GuShiio.com Original title: “CZ pet dog Broccoli ignites on-chain PVP war, DEV and insider players make money, MEME social experiment sparks controversy”
Original author: Nancy, PANews
The day-long CZ (founder of Binance) pet name riddle drama was finally announced in the early morning of today (February 14). What followed was a Broccoli themed online PVP battle, and BNB Chain ushered in large-scale stress testing.
DEV and insider players feast, and communities become victims of liquidity exit
After TST was mentioned by CZ about its skyrocketing, CZ’s movements became the focus of attention of MEME players. On the morning of February 13, CZ tweeted that it was curious about the operating mechanism of MEME coins, asking if someone would create related tokens by sharing pet names and photos, and questioned how to distinguish between the “official” versions. After learning about the mechanism, CZ said,”The way things work is interesting. As usual with major decisions, I need to think about it for a day or so. Should we respect his privacy or disclose dog information for everyone? Well, I may also interact with a few MEME coins on BNB Chain.”
When someone suggested using random dog photos, CZ responded, no, that would be deception. If you want to do it, you have to do it right. It’s just sharing a dog’s photo and name.
Subsequently, the entire network began to guess the name of the CZ pet dog and began to ambush relevant MEME coins in an attempt to “occupy seats” early. The market value of a few tokens was even pushed up by thousands or even hundreds of millions of dollars. On the evening of the same day, CZ announced that it would release photos of the dog three hours later (around 8 pm Dubai time), which piqued the appetite of MEME players. After several hours of waiting, CZ finally released photos of the pet dog Broccoli and their story in the early morning of February 14, and he also said,”I just posted my dog’s photo and name.” I will not issue Meme coins personally. It depends on whether the community does this. The BNB Foundation may provide rewards to top MEMEs on BNB Chain, provide LP support or other rewards. Details are still under discussion. More content will be released soon.”
Subsequently, tens of thousands of MEME coins with the same name as Broccoli instantly appeared in BNB Chain, and countless players rushed to enter this broccoli themed PVP battle. However, BNB Chain did not withstand this wave of stress tests. The congested network, the stuck front end, the ground was covered with clips… MEME players are complaining that the experience is too bad. According to the page display, BscScan has suspended block data updates for about 12 hours.
At the same time, since CZ did not announce the CA (contract address), a large number of tokens with the same name emerged, dazzling investors. Even officials like Bounce Brand also renamed the pre-deployment MEME coin to join the craze. The MEME experiment triggered by Broccoli has also become a feast for DEV (developers)/insider players. A large number of Pixiu disks and insider disks are intertwined, and investors have become victims of liquidity exit.
“Rug pulls are happening everywhere, and they push the market value of a token to $400 million-enough to convince people that this is” the real project “and falsify all the data: holders, transaction volume, even creating a huge pool of liquidity. Then, once retail investors were frantically chasing gains due to FOMO… they started selling, and the market value of some tokens even collapsed from US$400 million to US$30 million in a few minutes, but insiders left the market with more than US$43 million, ultimately leaving investors with worthless tokens.” Web3 researcher Pi pointed out. According to monitoring by the chain data analyst Ash, one Broccoli creator on BNBChain only spent 1 BNB in a profit of US$6.72 million, creating 9517 times the revenue in 24 minutes.
However, the “CZ’s Dog” section of the Binance Web3 wallet shows that as of publication, the highest market value among the many Broccoli coins is only just over a hundred million dollars. Despite the high market participation and the influx of hundreds of millions of dollars in funds, these funds are still relatively scattered and have not yet formed a high-level consensus leading project.
MEME social experiment sparks controversy, CZ responds that it will continue to learn and build
While Broccoli is gaining market popularity, CZ’s MEME social experiment also triggered market controversy.
“This aggression will not continue.” Solana co-founder Toly tweeted
Andre Cronje, co-founder of Sonic Labs, suggested that if CZ really decides to participate in such projects, it would be better to directly launch an official smart contract and share it, rather than let the community create it itself, otherwise it may cause many people to publish dozens or even hundreds of contracts, which in turn defraud community members. In order to avoid indirect losses to the community, it is best for him to launch a fair version himself.
Cryptography researcher CM pointed out that it is not impossible to be community-driven without issuing CA, but the problem is that social experiments must be established in a relatively fair environment, or at least allow most people to have a game experience. BNB Chain lacks the environment like Solana’s early days. Everyone can make the cake bigger together, but quickly divide the hard-won cake as soon as possible. This change requires some leadership and organization, and it is difficult to complete it solely by community initiative. Individuals prefer to build applications, but they do not exclude the MEME path. What they hate is the reduced cost of doing evil and the lack of security brought by a sustainable environment.
“There is an interesting term in psychology called ‘reasonable deniability’ to describe CZ’s state tonight. I tried to bring in CZ’s thoughts. What he might think was: I just posted a few pictures of dog lovers. Like hundreds of millions of dog lovers around the world, I had no fault. I’m even helping my chain with an interesting social experiment. I am very dedicated, I am very avant-garde. But he selectively downplayed the fact that his identity had a huge impact on the community. He is fully capable of extrapolating what will happen tonight. Letting ten thousand dogs compete for distribution is not even a zero-sum game, but a negative-sum game. Countless Pixiu, clips, insiders and small cabal groups have made great profits, while most people have negative profits. Although, there is no problem for ordinary people who post a picture of a dog in their circle of friends. However, for a crypto exchange CEO, this must not be considered ‘without fault.'” said 0xTodd, a partner at Nothing Research.
CZ also responded to the community controversy, saying,”Isn’t MEME completely community-driven? I didn’t want to participate in the issuance/operation of a MEME coin because I didn’t have any experience and I didn’t expect it to become a stress test. However, it was interesting to see broad stress testing (a large number of new MEME coins were created) and deep stress testing (a large number of trading activity at a contract address). I think everyone was ready for the latter. There is still a long way to go in terms of scalability. Progress is never smooth sailing. We continue to learn and continue to build.
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