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LayerZero Sybil Bounty Reopened On May 28 With Deposit Requirement For Report

Key Points:

LayerZero Labs introduces deposit requirements for LayerZero Sybil Bounty submissions.
The process will prioritize GitHub reports and bound addresses.
LayerZero aims to fight Sybil activity with over 3,000 bounty reports received following the latest airdrop phase.

LayerZero Labs, the entity behind LayerZero, a blockchain interoperability protocol, has announced plans to reopen submissions for the LayerZero Sybil Bounty, introducing a deposit requirement. The mechanism aims to ensure the integrity of submissions and deter fraud activity.

LayerZero Sybil Bounty Reopened On May 28 With Deposit Requirement For Report 2

LayerZero Labs Implements Deposit Requirement for LayerZero Sybil Bounty Submissions

Effective immediately, all LayerZero Sybil Bounty hunters must deposit 0.5 ETH from their reward address to a specified account to be considered eligible for submitting reports. The deposit will be refunded after the Token Generation Event (TGE) if the report is considered honest and successful. However, failure to adhere to submission guidelines, including any form of fraud or plagiarism, will result in forfeiture of the deposit.

The deposit process opens on May 25th at 2:00 UTC, with submission reopening on May 28th at 00:00 UTC for a 48-hour window on Commonwealth. Submissions close on May 30th at 00:00 UTC.

LayerZero’s Battle Against Sybil Activity

Priority will be given to LayerZero Sybil Bounty reports submitted on GitHub and bound addresses, with new reports evaluated on a “first-come, first-serve basis.” Successful reporters stand to receive a 10% bonus at TGE.

LayerZero Labs is taking proactive steps to combat Sybil activity, a practice where users manipulate multiple wallets to exploit airdrop rewards unfairly. Following the latest phase of LayerZero’s airdrop, which targets Sybils who failed to self-report, CEO Bryan Pellegrino revealed the receipt of over 3,000 bounty reports and 30,000 appeals. Additionally, some users resorted to reporting accusers’ accounts on GitHub to eliminate competition.

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Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.