• 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.

Recommended content


Recommended Content

Editors’ Picks

IRS says crypto staking should be taxed in response to lawsuit

IRS says crypto staking should be taxed in response to lawsuit

The IRS stated that rewards from cryptocurrency staking are taxable upon receipt, according to a Bloomberg report on Monday, which stated the agency rejected a legal argument that sought to delay taxation until such rewards are sold or exchanged.

More Cryptocurrencies News
Solana dominates Bitcoin, Ethereum in price performance and trading volume: Glassnode

Solana dominates Bitcoin, Ethereum in price performance and trading volume: Glassnode

Solana is up 6% on Monday following a Glassnode report indicating that SOL has seen more capital increase than Bitcoin and Ethereum. Despite the large gains suggesting a relatively heated market, SOL could still stretch its growth before establishing a top for the cycle.

More Solana News
Ethereum Price Forecast: ETH risks a decline to $3,000 as investors realize increased profits and losses

Ethereum Price Forecast: ETH risks a decline to $3,000 as investors realize increased profits and losses

Ethereum is up 4% on Monday despite increased selling pressure across long-term and short-term holders in the past two days. If whales fail to maintain their recent buy-the-dip attitude, ETH risks a decline below $3,000.

More Ethereum News
Crypto Today: BTC hits new Trump-era low as Chainlink, HBAR and AAVE lead market recovery

Crypto Today: BTC hits new Trump-era low as Chainlink, HBAR and AAVE lead market recovery

The global cryptocurrency market cap shrank by $500 billion after the Federal Reserve's hawkish statements on December 17. Amid the market crash, Bitcoin price declined 7.2% last week, recording its first weekly timeframe loss since Donald Trump’s re-election. 

More Cryptocurrencies News
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy

Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy

Bitcoin price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot ETFs in January and the reduced supply following the fourth halving event in April.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP