LayerZero offers sybil farmers chance to 'self-report' in the name of durability
Quick Take
- In the hopes of curbing the ills of excessive airdrop farming, or sybil activity, LayerZero Labs offered users the option to self-report with the promise of receiving “15% of their intended allocation.”
Generally, airdrops fit into a broader strategy of rewarding early users while establishing decentralized governance power within a network. Excessive airdrop farming, or sybil activity, involves an individual using hundreds, maybe thousands, of addresses to gobble up tokens for the sole purpose of more or less dumping them immediately.
Only time will tell if LayerZero Labs's effort to appeal to sybil users' sense of fairness pays dividends. The developer said in a blog post the self-reporting deadline is May 17.
In the same blog post, the developer also proclaimed: "If you think you are a sybil, you are most likely a sybil."
Specific rewards for network use have not been detailed but the timing of the potential airdrop follows an earlier LayerZero Labs's statement of a token launch targeted for the first half of 2024.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
