Endo

Adrena contributor

[Endo @EndoAdrena]

@ExNihilo_Aquila Do you mind posting what you found to be a lie from discord?

[Endo @EndoAdrena]

True order of events:
1. we spent a year trying to raise and failed due to lack of tokens owned by foundation and price of token. Too much of supply would've been sold.

2. When you came to us you wanted $500k worth we said we can make that work. Then you wanted $1M worth. The only way to do that was to make a DAO proposal to ask for more tokens so that we could raise capital - which we were happy to do!

3. After the october crash you told us you didnt want to do the deal anymore. We were super sad to hear this, but still thought it would be cool to do a trading competition with you.

4. Behind the scenes we were still struggling to raise capital. We had a plan to launch a V2 with potentially a new token we could raise around. We went to sleep the Friday before the announcement with that plan in place.

5. Corto and Orex then decided on Monday that they were burnt out and didn't want to continue to build out new features. However, the post explicitly says it's still running as is with no plans on shutdown. I put out a follow up post clarifying this because people were very confused (our mistake).

6. The announcement was made and now we're trying to decide on the best team to take over continued development. What's cool is there is a ton of interest and support. I even directly reached out to you to see if you wanted to be part of convo.

7. You asked "who is this wallet" to me in a DM and I replied that it was me. This is the wallet in question: 8ge99cGUXP9Lqu7s2DEqg4X7Vhmt3T9EQnMLVhT5Qz85

8. Check on chain I did nothing you're saying. I've always just tried to support Adrena and our community anyway I can.

I really have no idea why you made this post.

[The White Whale @WhiteWhaleLabs]

Time To FUD My Own Bags

I’m known for calling things the way I see them - no BS, no hidden angles. In a space where everyone assumes every opinion is secretly sponsored, my voice has never been for sale. It never will be.

But now I’m in a situation I’ve never dealt with before. And if my whole thing is honesty, then I don’t get to suddenly go quiet when something feels off - even if it means publicly throwing questions on a project I am STILL invested in. Integrity > comfort.

A while back I started digging into a smaller mcap project, @AdrenaProtocol There was potential I liked and problems they clearly needed to fix, but the runway was interesting enough that I did what I always do with these types of opportunities: I reached out, asked my questions, and offered to help if it made sense.

My potential involvement - which wasn’t even close to finalized - got leaked. And the moment that leak hit, people started front-running it. The ADX token immediately spiked almost 40% on nothing but speculation of my potential involvement.

So now imagine the position this put me in.

For a team raising a sizable round, a normal OTC structure often includes a discount from current spot price. But “spot” had suddenly been inflated because people ran ahead of the information. To avoid being completely front-run I invested roughly $100,000 into the ADX token on the open market while my due dilligence was still on-going on the chance I would see what I needed to see. Considering it hedging.

As the conversations continued, though, the red flags started piling up.

They had mismanaged their token supply. They needed capital - but somehow didn’t have tokens available to sell. They had no meaningful war chest to survive a bear market. And instead of tightening their focus and improving what they already had, their grand solution was to bring in an external CEO and start building entirely new things.

I was exploring a potential seven-figure investment.

None of this inspired confidence.

So I walked away.

Naturally, since I was considering long-term involvement, I had my $100,000 of tokens staked. Locked. Not liquid. Aligned with long-term protocol success (as I should have been as a potential investor).

Then out of nowhere, Adrena posts on X - and has since deleted - that the protocol is basically sunsetting. Token nukes 80% almost instantly, and anyone locked in long-term staking? Completely trapped. Rug pulled by this announcement.

Curious (and mildly annoyed), I started digging on-chain. Was someone scooping up the implosion for cheap?

Yes. And not just “someone.”

One of the founders.

He purchased over $40,000 worth of ADX after the price collapsed - which would’ve been the equivalent of dropping over $200,000 at pre-announcement levels.

And right after that bargain-bin accumulation?

Boom. The protocol suddenly walked back the sunset announcement. “Just kidding, guys! Not shutting down. We’re forming a new partnership to take things to the next level.”

How…convenient.

I can’t say for sure what happened. But I can say this: inside their Discord, mere hours after the sunset post, the team was already reassuring everyone with “Don’t worry, we’ve already got someone ready to take over - Adrena isn't going anywhere!”

Then why make the public announcement in the first place?

Let’s zoom out:

They mismanaged their token supply to the point of non-existence when capital still needed to be raised

They were running out of money

They had no tokens available to sell

They needed capital

A sudden “we’re dying” announcement nuked price

A founder bought the crash

Then the protocol magically wasn’t dying anymore

Maybe it was innocent incompetence. Maybe they accidentally posted the wrong announcement, one of the founders simply believed in the project, and he used the dip to double down out of conviction.

Maybe.

Or maybe the self-inflicted FUD conveniently solved a structural problem: reclaim supply cheaply, wipe the slate, then pivot to the “new partnership” that was already lined up.

Only they know the truth.

But one thing is certain: Adrena, which once had vibrant potential to become something more than “just another perps DEX,” is now a hot mess.

As for me? I still have a lot of days left on my staking lock. We'll see how it goes.

TLDR: I'm not bitter. This is part of the game. I was hedging a potential investment. It is what it is. For the sake of my bags, I do wish them well. But funny business is still funny business.

🫡 From the depths —
The White Whale 🐋

[Endo @EndoAdrena]

@ExNihilo_Aquila Ok well from what I see his entire post is speculation/fiction while I quite literally gave you the wallet he put into question you can check for yourself? Any other points of his post you want me to provide an answer/evidence around? Happy to

[Endo @EndoAdrena]

If you look onchain, we withdrew liquidity periodically over time quite literally to pay the team and keep everything running. We announced the liquidity mining program to hopefully replace what we had to take out. I bought a bunch to kickstart some interest and then White whale publicly bought and tweeted about us which sent the price quite a bit

[Endo @EndoAdrena]

@ExNihilo_Aquila I'm not even sure what we're supposedly lying about?

[Endo @EndoAdrena]

@ExNihilo_Aquila Happy to clarify anything you think I'm lying on. Truly sorry people feel this way.

[Endo @EndoAdrena]

@TheWhiteWhaleV2 https://t.co/UNQh1dcgZd

[Endo @EndoAdrena]

True order of events:
1. we spent a year trying to raise and failed due to lack of tokens owned by foundation and price of token. Too much of supply would've been sold.

2. When you came to us you wanted $500k worth we said we can make that work. Then you wanted $1M worth. The only way to do that was to make a DAO proposal to ask for more tokens so that we could raise capital - which we were happy to do!

3. After the october crash you told us you didnt want to do the deal anymore. We were super sad to hear this, but still thought it would be cool to do a trading competition with you.

4. Behind the scenes we were still struggling to raise capital. We had a plan to launch a V2 with potentially a new token we could raise around. We went to sleep the Friday before the announcement with that plan in place.

5. Corto and Orex then decided on Monday that they were burnt out and didn't want to continue to build out new features. However, the post explicitly says it's still running as is with no plans on shutdown. I put out a follow up post clarifying this because people were very confused (our mistake).

6. The announcement was made and now we're trying to decide on the best team to take over continued development. What's cool is there is a ton of interest and support. I even directly reached out to you to see if you wanted to be part of convo.

7. You asked "who is this wallet" to me in a DM and I replied that it was me. This is the wallet in question: 8ge99cGUXP9Lqu7s2DEqg4X7Vhmt3T9EQnMLVhT5Qz85

8. Check on chain I did nothing you're saying. I've always just tried to support Adrena and our community anyway I can.

I really have no idea why you made this post.

[Endo @EndoAdrena]

@AdrenaOrex @Naebotha @TheWhiteWhaleV2 ☝️

[Endo @EndoAdrena]

@TheWhiteWhaleV2 @Naebotha @AdrenaOrex Are you referring to me?

[Endo @EndoAdrena]

@Cristia68402033 @AdrenaCorto @AdrenaProtocol Take a look at past trading seasons. It’s easily accessible on the ranked page and goes over mechanics in detail. They last for 10 weeks with a 2 week break. We try new models every season to see what people like and what drives usage.

[Endo @EndoAdrena]

@CryptoCurb 👋🏼 @AdrenaProtocol 💉

[Endo @EndoAdrena]

@EPPPCC @AdrenaProtocol Hey lexxr it would be best if you could open up a ticket on our discord and we'll be happy to figure out what happened :). First glance, it looks like a potential UI error on the card entry price vs actual price data on chain - https://t.co/mkYSBzKaor

[Endo @EndoAdrena]

@MessariCrypto @solana @NaytheForceBwU Good ser, I believe you’re missing a top 3 Perp on solana. @AdrenaProtocol

[Endo @EndoAdrena]

This is because the 70% rev share is split between going back into the pool ($ALP price) or paid out as USDC based on weighted multipliers (see image).

If we decided to shift more of the USDC rewards away from locked stake (we'll probably do this in the future), then $ALP would grow much more rapidly. We'd love to help take a deeper look :)

[Endo @EndoAdrena]

Locked in. @PythNetwork

[Adrena @AdrenaProtocol]

The trading experience is about to be kicked up another notch thanks to @PythNetwork's Lazer. Faster execution, lowered costs, and more efficient trades. We're excited to get this working for our trading community. 🔮💉

[Endo @EndoAdrena]

📈

[Ario 🌲 @ario_57_]

🐉 @AdrenaProtocolhas been live for more than 100 days on @solana, with an average of 82 new traders joining this DEX weekly.

🔸 Of those, ~36% return a week later to trade again. Interestingly, return rates peaked at 55% during the weeks of Oct 14 & Nov 4.

🔸 However, holiday trends caused a dip to ~20% as Christmas approached.

🔸 Will the new year bring renewed engagement? Data hints at a potential bounce.

[Endo @EndoAdrena]

@AdrenaCorto @DoctorBlocks One simply can not survive without an asshole... it's just science. It also helps you're all 6 of those things :P

[Endo @EndoAdrena]

@AdrenaOrex @DoctorBlocks @AdrenaCorto Haha this is perfect 🎯

[Endo @EndoAdrena]

@KyleSamani 🎯. Maybe even other agents… endlessly

[Endo @EndoAdrena]

@DoxxedRizz @AdrenaProtocol @SohaibKh @sendaifun 💉💉💉