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A new trend has emerged where digital wallet holders eagerly engage with upcoming cryptocurrency projects in a race to secure soon-to-launch tokens through airdrops.
Airdrops operate on a retroactive reward system that favors the most dedicated users within the community. However, this concept has led to the manipulative practice of Sybil farming, where individuals engage in superficial interactions with projects to obtain airdrops, ultimately reaping significant profits with minimal effort. This behavior poses a challenge for cryptocurrency initiatives striving to foster genuine and dedicated communities.
Recognizing this drawback, the crypto industry has been actively seeking effective solutions. One project taking a proactive approach is Hop Protocol.
When Hop Protocol launched its HOP token last year, the cross-chain bridging protocol implemented robust measures to filter out suspicious activities. Their strategy consisted of two key elements: identifying primary accounts that distribute tokens to multiple smaller accounts for airdrop farming, and targeting linked accounts that participate in multiple airdrops sequentially to accumulate new tokens.
To bolster their approach, Hop Protocol engaged their community in the identification of potential airdrop abusers and established simple participation rules. Users aiming to become "Sybil Hunters" had to submit at least 20 potential Sybil addresses that were easily verifiable and presented minimal risk of inadvertently penalizing genuine community members.
In recognition of their contributions, hunters were promised 25% of all HOP tokens, subject to a one-year holding period. With the holding period recently concluded, it is evident that many hunters have been highly productive.
Through a recent community vote affirming the successful implementation of this strategy, several users have earned over 100,000 HOP tokens for their diligent services. This impressive figure exceeds $8,000 in today's market.
This example instills optimism that airdrops can be managed more responsibly, paving the way for a more promising future within this aspect of the crypto world.
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