In a major accomplishment, LayerZero Labs has revealed that their recently concluded sybil self-reporting phase identified over 800,000 potential sybil addresses. This development marks a significant stride in tackling “airdrop farming,” a predominant issue in the crypto space.
LayerZero aims to rectify sybil activity, which involves creating multiple fake accounts to unfairly obtain tokens. During its initial stage of investigation, the team detected over two million potentially offending addresses. However, these figures were later honed down, resulting in a more accurate identification of 803,093 addresses.
In regards to the airdrop distribution, the firm has outlined that any address qualifying as a potential sybil will receive a token allocation of 15%. The remaining 85% will be distributed among eligible users. Details of these identified addresses, which were traced through initial examinations and self-reporting, are now accessible to the public.
One interesting strategy LayerZero implemented is a sybil bounty hunting process, beginning on May 18. This invites participants to identify at least 20 sybil addresses, with a clear method, for a possible reward of 10% of the intended token allocation.
The term “Sybil farming” has been coined to describe unscrupulous behavior where multiple fake accounts are intelligently created to unfairly garner tokens. In a bid to ensure fairness, LayerZero initiated an analysis, following the first snapshot on May 1, associated with a potential airdrop distribution to community members. This forms a part of LayerZero’s ongoing commitment to provide a secure and equitable playing field for digital finance enthusiasts.