Original - Odaily
Author - Nan Zhi
Today at 12:00 noon, the governance token BSSB issued by BitStable starts on BouncePledge round (over-raising) and fixed-price sales round (rush purchase), many users have encountered the situation that the official interface cannot be entered.
Some users who can enter will encounter situations where the signature cannot be completed during the rush purchase. In fact, after the public sale started, all the places (100) were taken by scientists.
Subsequently, BitStable issued a document on the Uneven distribution (of tokens). In order to realign the distribution of BSSB and adhere to DAII’s strategic roadmap, we have made a difficult but crucial decision:We will burn 75% of the BSSB tokens participating in the fixed price auction.
Taking into account high gas fees and the additional costs incurred, this effectively increases the cost of participation sixfold for interested parties. We are committed to transparency and fairness, and we believe these steps are critical to aligning with those values.
To put it simply, the project owner BitStable felt that the public sale was being outsourced by scientists.The tokens are unevenly distributed, so the tokens obtained by the scientists are directly destroyed., reducing its profits. Odaily will explain the incident in detail in this article.
rush sale public sale
The public sale of BSSB is divided into two parts: super-raising and snap-up. The snap-up part is 4,200,000 tokens, with a total of 100 ETH raised. Each wallet can invest a maximum of 1 ETH. Due to the high expected profits, participants will invest the upper limit amount, thus determining the amount that a maximum of 100 wallets can obtain for the public sale.
Scientist No. 1 0x15499e8da329f4f1Afcd1982D6E0645Be2855F77 contributed to 50 wallets today at 11:3055 ETH distributed, 1.1 ETH per wallet.
The public sale started at 12:00, 0x1549 launched a snap sale through the above 50 wallets (Gas 66 Gwei per wallet), and sentMiner builder0x69 bribed 70 ETHTo ensure the success of the snap-up, the transaction was packaged 11 seconds after the public sale, and 0x 1549 successfully grabbed 50 places.
(Note: Miner builder0x69 also produced briberyBribe API Tutorial）
Scientist No. 2 0x5F6f, Scientist No. 3 0xd8A7, and Scientist No. 4 0xE7f9d grabbed 22, 11, and 7 quotas respectively by increasing the Gas. The Gas was 3000 gwei, 1584 gwei, and 888 gwei respectively.
subsequentlyBitStable announced its decision to destroy 25% of tokens to maintain fairness. Later, BitStable conducted address analysis and stated that there were four separate transactions, possibly from two individuals, indicating thatParticipants who have been negatively impacted will be considered for refunds, or only the tokens of the aforementioned scientists will be destroyed.
AUCTION rise
After BitStable announced the destruction of snap-up round tokens, the popularity of the super-raising round began to rise, because AUCTION tokens need to be pledged to participate. AUCTION began a round of rise after the news came out, with an increase of 16% in one hour.
As of 20:40, the super-raising round interface shows that 824,400 AUCTIONs have been pledged. Based on the current price of 13.5 USDT, 11.12 million US dollars of funds have participated in the super-raising.
It’s difficult for scientists to get their money back
According to the cost calculation of Scientist No. 1, one account will receive 4,200,000 × 1% × 25% = 10,500 BSSB, and its single number cost is approximately 70 ÷ 50 = 1.4 ETH, so the corresponding single cost of BSSB is 1.4 × 2050 ÷ 10500 = 0.273 USDT.
The total number of coins after destruction is 21, 000, 000-4, 200, 000 × 75% = 17850000 coins. The corresponding market value of the scientists’ return needs to reach 17850000 × 0.273 = 4.897 million US dollars. There are currently only a few mainstream BRC-20 If the token exceeds this market value, scientists who participated in the rush purchase expect it will be difficult to recoup their capital.
(Note: The market value of piin, which ranks first in OKX’s 24-hour trading volume, is US$4.2 million; the second sats, US$273 million; the third rats, US$56 million; and the fourth MMSS, US$6.51 million)
And if the project party does not perform any operations on it, the scientists participating in the rush purchase still hope to make a profit. Usually, participation in public sales is based on everyones ability. It is relatively rare for the project side to directly intervene in the scientists of the public sale. It is difficult to come up with a single answer on what is truly fair.
