Token Burning Ensures Fairness?Sort out the storm of the public sale of the Bitcoin DeFi protocol BSSB

Original | Odaily Planet Daily

Author | Southern citrus

At 12:00 p.m. today, BitStable’s governance token BSSB started a staking round (oversale) and a fixed-price sale round (snap sale) on Bounce, and many users encountered a situation where the official interface could not be entered.

Some users who can enter will encounter the situation that the signature cannot be completed in the rush sale. In fact, all the places (100) were snatched up by “scientists” after the public sale began.

Subsequently, BitStable posted on the X platform: “An unforeseen security issue occurred, and an unauthorized party obtained most of the tokens, which was caused by a DDoS attack and the use of multiple wallets to interact directly with the contract, resulting in an uneven distribution of [tokens].” In order to realign the allocation of BSSB and adhere to DAII’s strategic roadmap, we have made a difficult but crucial decision: we will burn 75% of the BSSB tokens participating in the fixed-price auction.

Considering the high gas fees and the additional costs incurred, this actually increases the cost of participation for interested parties by a factor of six. We are committed to transparency and fairness, and we believe these steps are essential to align with these values. ”

To put it simply, BitStable, the project party, feels that the public sale is rounded by “scientists” and the tokens are unevenly distributed, so it directly burns the tokens obtained by “scientists” to reduce its profits, and Odaily will explain the incident in detail in this article.

Rush for public sale

The public sale of BSSB is divided into two parts: over-sale and panic sale, of which the snap-up part is 4, 200, 000 tokens, raising a total of 100 ETH, and each wallet can invest up to 1 ETH. Due to the high expected profit, participants will invest the upper limit, so it is determined that up to 100 wallets can get the amount of the public sale.

Scientist 1 0x15499e8da329f4f1Afcd1982D6E0645Be2855F77 distributed 55 ETH to 50 wallets at 11:30 today, at 1.1 ETH each.

At 12:00 the public sale began, 0x1549 launched a rush purchase through the above 50 wallets (each wallet Gas 66 Gwei), and bribed miner builder0x69 with 70 ETH to ensure the success of the sale, and the transaction was packaged in 11 seconds after the public sale, and 0x 1549 successfully grabbed 50 places.

(Note: Miner builder0x69 has also produced a bribery API tutorial)

Scientist No. 2 0x5F6f, Scientist No. 3 0xd8A7, and Scientist No. 4 0xE7f9d grabbed 22, 11, and 7 places respectively by pulling up the gas, and the gas was 3000 gwei, 1584 gwei, and 888 gwei respectively.

BitStable then announced its decision to burn 25% of its tokens in order to maintain “fairness”. BitStable then conducted an address analysis and said that there were four separate transactions, possibly from two individuals, stating that “participants who were negatively affected will be considered for refunds” or that only the aforementioned scientist’s tokens will be burned.

AUCTION RISES

After BitStable announced the destruction of the panic round tokens, the popularity of the over-sale round began to rise, because it was necessary to pledge AUCTION tokens to participate, and AUCTION started a round of growth after the news came out, with an increase of 16% in one hour.

As of 20:40, the over-sale interface shows that 824,400 AUCTION have been pledged, and according to the current price of 13.5 USDT, $11.12 million has participated in the over-sale.

Scientists have difficulty recovering their costs

According to the cost calculation of Scientist 1, 1 account will receive 4, 200, 000 × 1% × 25% = 10,500 BSSB, and the cost of its single account is about 70 ÷ 50 = 1.4 ETH, then the corresponding single cost of BSSB is 1.4 × 2050 ÷ 10,500 = 0.273 USDT.

The total amount of tokens after burning is 21, 000, 000-4, 200, 000 × 75% = 17,850,000, then the corresponding market value of scientists needs to reach 17,850,000 × 0.273 = 4,897,000 US dollars, and now only a few mainstream BRC-20 tokens exceed this market value, and the scientists who participated in the rush purchase expect it to be difficult to recover the cost.

(Note: OKX’s top 24-hour piin has a market cap of $4.2 million, 2nd SATS $273 million, 3rd rats $56 million, 4th MMSS $6.51 million)

And if the project party does not do anything about it, the scientists who participated in the rush purchase still have hope to make a profit. Usually, participation in public sales is “based on their own ability”, and it is relatively rare for the project party to directly intervene in the public sale of scientists, and it is difficult to come up with the only solution of what is the real fairness.