Source: BlockBeats

Authors: BUBBLE, kkk, Ryo

Original title: What concept is Gorbagana trading that surged 400 times in 24 hours?

Recently, the "Gor" token on the Solana chain surged by 400 times within 24 hours, with its market value briefly surpassing 40 million USD. This entire event actually started from the concerns of MetaLeX founder @lex_node regarding the decentralization of Solana, which sparked a response from Solana co-founder Toly on social media X. The back-and-forth exchange between the two on X gradually revealed the underlying philosophy behind the token.

Who is Gabriel Shapiro

Gabriel Shapiro, who is now the General Counsel at Delphi Labs, was initially a lawyer at a Wall Street law firm in their Silicon Valley office, specializing in buy-side acquisitions for tech companies like PayPal and Facebook. The turning point for him to join the cryptocurrency space was quite coincidental; during a Valentine’s Day dinner date, he received a call from a Facebook shareholder asking him to return to the office to assist Mark Zuckerberg with the acquisition of WhatsApp.

It is said that Mark happened to meet the WhatsApp team in a restaurant and persuaded them to sell the company, which was completed in 5 days. Gabriel Shapiro, the lawyer responsible for this acquisition, conducted an in-depth study of WhatsApp's end-to-end encryption technology during the research process and used this opportunity to gain a deeper understanding of the cryptocurrency industry.

In 2015, he was introduced to Ethereum and attended an Ethereum conference where the speaker was none other than Nick Szabo, who had once been considered "the real Satoshi Nakamoto." He vividly described The DAO, which deeply fascinated him as a fellow lawyer. He believed in a DAO-type economic system that operates through automatic regulation by programs and rules.

He built MetaLeX for the theory of "New Cybernetic Economy DAO", which connects the DAO to the real world by combining autonomous on-chain code with off-chain legal entities through a unique set of on-chain protocols and off-chain legal arrangements, thereby creating a flexible, efficient, legal, and accountable cybernetic organization for its DAO.

Ethereum Classic = Solana, Ethereum = Gorbagana?

Yesterday, Gabriel Shapiro engaged in a heated debate on "the legitimacy of the chain and trademark control." Gabriel Shapiro reviewed the Ethereum fork after the THE DAO incident in 2016, pointing out that the Ethereum Foundation successfully shaped the new chain after the hard fork as the legitimate version by relying on its control over the trademarks "Ethereum" and "ETH," while relegating the original chain to Ethereum Classic.

In his view, this fact indicates that the so-called "decentralization" is actually subject to Web2-style legal power at critical moments. He further warned that the Ethereum Foundation's effective control over the "ETH" trademark may have been lost, as brands like MegaETH and ETHDenver have already been widely used without authorization.

He believes that "if a company owns a trademark but there is no credible neutral rule to decide how it is used, then the project is not truly decentralized/autonomous." In his view, this fact indicates that what is called "decentralization" is actually constrained by Web2-style legal power at critical moments. Toly, the founder of Solona, responded to this by saying, "No matter where you are, as long as everyone is using the same ledger, the brand name doesn't matter."

It was proposed that if one day Solana forks, one chain would retain the original name Solana along with the $SOL token, while the other chain would call itself "Gorbagana," with a logo of oscar the grouch.png. This naming method easily evokes the homophone of garbage, adding a layer of irony to the narrative.

Toly's response to this was, "If nobody creates the Gorbagana chain within 48 hours, I will be very disappointed."

At the same time, the meme coin named "Gor" was launched through Pumpfun, its prototype being Oscar the Grouch from "Sesame Street". He is a green furry monster who lives in a garbage can, known for his grumpy demeanor, love of trash, and misanthropic attitude. The term "Gorbagana" itself is also clearly a satirical variant derived from "Garbage".

The market capitalization of the token quickly climbed to 1.6 million USD, attracting the attention of Toly, who commented on the icon of three trash cans. This move triggered a complete Fomo in the community, with the market cap of $Gor briefly exceeding 10 million USD.

Ironically, Gor-chain was really developed by @MidTermDev in less than 48 hours, and after Toly responded to it, the market cap of the token reached a new high, exceeding 40 million dollars.

However, the account of @MidTermDev may have suffered a "hacker attack" after this and launched a new token (which is currently almost worth zero). Currently, @MidTermDev has been banned, and the development team is taken over by the CTO, with core members including @0rdlibrary, @Sarv_shaktiman, etc.


Another feast of the conspiracy group? Who made money on $GOR?

Behind this capital frenzy, it is intriguing that the top of the profit ranking for the "Gor" token is a wallet address starting with A4DC, which has also earned 861 Sol from the "IBRL" token, currently ranking 4th on the profit list. The "IBRL" is also a project heavily promoted by Toly. On the on-chain data tracking platform Arkm, this address domain is circled.sol, which has financial transactions with the certified entity wallet coyote, and this certified entity points to the X account @4pfcoyot.

When the market value of $Gor pulled back to 7-8 million dollars, coyote bought 350 Sol. Coincidentally, Toly soon replied to a tweet about the development of Gor-chain, which caused the market value of "Gor" to surge to 40 million dollars. coyote also completed a liquidity exit during this rise, earning over 1500 Sol. After this counterintuitive operation, coyote made a huge profit, and up to now, coyote has earned 1780 Sol from $GOR, ranking first on the profit list.

In stark contrast, the well-known Chinese on-chain KOL Calm's operations show that although he bought 200 Sol at an average price when the market cap was 4 million USD, he sold a large amount of chips when the price rose to a market cap of 7 million USD. As the narrative further developed, he chose to sell a large amount of chips when the market cap reached 11 million USD, and then chased the price up at 25 million USD, ultimately raising the average price to around 2.6 million USD, currently only having a floating profit of 370 Sol.

Unlike the retail investors in Fomo, there is a faction in the community that believes "Gor" is not as interesting as it appears on the surface. @imperooterxbt bluntly stated that the token is created by the same team behind "GORK," but seems to lack reliable evidence.

Although this social experiment may seem like just another "conspiracy feast" to most people in the community, the "decentralized brand" mentioned by Gabriel Shapiro indeed reflects a long-standing issue: since Ethereum can "arbitrarily" become Ethereum Classic, can garbage (Gorbagana) also replace Solana?