- With the aim of mitigating the negative effects of excessive airdrop farming, also known as sybil activity, LayerZero Labs provided users with the opportunity to self-report in exchange for 15% of their intended allotment.
It seems like LayerZero Labs has no interest in engaging in sybil activity or excessive airdrop farming.
The developer wrote to X on Friday, saying, “We think it is in the best interest of the protocol to distribute tokens to durable users, not sybil farmers.”
In an additional effort to mitigate the detrimental consequences of sybil activity, LayerZero Labs offered a reward. It went on to say, “We are providing all Sybil users with the opportunity to self-report within the next 14 days, without any questions asked, in exchange for 15% of their intended allocation.”
LayerZero Labs is the developer of a cross-chain communication protocol. It concluded the initial snapshot on Thursday, most likely in connection with a potential airdrop release to locals. The snapshot, or the final instant at which transactions count toward airdrop eligibility, was finished on May 1, 2024, at 11:59:59 p.m. UTC, according to a graphic the team published on X.
Usually, airdrops are a component of a bigger strategy to reward early adopters and establish decentralized governance inside a network. The term “sybil activity” refers to the misuse of airdrop farming, which is the practice of obtaining tokens via hundreds or even thousands of addresses with the goal of nearly instantly dumping them.
It will take time to see if LayerZero Labs is able to appeal to Sybil users’ sense of fairness. The developer has said on their blog that the deadline for self-reporting is May 17.
The developer declared: If you believe you are a sybil, you are probably a sybil in the same blog post.
The specific advantages of utilizing the network remain unclear; however, LayerZero Labs previously announced that a token launch is scheduled for the first half of 2024, which aligns with the potential airdrop date.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
