SIMP "returned to zero" on the first day of its birth. Did the ERC-314 social experiment fail?

Written by: Rhythm Xiaogong

According to the official website data, the token SIMP rose to a maximum of 53.36 US dollars after the opening. As of the time of writing, the current price is 9.56 US dollars, which has fallen 80% from the high point.

Yesterday, Simplify, an ERC-314 standard project on the Ethereum mainnet, caused heated discussion on social media after being promoted by many KOLs. According to information on its official website, the transactions of the ERC-314 project Simplify are very simple. In addition to the transactions on the official website, it can complete the purchase of $Simp by transferring ETH directly to the address, and transfer $Simp to complete the sale.

This means that Simplify has implemented a simplified transaction process in the Ethereum network. Users do not need to use DEX or other trading infrastructure, and only need to make simple transfers through the wallet. Transaction can be completed.

In order to let community members better understand Simplify’s mechanism innovation, KOL paulwei used an image of an “empty soap box” example to explain.

Code Vulnerability Storm

Everyone found that the ERC-314 standard project Simplify did effectively save gas fees, which prompted the price of $Simp to soar to $53.36. However, several community members later pointed out potential vulnerabilities in Simplify's code.

After the comments of several community members were fermented, they caused panic in the community. Simplify’s official social media also stated that this was a social experiment, and the price of $Simp dropped all the way to around $9. .

But a few hours later, @yicunhui2, a community member from Peking University, said: "The opening of x*y and the current x*y, we can find that there is definitely no problem in this aspect of". After many scientists checked and tweeted, it was confirmed that there was indeed no problem on this issue. Community sentiment began to turn around and prices also rebounded.

But as the ERC-314 standard project Simplify itself said, at present this is just a social experiment, a new ERC standard that was born not long ago, and perhaps Some potential risks. Compared with yesterday, Simplify's popularity has dropped a lot, and the currency price has remained around $9.

Finally, for the community, while paying attention to innovation, it should still be cautious about potential risks. After all, in this rapidly iterative market, there are too many projects that lose popularity and then become popular.

The above is the detailed content of SIMP "returned to zero" on the first day of its birth. Did the ERC-314 social experiment fail?. For more information, please follow other related articles on the PHP Chinese website!