LayerZero has implemented a unique approach to address the issue of sybil farming within its network. By providing sybil farmers with the opportunity to self-report their activities, the protocol aims to promote transparency and create a secure and fair ecosystem.
During the self-reporting phase, a staggering number of 2 million addresses were initially suspected to be sybils. However, after a thorough investigation, this number has been narrowed down to 803,093 potential sybil addresses. These addresses will be subject to a specific allocation process, where the self-reported address will receive 15% of its intended tokens, while the remaining 85% will be distributed among qualified users.
LayerZero is now gearing up for a bounty hunt, scheduled to commence on May 18, 2024, and conclude on May 31, 2024. The primary requirement for participants is to identify at least 20 sybil addresses and provide a clear methodology. Additionally, individuals can also help in verifying and reporting any suspicious activities they come across. As an incentive, those who successfully identify and report legitimate sybil addresses will receive 10% of the tokens that were originally allocated to the fraudulent addresses. This initiative allows community members to actively contribute and earn a portion of the tokens.
The initial list of potential sybil addresses will be temporarily withheld, and the final sybil list will be made public after the conclusion of the bounty hunt on May 31. This strategic approach aims to ensure that the integrity of the network remains intact.
By combining the sybil self-reporting phase with the upcoming bounty hunt, LayerZero is taking significant steps to safeguard its network from fraudulent activities. The protocol is committed to transparency and community engagement as key factors in establishing a secure and fair ecosystem.
In other news, DWF Labs recently made a strategic move by depositing 3M TOKEN to Gate.io. This decision has sparked curiosity among industry observers, who are eager to understand the company’s strategy and future plans.