Original author: TechFlow
Welcome to the first day after the May Day holiday. The crypto market is still full of gossip and hot topics.
During the May Day holiday, the native token $BOOP of the new token launchpad Boop.fun was clearly one of the best performers, with a market value of over $500 million. With the launch of $BOOP on Binance Alpha yesterday, the communitys attention to the token has become even stronger.
But in the craze of new coin launches, CZ’s “implied post” quickly triggered a discussion in the community around Dingaling, the founder of Boop.fun.
On May 5, CZ replied on X, suggesting that a former employee was fired for rat trading (insider trading), and claimed that he was once the Binance CXO, but Binance did not have such a position at all.
Although CZ emphasized that people should not take it personally, the description in the original post of his reply, A founder recently launched a platform project on Solana saying that he would subvert the way Memes are played, is actually very straightforward.
If you have been observing the market hot spots recently, then with a little thought you will know that this actually refers to Boop.fun and dingaling.
The most interesting thing is that in dingalings personal profile (250,000 followers), in addition to indicating that he is the founder of Pancakeswap, he does have the title of former Binance CRO. Combined with what CZ said that Binance has never had a CXO title, the allusion becomes real.
When there is a connection between the facts, the words please do not take it personally are more like a protective color and a double armor; although the two sides did not directly confront each other, the community has exploded due to the innuendo.
If you search for dingaling on a crypto social media sentiment research website, you’ll find that discussions about him on the Internet have grown rapidly in a short period of time, with many guys passionately debating about this issue.
In these discussions, in addition to the defense of the butt ruling the head because of some Boop positions, the more informative content is about the past of dingaling and the future development of boop.
Fuzzy CRO, real NFT Diamond Hand
Who is Dingaling?
The title of CRO is rather vague. Some people guess it means Chief Risk Officer, some say it means Chief Revenue Officer, and some say it means Chief Research Officer.
Dingaling himself did not seem to respond to what the abbreviation CRO actually refers to. With the release of the CZ connotation post, some netizens also joked that this CRO refers to the Chief Rat Officer (implying that he was fired for being involved in insider trading).
But jokes aside, some clues of the past can still be seen in the vagueness of the job titles.
Crypto blogger NFT Ethics revealed that Dingalings Twitter handle in the early years was @DinghuaXiao, which seems to correspond to his full name. Although most of his connections with Binance have been deleted from the Internet, screenshots from some community users show that you could talk to him directly on Telegram at the time and ask him to help you deal with problems you encountered when using Binance.
This is more like a customer complaint response or customer relationship management role.
Beyond the customer-facing surface, NFT Ethics points out that Dingaling’s lesser-known connection with Binance is that he was once one of the persons in charge of Binance’s offshore entity (Bermuda) and left a screenshot of the company’s website (the website may now have been taken down), which showed CZ and Ding Hua Xiao listed together.
In addition, more information shows that Ding Hua Xiao is also a member of West Realm Shires Inc, a joint venture between Binance and FTX, which is a key entity of FTX and controls FTXs operations in the United States (ie FTX-US).
The document also shows the shareholding ratios of SBF, CZ and him, among which Ding holds 5.33%; although the proportion is not high, it is enough to show his relationship with FTXs core team and CZ.
Most of the information leaked by NFT Ethics was released in 2022. The existence and validity of the information are no longer verifiable. It is impossible to accurately determine Ding’s position in Binance, and we can only get a glimpse of the situation from these summarized information.
But one thing is certain, Dingaling is definitely not an ordinary employee.
Although the title is vague, Dingalings behavior in the crypto market is traceable, which is why the community is discussing him enthusiastically:
An OG player in the NFT circle and a well-known diamond player.
He is considered one of the most successful NFT investors. In his early years, he held 113 Bored Ape Yacht Club (BAYC) and 70+ Azuki NFTs, and received a total of 1.4 million Ape airdrops, with a current value of over 10 million US dollars.
He was also an early investor in CryptoKitties and one of the largest investors in NBA Top Shots.
The community calls him NFT OG and Diamond Hand because he rarely pump-and-dump in a short period of time, but is accustomed to sweeping the floor, buying a large number of floor-priced NFTs and holding them for a long time.
In the version when NFT was popular, players often used dingaling as a criterion for whether an NFT was a blue chip quality. The sweeping-the-floor gameplay could easily drive up the price of NFTs, benefiting other players holding the same NFTs, and thus winning widespread trust from the community.
LooksRare failed, can Boop do the same?
As an NFT trader, Dingaling is undoubtedly successful and can even be called a big shot; but in terms of investing in products or making products, his record is not so dazzling.
In 2022, Dingaling joined LooksRare as an advisor and investor. At that time, Opensea was firmly in the leading position in the NFT field, and LooksRares goal was to subvert the leader of this NFT market and occupy a place in the competition.
During the same period, LooksRare launched the $LOOKS reward mechanism to encourage users to trade, and its initial trading volume was close to that of OpenSea. However, the good times did not last long. With the weakening of the overall market and the existence of a large number of wash trading (buying and selling by oneself) in the market, the NFT market collapsed, and LooksRare failed to succeed.
From the perspective of currency price, $LOOKS’s historical highest price was around 7 US dollars, and now the price is around 0.01, which can be said to have returned to zero, belonging to the Tears of the Times series.
The rhythm of history is so similar. In this cycle, Pump.fun has been in the limelight, and a group of challengers and innovators have appeared in the market, trying to pull it off the throne; Boop.fun is one of them.
It’s a similar launch mechanism, plus a slightly different reward mechanism. Will this replicate Looksrare’s challenge to Opensea?
The data panel on Boop.fun on Dune shows that within 5 days of the platforms launch, the number of tokens issued daily showed a clear downward trend; as of the day before press time, Boops daily token issuance had dropped from 10,000 at the beginning to 1,000-2,000, and the number of active addresses also showed a daily decreasing trend.
Whether Boop.fun is viable in a market environment with insufficient liquidity and severe PVP remains to be seen.
Community fermentation, like an ant trying to shake a tree
No one knows the future of Boop.fun, but some people have already spoken out against dingaling and pointed the finger at CZ.
On the Ethos Network, a small user @chadstrdaumus 0 with only 215 followers initiated a slashing proposal , trying to punish CZs FUD about Boop through decentralized governance.
The mechanism here is that Ethos Network is a decentralized social platform that aims to build a reputation system for the crypto economy. Users generate reputation points by staking Ethereum, and can review others (positive or negative), or initiate slashing proposals to punish bad behavior, such as spreading FUD or fraud. Slashing requires community voting. If successful, the staked assets of the slashed person may be confiscated and the reputation score will be damaged.
@chadstrdaumus 0s proposal was directed at CZ, on the grounds that his implied post made false accusations against Boop and dingaling, damaging the projects prospects.
This is very Web3. Everyone can challenge other people’s statements based on their own logic and judgment, even if the other person is CZ.
However, not many people are participating in the discussion and comments. At the same time, some people pointed out that such accusations need clear evidence to be established. The attacker needs to produce very clear and detailed evidence, such as whether the CRO position actually exists, whether Dingaling has served as a CRO, and other direct information; instead of using just a few words to accuse CZ of groundless crimes as is done now.
However, for the proposers, what is important may not be the truth, but the position.
Corporate Brand vs. Crypto OG Reputation
Looking back, CZ’s Void confrontation was just short of naming names, and Dingaling has not yet dropped his title of former Binance CRO. What are the motives of the two?
CZ’s “implied post” may seem casual, but if you think about it more deeply, it may be a cut in the relationship of vested interests.
If someone claims to be a “former Binance CRO”, especially after Boop was launched on Binance Alpha, if there is a price crash or any negative related events, it may damage Binance’s credibility and make the market wonder whether there is profit transfer and so-called insider trading involved.
As the world’s largest exchange, Binance has been plagued by controversy due to regulatory pressure (US investigation in 2022), and CZ’s sensitivity to brand image is self-evident.
Unless Dingaling has not seen CZs remarks and related hot discussions, the fact that he has not changed his personal profile until now may have expressed an attitude.
Although he did not actively use the title of CXO to promote Boop, all the publicly disclosed information, including the past of NFT OG and even the vague CRO position, can be regarded as a kind of reputation. It is also a smart choice to silently use the reputation to endorse new projects and allow Boop to go further.
We have no way of knowing the personal grudges behind this, but one thing is certain:
There is no groundless expression. Every voice in the crypto market is defending the interests that they think are worthwhile.
