for its tokens to benefit authentic, committed network users rather than those engaged in Sybil farming.

To mitigate the negative impacts of Sybil activity, LayerZero Labs has launched an incentive for Sybil users to self-report.

Readmore: Tether Expands Into Eastern Europe With A New Investment In CityPay.io

Consequences for Non-Compliant Sybil Users

These users can reveal their actions within a specified period and receive 15% of the tokens they were initially allocated without any repercussions. The self-reporting process involves linking a wallet associated with Sybil activity and signing a confirmation message.

For those who fail to self-report by May 17, LayerZero Labs will enforce consequences, including public identification of non-compliant Sybil users and community reporting of suspected Sybil activity.

LayerZero Sybil User Analysis

According to Wu Blockchain, the CEO of LayerZero revealed that roughly 5 million addresses only executed 1 to 5 transactions; approximately 4.24 million of these addresses incurred a cost of less than $10.

He previously indicated that from the total of 6 million users, a mere 400k to 600k represent genuine accounts. However, at present, only 30k addresses are identified as Sybil.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Author

Thana

I am a news editor at Coincu, where I produce daily editorial packages and manage the knowledge and review article sections. Before journalism, I earned a Bachelor's degree in Global Logistics and Supply Chain Management from Northampton University and studied news journalism at Press Association Training.