Coinspeaker LayerZero to Begin Reward Distribution for Sybil Bounty Hunters
Blockchain interoperability giant LayerZero is set to distribute rewards to Sybil bounty hunters starting July 25. This exercise follows its self-reporting program that led to the identification of over 800,000 suspected Sybil addresses.
This program became a necessity after LayerZero announced an upcoming ZRO token airdrop back in December 2023. At the time, Bryan Pellegrino, co-founder and CEO of LayerZero Labs, expressed concerns about maintaining integrity within the airdrop process, particularly with regard to company employees taking part. He noted, via an X post, that the staff had been warned internally. The statement read in part:
“Every LayerZero labs employee is 100% restricted from claiming and has no eligibility – it will be a fireable offense.”
The firm saw the need to safeguard the distribution process from exploitation by individuals creating multiple fake accounts. So, it sought the help of risk management platform Chaos Labs and blockchain analytics firm Nansen to conduct a thorough analysis on potential Sybil actors.
Initially, over 2 million addresses were flagged as potential Sybils based on the initial snapshot for the airdrop. However, over time, the list was refined to 803,093 addresses following an extensive review process for more accuracy. This was for LayerZero to ascertain that it was only focusing on genuine threats and nothing else.
LayerZero to Reward Sybil Bounty Hunters
Following the initial phase of self-reporting, LayerZero launched the Sybil Bounty Hunting program on May 18. This meant that community members could also assist in identifying Sybil addresses and earn a reward for their efforts. Participants were required to report at least 20 addresses using a transparent methodology, with rewards set at 10% of the intended token allocation for each successfully identified Sybil address.
Following this exercise, the final list of qualified Sybil bounty hunters has now been published on Commonwealth.im, a platform known for promoting transparency within the blockchain space.
According to the publication, the reward distribution event is scheduled to take place at 13:00 UTC on July 25. This means that bounty hunters can expect to be compensated immediately, with their rewards going directly into their individual wallets.
LayerZero’s proactive stance against Sybil attacks is an exemplary one for blockchain projects that are keen on establishing secure and transparent ecosystems. The firm has also shown how community participation might be an underrated tool in blockchain security.
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LayerZero to Begin Reward Distribution for Sybil Bounty Hunters
