Ditto, your piston seals are leaking by.
That vent plug is to allow air to enter and exit the cylinder when extending and retracting (where oil would normally enter and exit if it were a double acting cylinder.
Just depending on how bad its blowing by would determine what my next course of action would be. Its typical on industrial hydraulic stuff to not even have a vent plug. Rather a line running from that port back to tank to reclaim any fluid that does indeed leak by. Because if the cylinder isnt leaking badly enough to cause a power problem, the only real issue is puking oil onto the ground. Returning it to tank solves that.
Once the seals get bad enough to cause power problems, thats when the rebuild happens.
Again, in industrial stuff, this typically doubles the usable life of the cylinder from first signs of leak by, to ultimate rebuild.
One of the reasons I prefer DA cylinders and power down on equipment. Because even if a cylinder is leaking by internally, all of the fluid is still contained within the cylinder.