Olivia
Online
1PercentGuild
@1PercentGuild
1PercentGuild is a #PlayToEarn guild.
A place where people with time and people with NFT work together
Metaverse
Joined January 2022
100 Following
218 Followers
317 Posts
We continue to see GameFi as the main gateway for the mass audience to the crypto world in the future. Therefore, we are interested in the development of this market cluster and are looking for new assets around which we can build a guild.
Forward to the future! ๐ฎ๐
@TheMVPSociety Now the project awaits a pivot or closure - this is also not excluded.
We have more than 10% of assets (NFTs and tokens - oh, but they were cheap). It looks like a questionable bet, but we believe in the team itself. @iancummingsnft, if you're reading this, we wish you success!
The second team we actively follow is @iancummingsnft and his products @photofinishgame
and @TheMVPSociety
We bet on The Suites/@TheMVPSociety which did not find its product-market fit and audience. The sports metaverse was a great idea but required significantly larger budgets considering the early stage of meta-technology development.
Yes, our guild is called 1%, but we didn't stop there - we now have about 2% NFTs Aurory, slightly more eggs, and fewer tokens (sick!) on our balances. We are waiting for new releases and continue to promote @AuroryProject in our local tlgr community, making daily posts!
The first project is, of course, @AuroryProject. We are intrigued by the work of the aurory's team led by @SPol0x and co. We participated in the Seekers of Tokane test on the first day and provided feedback in the project's Discord!
@DaoryAurory Since the game has not been fully released yet, there is no point in organizing a commercial guild with many players as there is no economic basis for it. Nevertheless, we continued to accumulate assets during the solana's winter
The gaming metaverse has seen some wild changes. Some games did not find their product-market fit and audience, so we focused on supporting two teams or 1.5 projects. Why 1.5? Well, more on that next tweets
Hello everyone! ๐
We're still in the game, though a bit low-key lately. As a community, we've been quiet, but as investors, we're keeping tabs on our bets. ๐ฎ๐ฐ
@SOLBigBrain Dude, you're a true legend in Solana. What do you think about it?
https://t.co/V1wewtXD1x
Jupiter Team Fraud History
We've witnessed a lot in the crypto space, but people's actions never cease to amaze. Today, let's talk about the Jupiter project team - practically the flagship of DeFi on Solana. Sorry for the lengthy post, but this should be a vivid story with details, as the events span over a two-year period.
Perhaps not everyone knows that the Mercurial (@MeteoraAG โMeteoraโ in the future) and Jupiter (@JupiterExchange) projects share the same team. It's not a secret; you can see it in the core team's profiles, for example, @weremeow or @hellochow, and the same faces in both Discords. How did this happen, and what does it have to do with it?
In 2021, we saw the construction of the Solana ecosystem, including numerous AMMs, such as the Mercurial Finance project specializing in stablecoin or lsd swaps (a local analogue of Curve). In mid-2021, they held several private rounds and conducted an IDO on FTX, Gate, and Raydium, releasing the MER token. At the peak towards the end of the year, the exchange reached a TVL of 200 million, far from the top Solana DEXs of that period but demonstrating the contracts' stability.
To increase swap volumes on their exchange, the team decided to create an internal aggregator for arbitrage with Serum and other DEXs. By the end of 2021, this evolved into a separate project - the Jupiter DEX aggregator. It turned out to be a truly excellent solution, showcasing the team's high technical and visionary skills.
The problem was that the MER token was already launched, but it had no utility. Then, in early 2022, the team released a letter announcing the imminent implementation of staking - https://t.co/nT54jt36yl. But the most inspiring part of this document was a separate section about Jupiter, describing its history and being referred to as a sister's protocol. The most valuable information in this section was about the Jupiter token drop to MER token stakers:
"5% will be allocated to MER stakers when the token launches, to be evenly emitted over two years from the start of the MER staking pool. Any allocations accumulated before the Jupiter token launch will be distributed retroactively".
Great marketing move, as holding one token (MER) gets you a share in another (JUP). Bullish!
The year 2022 turned out to be "interesting" for the entire crypto market. The Jupiter project grew, becoming the team's flagship project, and significantly outpaced Mercurial in trading volumes. Mercurial itself faced difficulties, and staking was still not introduced. Towards the end of the year, the project suffered from the FTX crash, as a significant tokens remained on the exchange and was withdrawn by hackers during the FTX attack.Then the team decided to โforkโ the token, changing the tokenomics and excluding all tokens related not only to the ftx hack, but also to all balances of the exchange and Alameda.
(Offtopic: interesting, @FTX_Official and @KrollWire, are you aware that a seven-figure sum was stolen from your users, because your tokens were excluded from the snapshot, leaving you without a share in the Meteora project)
In late December 2022, 11 months ago, a new document on rebranding and tokenomics changes was released - https://t.co/kLpDjbpCdP.
Mercurial --> Meteora, and MER --> MET.
The new token was planned to be launched in January 2023, with a snapshot taken before that (in Jan) and staking and DAO model introduced in the same month. One thing remained unchanged: several paragraphs about the sibling Jupiter, which by then had become the flagship of DeFi on Solana, and the distribution of the future JUP token among participants in the Meteora DAO, specifically:
"the Meteora DAO will receive an allocation for any future Jupiter token based on the appropriate tokenomics for Jupiter, likely with the same vesting terms as other stakeholders."
Please note that following this information is the "Be Part Of The Meteora Plan" section with the message to hurry and get MET tokens to become part of the ecosystem before the snapshot. It indeed looked like a good deal because in December 2022, MER tokens were inexpensive (7.5 million FDV / 3 million circ), offering good upside considering the JUP distribution to MET holders. At that time, Jupiter had already become the top protocol in terms of daily users and top2 with Orca in trading volumes. Meanwhile, Meteora could rise from the ashes with the support of such a strong team. The combo of two projects in one token: BUY, BUY, BUY!
What happened with the MET token in 2023:
- The snapshot was in early February, but the tokens have not been distributed yet. In other words, the tokens have been illiquid for almost a year; users cannot trade, exit the project, and so on. Old tokens have no value for understandable reasons;
- Staking and DAO: No, as there was no token distribution;
- Distribution of the JUP token: Announcement of the JUP airdrop. Hooray, we finally got it!
The investment thesis "investing in JUP through MET" for holders should have played out well. By November 2023, Jupiter is not just a DEX aggregator (+ limit orders, + DCA with a 0.1% fee for the protocol), but also a local GMX with perpetuals, stablecoins, and a launchpad (coming soon). It's truly the flagship project on Solana, encompassing a variety of products, leading comfortably in the number of daily active users among Solana DeFi protocols (even before the drop information, which is now just madness).
However, in the initial JUP token airdrop announcement, information about MET holders was absent. Furthermore, there is still no MET token staking for drop. Questions arose in the Discord. For a while, the team (reminding you that these are the same developers and participants in both Discords) didn't provide any answers and redirected questions to the Jupiter's Discord, which was somewhat absurd.
The number of unanswered questions and the intensity of discussions have increased.
It's worth giving credit to the team because they changed their tactics and finally announced the JUP drop date for MET holders:
NEVER.
Yes, they simply decided to cancel their initial promises.
Q: You're retracting what's written in your docs, right? that is, there will be no token JUP drop for MET holders?
A:
The core team directly stated that it won't happen because Meteora will manage to create a bright future without the JUP token drop. No DAO decision or voting, just a cancellation from the team's side. However, they promised to create trading pairs with the JUP token on the exchange!
A bit of statistics: the trading volume on Meteora today = 7m/24h. Don't forget that these are swaps with a 0.01 fee for LP and 0% for the protocol. You can see how Jupiter itself routes exchanges through Meteora and where this AMM stands compared to competitors:
What do you think, if MET and JUP tokens were released now, how much would their FDV differ? x50?
I can understand that the team saw the disproportionate value of this distribution. These 5% of the JUP drop are worth tens of millions of dollars (especially in the current situation). Looking at the charts above, can we say that Meteora's affairs are not going well? Definitely yes, as they lack a noticeable competitive advantage and absolutely no business model (hence two-year the absence of promised staking). At the same time, Jupiter is earning right now on DMM and perpetuals, and there are upcoming fees for issuing stablecoins and launchpad. Jupiter has a huge community, with numerous messages in Discord every day, while in Meteora's Discord, there's silence (literally; until the JUP's announcement). Perhaps, for someone, the ideal scenario would be to get rid of Meteora to focus on Jupiter.
So, how does this situation look?
Meteora's founders created a side project, Jupiter.
They repeatedly promised to share a portion of JUP tokens with MET holders.
Includes when Jupiter became the top DeFi application by users in the Solana ecosystem.
Just a month before the snapshot for the new token, incentivizing buying with promises of a JUP drop.
Less than a year later, they simply canceled their promise.
Poor MET holders can't even vote "sell" because they are illiquid.
Well, we see this situation as outright fraud and scam against their users. And I donโt consider the situation like how ftx users were kicked out of the project by excluding them from the snapshot (again, this is a team decision, not a DAO).
How do you see this situation? And is it really impossible to influence the situation and this was not a public offer?
We would really like to hear Anatoly Yakovenko's @toly opinion - whether other projects in the Solana ecosystem receiving grants and investments from the Solana Foundation (like the Met/Jupโs team) should follow the actions of the main DeFi product in the Solana ecosystem and behave similarly? Let's try to get in touch with him to determine the future vector for the founders.
Jupiter Team Fraud History
We've witnessed a lot in the crypto space, but people's actions never cease to amaze. Today, let's talk about the Jupiter project team - practically the flagship of DeFi on Solana. Sorry for the lengthy post, but this should be a vivid story with details, as the events span over a two-year period.
Perhaps not everyone knows that the Mercurial (@MeteoraAG โMeteoraโ in the future) and Jupiter (@JupiterExchange) projects share the same team. It's not a secret; you can see it in the core team's profiles, for example, @weremeow or @hellochow, and the same faces in both Discords. How did this happen, and what does it have to do with it?
In 2021, we saw the construction of the Solana ecosystem, including numerous AMMs, such as the Mercurial Finance project specializing in stablecoin or lsd swaps (a local analogue of Curve). In mid-2021, they held several private rounds and conducted an IDO on FTX, Gate, and Raydium, releasing the MER token. At the peak towards the end of the year, the exchange reached a TVL of 200 million, far from the top Solana DEXs of that period but demonstrating the contracts' stability.
To increase swap volumes on their exchange, the team decided to create an internal aggregator for arbitrage with Serum and other DEXs. By the end of 2021, this evolved into a separate project - the Jupiter DEX aggregator. It turned out to be a truly excellent solution, showcasing the team's high technical and visionary skills.
The problem was that the MER token was already launched, but it had no utility. Then, in early 2022, the team released a letter announcing the imminent implementation of staking - https://t.co/nT54jt36yl. But the most inspiring part of this document was a separate section about Jupiter, describing its history and being referred to as a sister's protocol. The most valuable information in this section was about the Jupiter token drop to MER token stakers:
"5% will be allocated to MER stakers when the token launches, to be evenly emitted over two years from the start of the MER staking pool. Any allocations accumulated before the Jupiter token launch will be distributed retroactively".
Great marketing move, as holding one token (MER) gets you a share in another (JUP). Bullish!
The year 2022 turned out to be "interesting" for the entire crypto market. The Jupiter project grew, becoming the team's flagship project, and significantly outpaced Mercurial in trading volumes. Mercurial itself faced difficulties, and staking was still not introduced. Towards the end of the year, the project suffered from the FTX crash, as a significant tokens remained on the exchange and was withdrawn by hackers during the FTX attack.Then the team decided to โforkโ the token, changing the tokenomics and excluding all tokens related not only to the ftx hack, but also to all balances of the exchange and Alameda.
(Offtopic: interesting, @FTX_Official and @KrollWire, are you aware that a seven-figure sum was stolen from your users, because your tokens were excluded from the snapshot, leaving you without a share in the Meteora project)
In late December 2022, 11 months ago, a new document on rebranding and tokenomics changes was released - https://t.co/kLpDjbpCdP.
Mercurial --> Meteora, and MER --> MET.
The new token was planned to be launched in January 2023, with a snapshot taken before that (in Jan) and staking and DAO model introduced in the same month. One thing remained unchanged: several paragraphs about the sibling Jupiter, which by then had become the flagship of DeFi on Solana, and the distribution of the future JUP token among participants in the Meteora DAO, specifically:
"the Meteora DAO will receive an allocation for any future Jupiter token based on the appropriate tokenomics for Jupiter, likely with the same vesting terms as other stakeholders."
Please note that following this information is the "Be Part Of The Meteora Plan" section with the message to hurry and get MET tokens to become part of the ecosystem before the snapshot. It indeed looked like a good deal because in December 2022, MER tokens were inexpensive (7.5 million FDV / 3 million circ), offering good upside considering the JUP distribution to MET holders. At that time, Jupiter had already become the top protocol in terms of daily users and top2 with Orca in trading volumes. Meanwhile, Meteora could rise from the ashes with the support of such a strong team. The combo of two projects in one token: BUY, BUY, BUY!
What happened with the MET token in 2023:
- The snapshot was in early February, but the tokens have not been distributed yet. In other words, the tokens have been illiquid for almost a year; users cannot trade, exit the project, and so on. Old tokens have no value for understandable reasons;
- Staking and DAO: No, as there was no token distribution;
- Distribution of the JUP token: Announcement of the JUP airdrop. Hooray, we finally got it!
The investment thesis "investing in JUP through MET" for holders should have played out well. By November 2023, Jupiter is not just a DEX aggregator (+ limit orders, + DCA with a 0.1% fee for the protocol), but also a local GMX with perpetuals, stablecoins, and a launchpad (coming soon). It's truly the flagship project on Solana, encompassing a variety of products, leading comfortably in the number of daily active users among Solana DeFi protocols (even before the drop information, which is now just madness).
However, in the initial JUP token airdrop announcement, information about MET holders was absent. Furthermore, there is still no MET token staking for drop. Questions arose in the Discord. For a while, the team (reminding you that these are the same developers and participants in both Discords) didn't provide any answers and redirected questions to the Jupiter's Discord, which was somewhat absurd.
The number of unanswered questions and the intensity of discussions have increased.
It's worth giving credit to the team because they changed their tactics and finally announced the JUP drop date for MET holders:
NEVER.
Yes, they simply decided to cancel their initial promises.
Q: You're retracting what's written in your docs, right? that is, there will be no token JUP drop for MET holders?
A:
The core team directly stated that it won't happen because Meteora will manage to create a bright future without the JUP token drop. No DAO decision or voting, just a cancellation from the team's side. However, they promised to create trading pairs with the JUP token on the exchange!
A bit of statistics: the trading volume on Meteora today = 7m/24h. Don't forget that these are swaps with a 0.01 fee for LP and 0% for the protocol. You can see how Jupiter itself routes exchanges through Meteora and where this AMM stands compared to competitors:
What do you think, if MET and JUP tokens were released now, how much would their FDV differ? x50?
I can understand that the team saw the disproportionate value of this distribution. These 5% of the JUP drop are worth tens of millions of dollars (especially in the current situation). Looking at the charts above, can we say that Meteora's affairs are not going well? Definitely yes, as they lack a noticeable competitive advantage and absolutely no business model (hence two-year the absence of promised staking). At the same time, Jupiter is earning right now on DMM and perpetuals, and there are upcoming fees for issuing stablecoins and launchpad. Jupiter has a huge community, with numerous messages in Discord every day, while in Meteora's Discord, there's silence (literally; until the JUP's announcement). Perhaps, for someone, the ideal scenario would be to get rid of Meteora to focus on Jupiter.
So, how does this situation look?
Meteora's founders created a side project, Jupiter.
They repeatedly promised to share a portion of JUP tokens with MET holders.
Includes when Jupiter became the top DeFi application by users in the Solana ecosystem.
Just a month before the snapshot for the new token, incentivizing buying with promises of a JUP drop.
Less than a year later, they simply canceled their promise.
Poor MET holders can't even vote "sell" because they are illiquid.
Well, we see this situation as outright fraud and scam against their users. And I donโt consider the situation like how ftx users were kicked out of the project by excluding them from the snapshot (again, this is a team decision, not a DAO).
How do you see this situation? And is it really impossible to influence the situation and this was not a public offer?
We would really like to hear Anatoly Yakovenko's @toly opinion - whether other projects in the Solana ecosystem receiving grants and investments from the Solana Foundation (like the Met/Jupโs team) should follow the actions of the main DeFi product in the Solana ecosystem and behave similarly? Let's try to get in touch with him to determine the future vector for the founders.
Correct me if Iโm wrong but @AuroryProject has the largest war chest on Solana
$70,000,000 last I checked
Yet they have a 20sol floor ?
How do you spell undervalued
Correct me if Iโm wrong but @AuroryProject has the largest war chest on Solana
$70,000,000 last I checked
Yet they have a 20sol floor ?
How do you spell undervalued
@shilllin J cc bnonc j VC cc sxjz รzzzbbzbjjj jj j no j
@Bardstocks Basically you can count on fingers the projects that havent lost dollarwise since then... Probably good time to be back
Great tweet and update! Also impressed by the auto-battler mode!
@AuroryDaily This looks really interesting
Have you also noticed there is a lot of action around Aurory recently?
Guys just imagine
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