Risk warning
风险提示: 律动 BlockBeats 提醒,根据银保监会等五部门于 2018 年 8 月发布《关于防范以「虚拟货币」「区块链」名义进行非法集资的风险提示》的文件,请广大公众理性看待区块链,不要盲目相信天花乱坠的承诺,树立正确的货币观念和投资理念,切实提高风险意识;对发现的违法犯罪线索,可积极向有关部门举报反映。或联系律动tousu@theblockbeats.com。
简体中文 繁体中文
English(Google translation)
Login / register
Top ranking
Hot search
Search content not found
see more
Snatch YGG far more than 32 addresses, this is a community DAO group purchase story
新品 2021年07月28日 16:46
An entire community is behind a single $4.52 million address.

Write: 0xCC & 0x13, beat BlockBeats

Axie Infinity is definitely one of the hottest spots in the crypto space recently. In addition to AXS tokens, which have been priced at record highs, Axie Infinity also holds the top spot in the secondary market trading volume.


As a chain game, Axie Infinity's popularity is due to the rapid growth and support of its players, and Yield Guild Games, currently the largest chain game Guild in the world, provides a huge amount of traffic support for Axie Infinity and forms a cohesive community.


Yield Guild Games wants to devolver Guild ownership to all community members so that they can enjoy the value created by the NFT invested in by Yield Guild, and to have people play an active role in the future governance of the Guild. Therefore, Yield Guild Games released a utility token, YGG, and played ID0 on July 27. YGG tokens sold out in just 31 seconds, and the planned 24-hour ID0 run ended early.


But huge controversy has followed.


Only 32 addresses were found to have captured YGG tokens at ID0. The largest address bought 9.059 million YGG tokens valued at $4.528 million. The address paid 1.16 ETH for Gas, which made most participants "run with".


As a result, many in the community and on social media complained that the project had not set a single account purchase ceiling, which resulted in large customers "buying" all the tokens, Yield Guild Games failed to meet the community's expectations, and ID0 was a "huge failure".


But is this really the case?


32 addresses, a lot more than 32 people


In this auction, two "big" addresses stand out. A large customer with an address ending in "3557" subscribed for 9.059 million YGG at the price of 4.528 million USDC. But Rhythm found that the address did not appear to be "large."




The address is not a wallet address, but a smart contract. The "3557" contract is created one day earlier by the address ending with "F02E". Use smart contracts to quickly complete the approval and snap up process. The contract was automatically executed immediately after the auction, and the three purchases cost 0.31 ETH, 1.16 ETH and 0.04 ETH respectively. Although the two purchases failed, one successful purchase was enough to buy more than 9 million YGG. Both the amount of money and technical means are far from the reach of ordinary retail investors. Funds for the contract came from three addresses, including the creator.




Founder "F02e" is the largest source of funds for "3557". After the contract was created, "F02E" transferred 4.3 million USDC into the contract, and this single address alone contributed more than 4 million in the auction, which currently has 232 REMAINING ETH. Some people speculate, "F02E" may be hidden whale, big family. But looking at the transfer records, that doesn't seem to be the case.

(F02E, which was created only three days ago, received 232 ETH and 4.3 million USDC from dozens of addresses.)


"F02e" was created on July 25 and was not an active address for a long time. With crypto assets moving in frequently within days of its creation, it is reasonable to speculate that this address may have been created specifically for participation in the auction. A query of its ERC20 transfers reveals that more than 4 million USDC were spent on the auction in 35 transfers from 26 addresses.


Among the two dozen addresses, including several ENS domain names, it was not difficult to confirm their Internet identity with a little searching. For example, Axieak.eth contributed $200,000 USDC to "F02E," a Twitter KOL with 3,206 followers and an Axie enthusiast. Similarly, Enjoi. Eth, which pays $150,000 for USDC, is an Axie enthusiast and mini-kOL with thousands of followers, according to his Twitter feed. He even runs a Podcast called Axie Chat Podcast.



One funder, who goes by the twitter name Odin, contributed 25,000 USDC to "F02E" and is also an NFT collector as well as an Axie enthusiast. According to his OpenSea home page, he owns more than 1,400 NFT pieces, including one called AxieChat Founders Pass. Odin twitter interacts closely with the aforementioned Enjoi and Axieak. In addition, Odin also owns an NFT named "YGG Founders Coin", whose official relationship with YGG is unclear.


Interestingly, even the funders of "F02E" are not necessarily independent. For example, an address whose mantissa is "30B1" is allocated 300,000 USDC in "F02E". In the two days leading up to the auction, there were seven USDC entries from different sources. The amounts ranged from 9,900 to 200,000, with the seven amounts totalling exactly 298,500 USDC.




Participating in the auction of another "large" also exists the same situation. The address with mantail number "C8Db" paid 1.809 million USDC for 3.619 million YGG in this auction. That address was created less than 24 hours ago, and its 1.8 million USDCS were transferred from 11 different addresses, ranging from 13,000 to 230,000.


Is retail group buying the best way to fight the whales?


In fact, it seems the best option for retail investors to pool their money and participate in the YGG token offering in a "group purchase" format.


With the explosion of Axie Infinity, more and more ordinary users have become game players. They don't have huge assets like many whales, nor are they familiar with the issuance mode and buying method of various tokens like many DeFi users. They are just ordinary players.


Yield Guild Games, the largest Guild in the world, currently has Axie Infinity, and many of its players want to be more involved in the Guild's governance and future, or they just want to make some money because they think token prices will go up. In short, these average retail investors also want to snap up YGG tokens.


But as mentioned above, many of them have never been to a similar launch, don't know the steps and don't want to use the opportunity to experiment, so they need to find a reliable, experienced player to snap it up.


What's more, such a hot project is bound to get a lot of money, and to get it, you have to raise the Gas Price. Thousands of Gas prices mean hundreds of dollars in fees, which is almost equal to the thousands of SLP tokens that players "Play to Earn". If many people get together, they can either split fees to lower their expenses or share higher fees to increase the chances of a successful purchase.


However, this "group-buying" approach also faces a problem, that is, trust.


People need trust to be willing to transfer their assets to someone else's wallet. The majority of Axie Infinity's players come from the sinking market, and the YGG community is very focused on the community. The community is very cohesive, many of them know each other, not strangers, and there are opinion leaders who are willing to help the community and other members to develop better. So this kind of "group buy" model nature also more easily landing. Moreover, in order to solve the dispute that the trust issue may bring, some people deliberately deploy smart contracts to help the "group purchase" model to implement better by removing trust.


Some people saw that only 32 addresses got YGG tokens, and even one "big owner" got 4.52 million dollars worth of tokens. They simply regarded the ID0 as "Whale's game" and thought that the tokens that should have been distributed to more community members were controlled by Whale. This was a huge failure of ID0.


But in fact, these so-called "big households" are made up of ordinary people and small retail investors. Behind millions of dollars is not a single person, but a "small group", and it is these "small groups" formed a strong and cohesive community.


This time, ID0 does not set the upper limit of the participation quota of a single address. Although it does give large households the possibility of booking, it undeniably also gives retail investors the opportunity to grab tokens through "group buying", and the final result is that a large number of ordinary retail investors also successfully buy tokens through this "group buying". Get more involved in the governance and future of Yield Guild Games.


This "group" model may become the new trend in the future, and with the development of technology, the future may also there will be a better way of "coupon", can make ordinary users to participate in, also can better avoid large make a block booking, let more and more ordinary users will also have more opportunities to participate in the depth of their value, approved by the project.

律动 BlockBeats 提醒,根据银保监会等五部门于 2018 年 8 月发布《关于防范以「虚拟货币」「区块链」名义进行非法集资的风险提示》的文件,请广大公众理性看待区块链,不要盲目相信天花乱坠的承诺,树立正确的货币观念和投资理念,切实提高风险意识;对发现的违法犯罪线索,可积极向有关部门举报反映。




专业区块链研究机构 与资讯平台