Cosmin

MultiversX Builder

[Cosmin @CosminX_]

That incident involving the ~15 trillion USDC minted on @MultiversX looks more like a lucky mistake than a white-hat hack. Most likely, the intention was to mint 15,000 USDC, but the difference between USDC’s 6 decimals and the 18 decimals used by most ESDT tokens led to the massive over-minting. The network got lucky that the mistake happened with USDC. Had the same error involved Wrapped EGLD, the impact could have been far more severe, with funds potentially being drained gradually for months before anyone noticed.

[Cosmin @CosminX_]

Look at @injective and @NEARProtocol . They didn’t wait for the “perfect” market moment to launch their updates; they released them when they were ready.

The fact that you keep delaying things while waiting for better conditions in the crypto market also has a deceptive side, because in the end, everything risks turning into a simple pump & dump, and then we could end up even lower than we are now.

A serious company knows its limits and capabilities. It doesn’t try to forcibly attach itself to every new market narrative while, in nearly 3 years, failing to launch almost anything relevant on mainnet.

You collect your salaries month after month, but they are paid entirely from money coming from the community.

P.S.: The only thing launched on mainnet was increased inflation, which you are fully benefiting from.

[Cosmin @CosminX_]

@joewu_official @xPortalApp Everything is being kept alive to facilitate OTC sales of EGLD.
Things are only happening at a declarative level in order to keep retail buying constant. The last 12 months are proof of that.

[Cosmin @CosminX_]

The fact that, after 3 years, there are still no real results from the team’s work points to a major vision and leadership problem.

Everything keeps getting worse:
• #187 on CMC
• zero ecosystem activity for more than 6 months
• extremely weak market makers

We already have almost every sign of a failure. All that’s missing is the official confirmation.

[Cosmin @CosminX_]

@joewu_official They probably didn’t raise enough money for development. They no longer have any way to secure more funding, and they can’t keep offering cashback either. They seem to be at a dead end.

[Cosmin @CosminX_]

EGLD seems to have become primarily a vehicle through which the foundation finances the continued development of the ecosystem across all fronts.

I have little doubt that they will keep delivering on the technology side. Supernova and the integration of zk technologies suggest that the network itself will continue to evolve.

However, their priority may no longer be to support EGLD as an asset in its own right. If the current model no longer generates meaningful revenue, it is unlikely that they will devote substantial resources to trying to “save” the token’s price. From a business perspective, that would amount to spending time and energy without a clear economic return.

[Cosmin @CosminX_]

@StefanProcopiu @solver_cs Unde se pot depune moțiunile de cenzură?

[Cosmin @CosminX_]

@alinsuciu_ @lucianmincu @nSingularitYn Honest question, absent answer.

[Cosmin @CosminX_]

The reason we don’t see a clear breakdown of the treasury is simple: a large portion appears to be held in EGLD. And when real network revenues are limited, funding inevitably comes from selling that token.

Yes, there is ongoing development and technical progress. But at its core, the activity is still being sustained by the community and investors, not by a solid, self-sustaining economy.

Until meaningful revenue from real usage shows up, the model remains market-dependent. And that’s not sustainable in the long run.

[Cosmin @CosminX_]

It has been six months since the tokenomics changes, and key components are still missing.

There is no fee burning in place, no 90% distribution to builders, and no real ecosystem stimulation through the AcceleratorDAO funds or other incentive mechanisms.

The only change that has been implemented is the increase in EGLD issuance.

6,700 EGLD per day
202,000 EGLD per month
1.2 million EGLD have entered circulation since the new economic model was approved, without any of the inflation-reduction mechanisms being activated.

Under these conditions, instead of this inflation being offset by measures that support value and adoption, EGLD continues to lose positions in the CMC rankings.

The implementation appears incomplete and unbalanced, with a focus on funding the foundation through the 10% allocation. As an observable fact, this allocation has been consistently sold since implementation, exceeding 120,000 EGLD.

For clarity, I don’t find it valid to argue that the focus shifted to Supernova and there wasn’t time to implement the remaining components. In December, there was enough time for multiple meetings and AMAs to convince the community this was the right direction, as well as time to implement the new inflation.

There needs to be clarity and the activation of the promised components for this economic model to function coherently.

[Cosmin @CosminX_]

The only reason older projects are still pushing the “just build” narrative is that they continue to receive development funding from communities or sponsors.

It remains to be seen what will happen when retail participants and investors realize that things are unlikely to improve and that the technology may not become sustainable. We may be closer to that point than it seems

[Cosmin @CosminX_]

@BitcoinCouteau I don't know what you see, but it seems abandoned

[Cosmin @CosminX_]

@XBoboc @apcollective @MultiversX In the trust chapter we are very bad

[Cosmin @CosminX_]

@solver_cs A clear bearish scenario, the increase over the last few days was just a positive correction, $EGLD follows its trend over the last year.

[Cosmin @CosminX_]

Over the past 12 months, the only visible progress seems to come from the technical team. Their work is consistent and measurable.

In contrast, I’m struggling to identify concrete outcomes delivered by the BD team. I’m not referring to plans or intentions, but to tangible results, partnerships, or impact that can be clearly pointed to.

Can you clarify what the BD team has accomplished during this period? What are the key outcomes, and how do they contribute to the project’s growth?@serb_daniel

From the outside, there’s a noticeable gap between the effort and output of the technical side and what’s coming from business development.

[Cosmin @CosminX_]

@mihaieremia @SasuRobert Most of them went to the community, but by selling OTC in xPortal :)

[Cosmin @CosminX_]

I don’t see clear evidence that they’re going to the US to promote MultiversX itself. The only tangible outcome so far seems to be the funding secured for XMoney, while MultiversX hasn’t gained anything concrete.

It looks increasingly likely that they’ve stepped back from actively trying to position MultiversX in front of investors. My impression is that they’ll deliver Supernova and ZK, then leave it at that. Beyond that, they may continue OTC selling as long as it’s viable, after which the foundation could withdraw from actively managing the chain, effectively leaving it to operate on its own.

[Cosmin @CosminX_]

@SasuRobert @joewu_official @xLaunchpadApp From what Lucian says, MultiversX doesn’t seem that detached from Soul. Moreover, during the Launchpad launch, there were many retweets from team members. And now, all of a sudden, XLaunchpad is being presented as a separate project.

[Lucian Mincu @lucianmincu]

Well executed initial launch and big plans ahead for @0xSoulProtocol. MultiversX-based teams are working on the most pressing issues and essential-to-have decentralized rails. 🛠️

Day 1 for @0xSoulProtocol

[Cosmin @CosminX_]

@beniaminmincu Why do you have the USA flag next to your name?

[Cosmin @CosminX_]

@MultiversX_GOAT @beniaminmincu @lucianmincu @serb_daniel From January 2025 to October, at Foundry Session US, 10 months.
Since then, the USA has not been mentioned again until today.