• LayerZero protocol has ordered sybil farmers to self-report their addresses before May 17.
  • Those who comply will receive 15% of their allocation, while those who don't will receive nothing.
  • Zach Rynes reacted to the post by LayerZero, explaining how they have benefitted from airdrop farming.

Omnichain protocol LayerZero released on Friday a two-week ultimatum for sybil farmers to self-report their addresses and receive 15% of their intended allocation during its airdrop token distribution. However, Chainlink community liaison Zach Rynes expressed his displeasure towards this move.

Also read: Friend.tech stirs controversy as FRIEND token goes live

LayerZero to punish sybil farmers

In a Friday X post, LayerZero protocol ordered sybil farmers to self-report their addresses before May 17. The omnichain protocol also provided clear examples of what it terms sybil activity. This follows the protocol's recent decision to reward free tokens to durable users.

LayerZero made the post on its X account on Friday. It emphasized the importance of streamlining the distribution of tokens, claiming that "it is in the protocol's  best interest to distribute tokens to durable users—not sybil farmers."

A blog post made on the protocol's Medium account details the information regarding the self-report and what they refer to as sybil farming. Chief among the criteria is "if you are a single entity with tens, hundreds, or thousands of addresses participating in industrial farming."

Read more: WIF flips two Ethereum L2s, Optimism and Arbitrum, on market cap metrics as Dogwifhat price climbs 10%

The post further states that those who comply and self-report their sybil addresses will receive 15% of their allocation with "no questions asked." However, those who refuse to self-report their addresses within the given two weeks' notice will receive nothing.

Plans to fish out the non-compliant sybil farmers include an open bounty where users who give detailed reports of sybil activity will receive 10% of the sybil's intended allocation.

Chainlink community liaison Chainlink Zach Rynes reacted to the post by explaining how LayerZero has constantly benefitted from airdrop farming for years and now has a problem with sybil farmers when they need to drop a token.

He further stated that LayerZero's action towards these farmers "just seems a bit hypocritical." He buttressed the need for farmers and mentioned that LayerZero is framing airdrop farming as a negative activity.

Also read: Ethereum trades above key level, Michael Saylor calls ETH a security

"You have control over the eligibility criteria, that's how you control for this variable," said Zach. "This is just conflating two very different ways of engaging in airdrop farming."


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Chainlink social dominance hits six-month peak as LINK extends gains

Chainlink social dominance hits six-month peak as LINK extends gains

Chainlink social dominance surged to a six-month peak on Friday as LINK holders increased their activity. LINK traders started taking profits, on-chain data trackers show. LINK price added 6% on Friday, extending its gains from mid-week.

More Chainlink News

Binance helps Taiwan crack a virtual asset money laundering case, BNB sustains above $570

Binance helps Taiwan crack a virtual asset money laundering case, BNB sustains above $570

Binance’s Financial Crimes Compliance (FCC) department joined forces with Taiwan’s Ministry of Justice and helped resolve a case of money laundering worth NT$200 million, or $6.2 million. 

More Binance News

Bitcoin Weekly Forecast: Is BTC out of the woods? Premium

Bitcoin Weekly Forecast: Is BTC out of the woods?

Bitcoin price shows signs of continuing its uptrend, providing a buying opportunity between $64,580 to $63,095. On-chain metrics forecast a bullish outlook for BTC ahead. If BTC clears $70,000, the chances of resuming the uptrend would skyrocket.

More Bitcoin News

XRP trades steady at $0.50 as Ripple shares plan to expand services in Africa

XRP trades steady at $0.50 as Ripple shares plan to expand services in Africa

Ripple hovers close to $0.51 on Friday, above the psychologically important $0.50 level, as traders await the court ruling of the lawsuit against the US Securities and Exchange Commission and amid new commitments from the firm to expand its services in Africa. 

More Ripple News

Bitcoin: Is BTC out of the woods? Premium

Bitcoin: Is BTC out of the woods?

Bitcoin (BTC) price action in the past two days has confirmed the resumption of the bull run. However, BTC needs to clear a few key hurdles before investors can go all-in. 

Read full analysis

BTC

ETH

XRP