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News

LayerZero Sybil Appeals Set to Close on May 28th to Launch Bounty Hunter Phase

May 27, 2024 - Around 2 mins mins to read

Key Points:

  • LayerZero Sybil appeal window, which started on May 18, will close within 24 hours, with over 130,000 appeals submitted.
  • Sybil activity has surged, with LayerZero receiving over 3,000 bounty reports and 30,000 appeals soon after their latest airdrop stage.
LayerZero’s co-founder and CEO, Bryan Pellegrino, announced that the LayerZero Sybil appeal window will close within 24 hours.
LayerZero Sybil Appeals Set to Close on May 28th to Launch Bounty Hunter Phase
LayerZero Sybil Appeals Set to Close on May 28th to Launch Bounty Hunter Phase 2

LayerZero Sybil Appeal Window Closing Soon

On May 18, LayerZero Labs introduced LayerZero Sybil appeal forms for those marked on the Sybil preliminary list, requiring wallet owners to sign in.

As of May 23, on-chain data shows over 130,000 verified signatures, suggesting a corresponding number of LayerZero Sybil appeals. The figure represents approximately 16% of the 803,093 addresses on the initial Sybil list, with numbers expected to grow.

Sybil activity, where users control multiple wallets to farm airdrop rewards, has become increasingly problematic following lucrative airdrops like Starknet’s STRK. DeFi developer Banteg identified over 1800 accounts deleted post-snapshot and linked more than 700,000 addresses to repeat GitHub accounts, highlighting the scale of the issue.

New Sybil Reporting Process to Launch on May 28

LayerZero Labs, the company behind the LayerZero blockchain interoperability protocol, is committed to ensuring a fair airdrop process by addressing Sybil activity. However, the initial airdrop phase faced significant challenges. Pellegrino noted the chaotic response after the latest airdrop stage, with users eagerly identifying Sybils who did not self-report in exchange for a bounty. The phase saw over 3,000 bounty reports and 30,000 LayerZero Sybil appeals within hours.

To manage the situation, Pellegrino temporarily paused the reporting process and plans to restart on May 28 on the new platform, Commonwealth, incorporating a new staking mechanism. Users wishing to participate in identifying Sybils must deposit 0.5 ETH into a designated wallet, making them eligible for denunciation and allowing them to receive 10% of the tokens recovered from fraudulent addresses.

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.

Airdrop

Bounty Hunter

LayerZero

LayerZero Labs

LayerZero Sybil

LayerZero Sybil Appeal

Sybil

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Author

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.
News

LayerZero Sybil Appeals Set to Close on May 28th to Launch Bounty Hunter Phase

Key Points:

  • LayerZero Sybil appeal window, which started on May 18, will close within 24 hours, with over 130,000 appeals submitted.
  • Sybil activity has surged, with LayerZero receiving over 3,000 bounty reports and 30,000 appeals soon after their latest airdrop stage.
LayerZero’s co-founder and CEO, Bryan Pellegrino, announced that the LayerZero Sybil appeal window will close within 24 hours.
LayerZero Sybil Appeals Set to Close on May 28th to Launch Bounty Hunter Phase
LayerZero Sybil Appeals Set to Close on May 28th to Launch Bounty Hunter Phase 4

LayerZero Sybil Appeal Window Closing Soon

On May 18, LayerZero Labs introduced LayerZero Sybil appeal forms for those marked on the Sybil preliminary list, requiring wallet owners to sign in.

As of May 23, on-chain data shows over 130,000 verified signatures, suggesting a corresponding number of LayerZero Sybil appeals. The figure represents approximately 16% of the 803,093 addresses on the initial Sybil list, with numbers expected to grow.

Sybil activity, where users control multiple wallets to farm airdrop rewards, has become increasingly problematic following lucrative airdrops like Starknet’s STRK. DeFi developer Banteg identified over 1800 accounts deleted post-snapshot and linked more than 700,000 addresses to repeat GitHub accounts, highlighting the scale of the issue.

New Sybil Reporting Process to Launch on May 28

LayerZero Labs, the company behind the LayerZero blockchain interoperability protocol, is committed to ensuring a fair airdrop process by addressing Sybil activity. However, the initial airdrop phase faced significant challenges. Pellegrino noted the chaotic response after the latest airdrop stage, with users eagerly identifying Sybils who did not self-report in exchange for a bounty. The phase saw over 3,000 bounty reports and 30,000 LayerZero Sybil appeals within hours.

To manage the situation, Pellegrino temporarily paused the reporting process and plans to restart on May 28 on the new platform, Commonwealth, incorporating a new staking mechanism. Users wishing to participate in identifying Sybils must deposit 0.5 ETH into a designated wallet, making them eligible for denunciation and allowing them to receive 10% of the tokens recovered from fraudulent addresses.

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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