• Markets
  • Crypto
  • Web3
  • Culture
  • Opinion
  • Politics
Subscribe
  • Login
  • Register
No Result
View All Result
  • Markets
  • Crypto
  • Web3
  • Culture
  • Opinion
  • Politics
No Result
View All Result
No Result
View All Result

CRV Launches Chaotically

14/08/2020 12:03
Comments Off on CRV Launches Chaotically
CRV launch meme, Aug 2020

The much anticipated Curve token, CRV, has finally launched amid some confusion as what was initially called a rogue contract by some became not rogue at all.

“Yo, CurveFinance! Saw your DAO is ready to rock and I gots to MAXIMIZE MY ALPHA ! So I went ahead and deployed it for you. Get at me in DM to verify and lets get this party started!!”

So said some anon chad at around 7PM London time on August 13th 2020, seemingly catching Curve by surprise which said: “Interesting… should verify though.”

It seems that verification took until 3AM London time when it was finally confirmed this is not a rogue contract.

Before that however there was some countdown towards the Uniswap launch, that finally happened at 11:20 PM London time.

Once that launched, confusion intensified with the team deleting any contract links on their chat channel, even though they were the ones that started the countdown.

Seemingly credible people were sharing the contract on twitter, with the first claim for CRV happening during yesterday’s early afternoon.

The team however kept claiming the contract has not launched even after it started trading on Uniswap, finally saying some hours latter:

“Someone deployed $CRV based on smart contracts we had published on github, front-running our efforts.

While we initially were skeptical, it appeared to be an acceptable deployment with correct code, data and admin keys. Due to the token/DAO getting traction, we had to adopt it.”

CRV Uniswap trading on day 1, Aug 2020
CRV Uniswap trading on day 1, Aug 2020

During those early hours of confusion one CRV went for as much as 3 eth and for a bit traded at 1eth before it then eventually went to the current price of 0.05 eth.

That gives it a fully diluted market cap of close to $50 billion according to Coingeko, more than eth. While the circulating market cap is around seven million.

Only 5% has been distributed in one go, 480,000 CRV currently circulating out of an initial distribution of 1.3 billion with max supply being at 3.3 billion.

The rest will be distributed at a rate of close to 1 million a day to liquidity providers at Curve pools.

With the initial frenzy here so being more in ‘just what on earth is going on’ than in the market with someone summarizing it all as:

“So the contract has been on the mainnet but needed to get turned on 2. To turn it on someone just has to send a signal 3. Chad found the contract and sent the signal to turn it on instead of the team 4. Team is double checking contract to make sure there are no backdoors.”

Security of course is paramount in this space, so maybe the initial confusion can be excused, but countdowning to Uniswap and still denying anything has launched does raise the question whether this was an intentional creation of confusion.

The aim presumably being for this to launch anonymously and in a decentralized way, but it’s not clear what backdoor they were thinking of as turning on some contract is a widely used function in many governance DAOs, unless they didn’t publish it either in which case you just check for differences.

Still, it doesn’t look like there were many advantages to being first except obviously price was quite a bit higher, so if you could claim and sell early then supply and demand is to your advantage.

The GUI for claiming it has now finally launched, but for hours only very knowledgable coders could claim CRV.

Comments

Related Posts

MicroStrategy HQ

MicroStrategy Increased Bitcoin Holdings

Backed Finance tokenizing stocks, Feb 2023

BlackRock ETF Tokenized on Uniswap

Nationwide Restricts Payments to Binance

Bitcoin Struggles to Keep $24,000

Load More
  • Trending
  • Comments
  • Latest
Backed Finance tokenizing stocks, Feb 2023

BlackRock ETF Tokenized on Uniswap

HSBC's HQ at Canary Wharf in London

HSBC Looks to Expand to Crypto

Fed's balance sheet, Jan 2023

Fed Burns Half a Trillion

Investors cash levels reach all time high, Jan 2023

Investors Are Sitting on $5 Trillion

Crypto art

Can Ethereum’s Variable Tokenomics Address Inflation?

MicroStrategy HQ

MicroStrategy Increased Bitcoin Holdings

Backed Finance tokenizing stocks, Feb 2023

BlackRock ETF Tokenized on Uniswap

A Nationwide bank branch

Nationwide Restricts Payments to Binance

Comments

Latest News

  • Can Ethereum’s Variable Tokenomics Address Inflation?
  • MicroStrategy Increased Bitcoin Holdings
  • BlackRock ETF Tokenized on Uniswap

About Trustnodes

Terms of Service

Privacy Policy

Our Ethics and Values

Trustnodes Newsletter

(You have to be a paid subscriber)

Trustnodes © 2017-2023. All Rights Fully Reserved. For any Enquiries contact@trustnodes.com RSS Feed

No Result
View All Result
  • Login
  • Sign Up
  • Cart
  • Markets
  • Crypto
  • Web3
  • Culture
  • Opinion
  • Politics

Trustnodes © 2017-2023. All Rights Fully Reserved. For any Enquiries contact@trustnodes.com RSS Feed

Welcome Back!

Login to your account below

Authenticate with MetaMask Loading...

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

*By registering into our website, you agree to the Terms & Conditions and Privacy Policy.
All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?