LayerZero identifies over 800K addresses in sybil self-reporting phase

    19 May 2024
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    LayerZero Labs has officially announced that the sybil self-reporting phase of its solution to address sybil activity, or “airdrop farming,” is over.

    According to LayerZero, addresses that meet the criteria will receive 15% of their anticipated token allocation, while the remaining 85% will be redistributed to eligible users. Following the review, a total of 803,093 addresses were identified as potential sybil addresses, which will not receive the total token allocation.

    Initially, the team identified over two million addresses as potential sybils but later refined their criteria to minimize false identifications, resulting in a more precise classification.

    The complete list of addresses, including those self-reported and those identified through initial examinations by LayerZero, Chaos Labs and Nansen, has been released to the public.

    On May 3, the creator of the cross-chain communication protocol introduced a self-reporting mechanism, offering sybil users 15% of their planned token allocation for honesty within a defined 14-day period.

    In the X post, LayerZero clarified that the initial analysis aimed to identify industrial sybil clusters, and the list seeks to remove large clusters from bounty hunting eligibility. However, it should not be considered definitive until the final report is published, as addresses may be removed from the sybil list as calculations are refined.

    The sybil bounty hunting process begins today, May 18, at 2:00 pm UTC and will continue until May 31, 11:59 pm UTC. Participants must report at least 20 addresses with a clear methodology to be eligible for a reward of 10% of sybil’s intended token allocation. All bounties will go to the first eligible reporter of a given address.

    The team is perfecting the method, but the initial list won’t change during the bounty hunt. Bounty hunters can continue their work without worrying about the initial list. The final, authoritative list will be shared once the bounty hunt ends.

    Sybil farming refers to creating multiple fake accounts to unfairly acquire tokens or rewards. The sybil analysis follows the first snapshot on May 1 related to a potential airdrop distribution to community members.

    Decentralized finance protocols widely employ airdrops to create more traction by rewarding early users with newly issued cryptocurrencies.

    LayerZero’s ZRO was the first Hyperp (Hyperliquid-only perp) to launch on the HyperLiquid perpetual futures decentralized exchange in September 2023.

    Source: https://cointelegraph.com/news/layerzero-concludes-sybil-self-reporting-phase

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