Original - Odaily

Author - Nan Zhi

As BOME started the trend of making money model, a number of crypto projects with high wealth effects appeared in the early stage, and the amount of funds raised continued to rise. However, due to overheated sentiment, the markets requirements for fund-raising sponsors have continued to decrease, and chaos has occurred frequently. Degens who are keen on pursuing the new model have also experienced an emotional roller coaster from showing off their profits, to laughing with tears, to scolding the project side for being unfair.

Yesterday, Solana co-founder Anatoly Yakovenko retweetedZachXBT’s statistical chart on Solana on-chain pre-sale projects(27 Solana chain pre-sale projects raised a total of more than 655,000 SOL), andCall to stop allocating money to pre-sale projects。

Odaily published Fundraising Meme project explodes, how to find the next Alpha?》, introduces the characteristics of explosive projects, related data information query tools, and warns of participation risks. Today, we will focus on the risk point - reviewing those donation projects that have run away, and exploring how long the wealth effect of this model can last.

The roll money disappears

The Avalanche fundraising project Sener raised a total of about 93,000 AVAX, worth about $4.8 million, but at the opening last night, the founder only added 200 million AVAX to the LP pool and then transferred all the rest. The project token SENDER only rose slightly at the opening. The project team has not used the remaining funds to buy back or perform other market protection operations. The token has now entered a comprehensive sell-off stage.

Founder@4msenerAnd the project dedicated account @Sender_MEME has not released any relevant content since the token was launched.

Sell ​​value coins for you

Whales Market founder @dexter_cap (hereinafter referred to as dexter)’s project token WHALES has a circulating market value of US$38.6 million and an FDV of US$185 million. Due to the successful project background, it was originally one of the most reliable project parties among donation sponsors. But yesterday, its series of outrageous operations began to worry about the projects prospects.

Yesterday evening at 17:00,There is a change in the dexter fundraising address.This address transferred 159802 SOL to the Binance payment address, worth nearly $30 million, the market began to worry about running away.

Shortly after, the address transferred 15,979 SOL back from Binance.Accounting for 10% of the SOL it previously deposited to Binance 。

1 hour after the above token transfer operation, dexter on X platformPost a message to express, the super-raised part will be distributed soon, and itsTransfer the remaining funds to Binance and partially exchange them for stablecoins to avoid the sharp depreciation of SOL.. At the time before and after the transfer to Binance, the price of SOL was about 178 USDT, close to the lowest point of the day. Some users believed that their active selling behavior caused the price of SOL to fall. More users believed that SOL had greater upside potential. This move dilutes the overall value of the project. Then came the following voices: I dont know how to do swings myself? You want to sell it into a stable currency, why dont you raise a stable currency...

Recite poems, draw cakes, and then run away

Compared with the routine of I, Qin Shihuang, make money,@MerlinOrbitXThe fundraising form of MerlinChain is still a bit novel. The project team has published many times to build a character that works hard to develop but does not pay attention to it. However, MerlinChains donation model is not popular enough, and it ultimately raised approximately hundreds of thousands of dollars.

In terms of token share, the usual donation routine modeled on BOME was - 50% of the tokens and raised funds constitute LP, and 50% of the tokens are airdropped to donating users. However, in some subsequent projects, the ratio of raised funds to LP or the share of airdrops decreased, which is generally reduced to 20% -30%.OrbitX creatively reduced the airdrop share to 2.5% and told users that they would be profitable after a hundredfold increase。

Just two hours after the market opened last night, the OrbitX project address withdrew all funds from the LP pool. At present, the tokens have returned to zero and the X platform account has been cancelled.

in conclusion

The donation model continues to spread to multiple chains, and the proportion of project parties taking funds, canceling and running away is gradually increasing. Although there are still a few projects (such as Milady Wif Hat) that choose to refund all 90,000 SOL concurrent coins. But overall, the wealth effect is getting weaker and weaker, and the profit-loss ratio is gradually decreasing. It is recommended that investors remain vigilant in related models.