- LayerZero provided the opportunity to the sybil farmers to self-report their activities.
- 2M addresses were flagged, and over 800K addresses were identified as potential sybils
LayerZero Sybil has concluded the phase of self-report, where users could report fake or duplicate sybil addresses created to baffle the system. Initially, over 2 million addresses were suspected to be sybils, and it has been narrowed down to 803,093 after the completion of the phase. The self-reported address will be allocated 15% of its intended tokens, and the qualified users will receive the remaining 85%.
LayerZero is about to start a bounty hunt in the coming two weeks. This starts on May 18, 2024, and closes on May 31, 2024. During this hunt, the prime requirement is at least 20 sybil addresses with clear methodology. It can help to verify and report suspicious activities. As a reward, those who identify and report authentic sybil addresses will be eligible to receive 10% of the tokens allocated to the fraudulent addresses. It allows community members to earn a share of the tokens.
The initial list will be kept on hold, and the final sybil list will be released after the closure of the bounty hunt on May 31.
The sybil self-reporting phase came to an end with the bounty hunt, marking efforts to guard its network from fraudulent activities. By making the activities transparent and leveraging community engagement, LayerZero intends to make their ecosystem secure and fair.
The Self-Reporting Initiative
LayerZero unveiled a significant initiative two weeks ago that offers sybil farmers the opportunity to self-report their activities. They can report the activities through the channels provided by the protocol.
Sybil farming is the practice of creating fake addresses within a decentralized network. This manipulates voting processes, token distributions, or governance mechanisms. Sybil attacks are a great threat to the reliability of decentralized networks.
LayerZero’s decision to offer Sybil farmers the chance to self-report marks the integrity of the network. Moreover, after the self-reporting phase, the potential sybil addresses were found. Further measures will be taken to detect and mitigate the Sybil attacks.
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