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LayerZero Team Provides Airdrop Update: How is the Process Going?

Layerzero Sybil

LayerZero Labs has officially announced that the self-reporting phase of its solution to sybil activity or airdrop farming has concluded. According to LayerZero, addresses meeting the criteria will receive 15% of the expected token allocation, and the remaining 85% of the tokens will be redistributed to eligible users. A total of 803,093 addresses were flagged as potential sybil addresses that will not be eligible for the full token allocation after the review.

LayerZero Team Releases Prompt Update

The team initially flagged over two million addresses as potential sybil but later refined its criteria to minimize false positives and achieve a more accurate classification. The full list of addresses, including those reported through the whistleblower system and those identified through initial reviews by LayerZero, Chaos Labs, and Nansen, has been made public.

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

LayerZero and the Airdrop Event

The sybil bounty hunting process began on May 18 and will continue until June 1. Participants must report at least 20 addresses with a clear methodology to be eligible for a bounty of 10% of the sybil’s intended token allocation. All rewards will go to the first eligible reporter of a given address. The team is refining the method but the initial list will not change during the bounty hunt.

Sybil farming refers to the creation of multiple fake accounts to unfairly gain tokens or rewards. The sybil analysis follows the initial snapshot on May 1 for community members regarding a potential airdrop distribution.

READ:  What is Tokenomics?

Decentralized finance protocols widely use airdrop events to generate more interest by rewarding early users with newly released cryptocurrencies. LayerZero’s ZRO token was the first token to launch on the HyperLiquid perpetuals exchange in September 2023.

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