TL;DR
- Event Launch: LayerZero is starting a Sybil bounty hunting event from May 18th to May 31st, encouraging the community to report fraud and earn tokens.
- Sybil Attack Prevention: The protocol has a two-step strategy to combat Sybil attacks, including a self-disclosure phase for users to voluntarily identify as Sybil addresses by May 17th, and a bounty program for the community to report Sybil activities.
- Transparency and Rewards: LayerZero offers an API for reporting industrial Sybil activities and ensures transparent token allocation with on-chain signed transactions. The CEO revealed that 100,000 addresses self-reported as Sybils, highlighting the community’s commitment to a secure ecosystem.
LayerZero, an omnichain interoperability protocol, has announced the launch of a unique Sybil bounty hunting event, inviting community members to report fraudulent activities and earn tokens as a reward. The event is set to commence on May 18th and will run until May 31st.
Sybil bounty hunting begins on May 18th, 02:00 UTC.
For information on preparing bounty reports, follow this guide:https://t.co/67SftBLrqM
Bounty reports will be due on May 31st, 23:59 UTC and must contain at least 20 addresses with a clear methodology.
A successful report… pic.twitter.com/YU3EzxLU2U
— LayerZero Labs (@LayerZero_Labs) May 14, 2024
This endeavor reflects LayerZero’s commitment to tackling Sybil attacks, instances where one party controls numerous accounts to manipulate a system, within its network. LayerZero has taken assertive measures to counteract these issues, aiming to guarantee equitable and robust token allocation for its community members.
In a recent update, LayerZero has detailed a two-step strategy to combat Sybil activities. The initial phase invites users to voluntarily identify themselves as Sybil addresses by May 17th, which will grant them 15% of their intended token distribution, no inquiries made.
This self-disclosure procedure is designed to motivate users to step forward of their own accord, and it’s anticipated to streamline the identification process for the LayerZero team.
The second phase, which starts immediately after the self-reporting deadline, involves the community in a bounty program. Participants can submit detailed reports of Sybil activities, and if their reports meet the requirements, they will receive 10% of Sybil intended allocation. The reported Sybil user, on the other hand, will receive nothing.
LayerZero’s API for Industrial Sybil Reporting
LayerZero’s approach to Sybil activity is comprehensive, offering an API for mass reporting of industrial Sybil activities and setting clear guidelines for what constitutes such behavior. Examples include operating numerous addresses for industrial farming, minting valueless NFTs for chain movement, and using popular Sybil farming applications.
The protocol has emphasized that all allocation eligibility will be subject to legal or geographic requirements, and each transaction is signed on-chain, making it permanent. This ensures transparency and accountability in the distribution process.
LayerZero’s CEO, Bryan Pellegrino, recently revealed on the X platform that up to 100,000 addresses had voluntarily reported themselves as sybils. These proactive users secured 15% of the initial airdrop tokens.
Pellegrino underscored the importance of gathering data on these Sybil wallets, as it will aid in identifying similar fraudulent activities in future projects. The community’s willingness to self-report demonstrates their commitment to maintaining a secure and transparent ecosystem.
LayerZero’s commitment to rewarding durable users—those most likely to continue using the protocol and contribute to its growth—is evident in this event. The company has expressed gratitude to its community members for their support and participation in the journey so far.
As the event nears, the crypto community is abuzz with anticipation, ready to participate in what promises to be a significant step towards a more secure and equitable LayerZero network.
