New toy in the Bitcoin ecosystem, Odin.fun, bursts!
74 BTC evaporated out of thin air; can the rune protocol save the stagnant BTC ecosystem?
Recently, the old-timers in the crypto circle have been watching a project called Odin.fun with some wild operations.
This thing claims to be the Pump.fun of Bitcoin, but it ended up losing 74 BTC on-chain and vanishing! Today, the old-school will take a look at the magical reality of this patchwork project with the brothers.
1. Shocked for 72 Hours: Multi-Signature Safe Becomes a Pi Xiu Black Hole
On March 7th, the community suddenly erupted; some users discovered that 74 BTC from Odin.fun had vanished. The project team urgently shifted the blame, saying it was a 'deposit synchronization code bug,' which translated means: 'Dear, your deposit record was eaten by a dog, but the funds are absolutely safe~'
2. Technology Underwear Major Exposé:
Pseudo second-layer tricks: Under the banner of Bitcoin's second layer, it actually uses the ICP chain to create a ckBTC patchwork, grandly named 'chain integration' (which is just fancy cross-chain).
Centralized old tricks: Users deposit BTC into the platform, which is equivalent to handing over their private keys to the project team; the so-called multi-signature is just a fancy custody wallet.
Trading black operations: Issuing tokens with mystical bonding curve pricing, AMM pool rules are comparable to Texas Hold'em blinds.
3. Data Bubble Carnival:
Monthly trading volume of 1000 BTC? It’s probably just bots working overtime to inflate the numbers.
Leading rune ODINDOG's market value skyrocketed to 35 million dollars? It's advisable to check if the project team is transferring funds from one hand to the other.
37,000 addresses? Probably half are bots generated by wool party members.
4. Bitcoin Ecological Predicament Triple Hit:
Orthodoxy curse: Straying from the main chain to create a second layer, with security even worse than Sun's Tron.
Innovation exhaustion: The Runes protocol is essentially just a rebranded BRC20, and Casey is out of ideas.
Capital siphoning failed: Comparing Pump.fun's hype for Solana, Odin's trading volume doesn't even reach a fraction of the Base chain.
5. Old-school sharp comments:
Regarding security: Unaudited code + centralized custody = a walking withdrawal simulator.
Regarding innovation: If you’re still playing with bonding curves in 2024, you might as well rename it to Archaeology.fun.
Regarding ecological significance: Such patchwork projects are of no use to the BTC ecosystem except for creating new sickles for whales.
Brothers who want to invest are advised to prepare for a zero-return mentality; this thing is essentially a pump tool for the ICP chain. Remember three iron rules:
Small funds should take profits when they see good opportunities.
Absolutely do not FOMO into high-priced dog tokens.
For withdrawals over 0.1 BTC, it’s advisable to hedge directly on-chain.
Rumor has it: The project team seems to be learning Solidity while developing; the GitHub code is cleaner than my WeChat chat records.
If the Bitcoin ecosystem wants to revive, relying on this Pump.fun imitation is worse than waiting for Satoshi to resurrect! True transformation requires Layer 1 level innovation, not just playing money games on the second layer.
News has inherent delays; this is my personal opinion, brothers, please analyze based on real-time information.
Blindly going solo will never bring opportunities; I’m an old-timer, follow me, like and leave a message, I will help you explore tenfold potential coins!
Top-notch team support, only serving ambitious madmen#OdinFun #BTC
