Key Points:
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.
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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.
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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