LayerZero Introduces Self-Reporting Feature to Combat Airdrop Exploitation

LayerZero Implements Self-Reporting to Fight Airdrop Farming

Key Takeaways

LayerZero Labs introduces a self-reporting mechanism to combat airdrop farming, offering users 15% of their original token allocation to come clean; Users involved in airdrop farming must connect their wallets and verify ownership by May 17; Post-deadline, LayerZero will publicly identify non-compliant users and encourage community reports of suspected airdrop farming.

LayerZero Labs Announces New Approach to Combat Airdrop Farming

LayerZero Labs, the innovators behind the cross-chain interoperability protocol, have recently announced a new approach to combatting airdrop farming in their network.

Announced via an X post on May 3, this new approach includes a self-reporting mechanism that encourages users involved in such activities to admit their actions, offering them a percentage of the intended token allocation.

Sybil activity, or airdrop farming, is when individuals create multiple fake accounts to claim more digital tokens than they are entitled to.

A representative from LayerZero stated: “We are giving all sybil users an opportunity to self-report within the next 14 days in return for 15% of their intended allocation, no questions asked.”

Users wishing to self-report must connect a wallet associated with the sybil activities and sign a message to confirm ownership.

For those who do not disclose these activities by the May 17 deadline, LayerZero Labs will initiate a two-phase enforcement strategy. The first phase includes publicly naming the non-compliant users, and the second phase encourages the community to report any suspected airdrop farming.

This announcement comes soon after LayerZero completed the first snapshot for the airdrop of its ZRO token. Overall, this initiative reflects LayerZero Labs’ commitment to maintaining a fair and transparent environment in token distribution.

About the Author: Aaron

Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era. With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers. Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it and make it more approachable to complete beginners. Aaron has been quoted by multiple established outlets and is a published author himself. Even during his free time, he enjoys researching the market trends and looking for the next supernova.

Leave a Reply

Your email address will not be published. Required fields are marked *

Our Company

Get Latest Updates!

    Get all the latest updates on the crypto scene, including access to exclusive airdrops. @2024. All Rights Reserved.