.@HopProtocol is setting new airdrop standards, and the sybilooors stand no chance!
HOP Drop and the fight against Sybil attackers, a thread 👇🏻
@HopProtocol 1/ A few weeks ago, Hop Protocol announced the establishment of the Hop DAO and the HOP token.
The HOP token drop was unlike any other we’ve seen till now.
It actively sought Sybil attackers and removed them from the token distribution.
@HopProtocol 2/ Who are Sybil attackers?
Sybil attackers are those who create many pseudonymous identities or addresses and use them to gain unfair influence over a product.
@HopProtocol 3/ The Hop team felt that distributing tokens to such attackers would be unjust to genuine users of the protocol and restrict them from executing a healthy distribution.
@HopProtocol 4/ As a result, the team spent two months crunching data and managed to identify 10k Sybil attackers out of the 45k eligible addresses in the Hop drop.
Here’s a fascinating thread on the team’s methodology to identify Sybil attackers 👇🏻
@HopProtocol 5/ This is truly ground-breaking! However, the Hop team did not stop there.
Hop is a community-led bridge and invited the whole Web3 community to help them find Sybil attackers that had “not yet been uncovered.”
@HopProtocol 6/ The reward mechanics for doing so was innovative as well:
• Successful reports are rewarded with 25% of the saved $HOP - paid out by the DAO and subject to a 1-year lock-up.
New work to earn model? cc: @richardchen39
@HopProtocol @richardchen39 7/ The Sybiloors stand no chance when the GOAT @zachxbt is around!
@HopProtocol @richardchen39 @zachxbt 8/ • The rest of the tokens are distributed proportionately among the legitimate eligible users, increasing their $HOP allocation.
@HopProtocol @richardchen39 @zachxbt 9/ A Sybil attacker can also self-report and receive 25% of the tokens.
@HopProtocol @richardchen39 @zachxbt 10/ PS le Sybilooors self reporting
@HopProtocol @richardchen39 @zachxbt 11/ Hop Protocol is the first project to adopt a mechanism that:
1. Weeds out the Sybil attackers
2. Redistributes the recovered tokens among genuine users
3. Gets the whole Web3 community involved with a work-to-earn opportunity to find the remaining attackers.
@HopProtocol @richardchen39 @zachxbt 12/ This is truly amazing and a token launch mechanism that will surely be adopted by other projects, starting with Optimism!
Optimism announced that it removed an additional 17,000 Sybil addresses and recovered over 14 million OP tokens.
@HopProtocol @richardchen39 @zachxbt Kudos to the Hop and Optimism team!
Hopefully, we will see other projects adopt similar mechanisms in their airdrops to reward genuine users of the protocols fairly.
@HopProtocol @richardchen39 @zachxbt Follow @lifiprotocol for more such threads and join us on Telegram to stay updated with the cross-chain ecosystem news!
t.me/lifinews
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