Original | Odaily Planet Daily ( @OdailyChina )

By Wenser ( @wenser 2010 )

On August 9th, BAGS, one of the hottest emerging token issuance platforms , officially announced that its platform's transaction volume exceeded $110 million. Its market share also increased to 23.5%, surpassing LetsBonk.fun for the first time and surging into second place, just behind the established meme token issuance platform Pump.fun. Following a series of contributions from artists like Nyan Cat and Chillguy , BAGS, with its "celebrity + charity" concept, has become one of the few focal points in the meme market.

For a detailed introduction to the BAGS platform, please refer to Nan Zhi’s article on Odaily Planet Daily , “BAGS Revenue Jumps to Second Place on Solana: A Quick Look at Essential Basic Tools.” In this article, we’re going to discuss two slightly different “farces” behind the BAGS platform.

"Farce" 1: The founder openly supports the BTH token, spends other people's money to buy hats, and puts the royalties into his own pocket?

As the crypto community knows, for a one-click coin issuance platform, liquidity and attention are the only two important things, and attention often attracts a continuous influx of liquidity.

For this reason, FINN, the founder of the BAGS platform, chose to participate in the auction of the WIF HAT prototype hat. However, controversially, he did not use his own funds to participate in the auction, but chose to use BTH transaction fees to participate in the auction.

According to a post by X platform user Kaiji Ito ( @kaisi420 ), similar to how crypto crowdfunding once launched Constitution DAO by participating in the US Constitution auction, a meme coin called BWH (OG coin) capitalized on the crypto community's "crowdfunding to buy hats" concept and broke through, garnering significant attention and liquidity, with potential for market expansion. However, BAGS platform founder @finnbags wasn't willing to miss out on this opportunity.

He did the opposite and chose to buy another Meme coin called BTH, thereby pocketing the relevant fees for issuing the coin and transactions. Afterwards, he once again openly harvested the market and consumed his reputation under the name of "I will auction the WIF prototype hat."

This behavior caused the original OG coin's market capitalization to plummet to around $100,000. Thanks to the community's efforts, the situation gradually stabilized, and the market value began to recover. Finn's actions naturally sparked extreme dissatisfaction in the community, with many condemning his rogue behavior. Finn responded by claiming to be unaware of the existence of the OG coin, BWH. Subsequently, he launched a "vote" that "feigned respect" for the community's voice , giving the community two choices:

A uses the BTH transaction fee to buy OG coin BWH;

B uses the transaction fees generated by BTH to buy the WIF prototype hat.

FINN's false statement

Despite the voting results showing a higher number of votes for Option A (supporting the OG coin BWH), FINN persisted in executing Option B, spending its money. Meanwhile, FINN used BTH's victory in the BAGS platform's "$250,000 Challenge" (the first to surpass $10 million in market capitalization on the BAGS platform and maintain it for 24 hours) as a pretext to pocket $300,000 in royalties from the token, effectively replacing the prince with a cat.

Image source: Memeshot.com

There is no doubt that FINN is an expert at playing dumb and confusing the public. While confusing the OG coin BWH with BTH, from which it holds royalties, it also used the WIF prototype hat auction as a hype opportunity to quickly attract the crypto market and many artists and creators to join the BAGS platform. BAGS's platform revenue in the past seven days has also surpassed letsBONK.fun and is second only to Pump.fun.

But this "hat coin farce" makes it hard not to raise a big question mark about his character.

Farce 2: Unverified Platform Bug - X Platform ID Determines Token Royalties

Compared with the above-mentioned "founder's character farce", this farce has not yet been officially verified, but it also serves as a reminder to the BAGS platform and users.

According to a post by X platform user @Researchcai, there is a suspected bug in the BAGS platform, namely, "the ownership of a coin's transaction fees is based solely on the Twitter username. SPARK's Twitter username was changed and then registered by someone else. The person who registered it received 60,000 U transaction fees from BAGS, and all future transaction fees for this coin will belong to this person who registered it."

As of now, there has been no response from the BAGS platform regarding this bug (or feature), and the relationship between the ownership of the X platform ID (i.e., Twitter Handle) and token royalties has not been clearly explained. Odaily Planet Daily will continue to follow up on related developments.