Hey, are you worried about your DeFi coins becoming the next Hotdog?

This morning, the DeFi project HotdogSwap staged a "high diving" for us in just a few hours after its launch.

Picture from uniswap.info

As shown in the figure above, the price of its token HOTDOG first soared to more than $6,200 within 7 hours after it was launched, and then fell to the current $0.017 in less than 3 hours. According to Twitter netizen lowstrife, it took less than 5 minutes for HOTDOG to drop from $4,000 to $1.

FTX will launch the Wrapped Axelar (WAXL) spot market: According to official news, FTX will launch the Wrapped Axelar (WAXL) spot market at 14:00 (UTC) on September 29, and the trading pair WAXL/USD will be launched. The deposit and withdrawal of WAXL will be open at 02:00 on September 29 (UTC).

Axelar is a cross-chain communication network that ensures network security through the proof-of-stake mechanism of the AXL token. As an interoperable network, AXL tokens are cross-chain assets that exist in multiple forms on multiple blockchains, including an ERC-20 compatible packaged token called WAXL. The Axelar network is built on the Cosmos SDK. [2022/9/28 5:59:22]

Japanese banking giant Nomura Securities announced investment in payment company Fnality: Jinse Finance reported that according to Fnality’s announcement on Monday, Japanese banking giant Nomura Securities invested in London-based blockchain payment company Fnality. The financial services firm will also join Fnality's international alliance of global banks focused on building a regulated peer-to-peer payment system based on digital assets.

Fnality has listed 16 major financial institutions as backers: Banco Santander, BNY Mellon, Barclays, CIBC, Commerzbank, Credit Suisse, Euroclear, ING, KBC Group, Lloyd's Deutsche Bank AG, Mizuho Financial Group, Bank of Mitsubishi UFJ, Nasdaq, Sumitomo Mitsui Banking Corporation, State Street Corporation and UBS.

Jinse Finance previously reported that the blockchain payment company Fnality is seeking to raise about 50 million pounds. [2022/9/26 22:29:58]

You know, "Hot Dog" once claimed that its annual mining return rate is as high as 1,000,000%. But seeing this gate-shaped K-line, combined with its total liquidity of less than 20,000 US dollars, and the number of transactions of 2000+ within 24 hours, the evidence of smashing the market is conclusive.

Web3 Startup BlockVision Completes $5 Million Seed Round Financing: Jinse Finance reported that Web3 startup BlockVision announced the completion of $5 million seed round financing, led by Shima Capital, Synergis Capital and Qiming Venture Partners, 6th Man Ventures, Collab+Currency and VIABTC Capital participated in the investment. It is reported that the company’s previous pre-seed round of financing participants included Continue Capital, NGC Ventures, Sanctor Capital and Youbi Capital. BlockVision adopts HTAP (Hybrid Transaction and Analytical Processing) architecture on the blockchain system, which is a high-performance data processing solution widely used in big data companies, and then better handles the massive data required by any chain ecosystem Sync, query and analyze. (globenewswire) [2022/8/5 12:03:38]

Enter the block browser Etherscan to check the HOTDOG related contract. As of press time, 636 transactions have occurred on the contract. In addition, there are currently 517 HOTDOG holders (addresses), and the top 100 largest holders account for 97.47% of the total.

Transcrypts, a blockchain document service company, announced a partnership with Doctors Without Borders: On November 12th, Transcrypts, a blockchain-based document security service company, announced a formal partnership with Doctors Without Borders (DWB). The partnership had earlier kicked off on October 14. Through their partnership, they have uploaded 6,500 immunization records to the blockchain, aiming to reach 76,000 by 2022. Most of the recorded immunizations are for the COVID19 vaccine, but the company says the ultimate goal is to store all patient medical records on the blockchain, which can be accessed from the patient's mobile phone. Note: Doctors Without Borders was established in Paris on December 20, 1971. It is an international medical humanitarian rescue organization composed of professional medical personnel from all over the world. It is one of the largest independent humanitarian medical rescue organizations in the world. (cointelegraph) [2021/11/12 21:45:38]

Odaily Planet Daily saw in some DeFi communities that some friends had issued security warnings, saying that the developers of HOTDOG could withdraw the coins deposited by users at any time.

In addition to the panic and stampede, there are still netizens on Raddit "discussing the bottom-buying plan". A: Time to buy something? B: I'll wait for it to copy for a penny. (Just wait, it's coming soon.)

In addition to the lack of liquidity, we also looked at the crude official website of HOTDOG, trying to find some signs of collapse.

According to its official website, HOTDOGSWAP is positioned as an upgraded version of the Uniswap protocol, and the upgrade is to pay more attention to the community (the original text is added community-oriented features, um, it sounds a bit ambiguous). Specifically, unlike Uniswap, even if you no longer participate in liquidity provision (in layman’s terms, deposit coins), you can still continue to earn HOTDOG from protocol fees (why can you do this?). As long as you are an early liquidity provider (head mining), you are an important stake holder of our agreement, and then your income will account for the entire LP (liquidity provider) pool according to the amount of coins you stake than to allocate. Each block corresponds to a reward of 1000 HOTDOG...

It seems that there is nothing unusual about HOTDOG's official website.

All right. I admit that the scariest thing about the whole thing is that there are now a large number of imitation disks in the market following YFI, YAM, SUSHI under the banner of DeFi, copying and pasting, and have not been audited. They are turning the already highly speculative liquidity mining behavior into a Ponzi scheme more and more, which also makes it easier for us to step on mines in the market. A new coin, no matter how poor its liquidity is, can be pulled to an inflated price on Uniswap for a short period of time.

On Twitter, trader Edward Morra posted examples of other fake DeFi tokens that have fallen over the past 24 hours, saying there were "dozens more in the last month."

In this regard, Uniswap recently updated the risk warning, warning traders that ERC20 tokens can be easily issued. In order to avoid encountering counterfeit tokens, they must first research and understand, and be careful, otherwise the money may not be returned.

Back to the original cause of the HOTDOG incident - liquidity. We found that the distribution of locked positions is like a sand dune. Although a large number of counterfeit projects are blown to the foot of the sand dune by the wind, there are still some projects that can stand on the top.

At 21:00 yesterday, SUN, the liquidity mining project of Tron founder Justin Sun, officially launched Genesis Mining. Users can deposit TRX into the official website to start participating in SUN mining. After 24 hours, they can withdraw the same amount of TRX and the corresponding SUN code. currency. According to the data, the pledged amount of SUN Genesis Mining exceeded 400 million TRX in 5 minutes, 1.5 billion TRX (about 60 million US dollars) in 15 minutes, and 3.5 billion TRX in 3 hours.

To sum it up in the words of my colleague, "If you die from drought, if you die from waterlogging, it depends on how much you have."

As soon as she finished speaking, I hurriedly went through the broken coins in my hand to see if the lock-up volume, liquidity, and K-line were also preparing to "draw the door".

Although it can't stop it from raining, the farmers are crazy. But as usual, Odaily Planet Daily hereby reminds that investment in cryptocurrencies (especially emerging currencies) has high risks, please carefully evaluate your ability & financial resources, and participate cautiously. Especially for new projects that have not been audited, be sure to keep your little hands in check.

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