Renowned onchain analyst ZachXBT by Base A token accidentally created on the network reached a staggering market cap of $3.4 million.
Token Unintentionally Created by Onchain Analyst ZachXBT Reaches Market Value of $3.4 Million
The unexpected development dates back to ZachXBT minting a public NFT titled “243M Theft” using the Zora protocol in August. Unbeknownst to him, Zora’s system automatically converted these NFTs into ERC-20 tokens, allowing them to be traded as memecoins on decentralized exchanges.
ZachXBT explained that it envisioned the NFT as merely archived research on the blockchain, similar to their article in the Mirror.
However, Zora’s interface did not clearly state that issuing an NFT would also create a tradable ERC-20 token. “Zora UI currently does not give creators any indication that an ERC-20 token will also be released at the end of a public NFT mint,” he said, providing screenshots to support his view.
The NFT was minted using Zora’s ERC20z token standard; this standard made assets tradable on Uniswap by providing automatic liquidity via an wrapped ERC-20 token.
When the token was made available for sale on secondary markets, its market cap increased sharply, reaching $970 per token. Reacting to the increase in speculation, ZachXBT expressed disappointment.
*This is not investment advice.
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Source: https://www.bitcoinsistemi.com/base-aginda-yanlislikla-olusturulan-token-milyonlarca-dolarlik-piyasa-degerine-ulasti-iste-detaylar/
