{"id":154649,"date":"2023-09-13T02:25:54","date_gmt":"2023-09-12T20:55:54","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=154649"},"modified":"2023-09-13T02:25:54","modified_gmt":"2023-09-12T20:55:54","slug":"hyped-banana-token-launch-wrecked-by-contract-bug-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/hyped-banana-token-launch-wrecked-by-contract-bug-crypto-news\/","title":{"rendered":"Hyped Banana Token Launch Wrecked By Contract Bug – Crypto News"},"content":{"rendered":"

<\/p>\n

Telegram-based Trading Bot Plans To Relaunch BANANA Token After Miscoded Taxes Lead To Unintended Inflation<\/p>\n

\n

The team behind the Banana Gun trading bot is planning to relaunch its token after a botched launch.<\/p>\n

BANANA went live<\/a> yesterday and surged to a $70M market capitalization in less than an hour \u2014 the token has since dropped to nearly zero after the team discovered a bug in the smart contract.<\/p>\n

<\/p>\n

BANANA Price<\/figcaption><\/figure>\n

<\/a><\/p>\n

As part of their recovery, the team sold the BANANA tokens held in the project\u2019s treasury to drain the BANANA\/ETH liquidity pool on Uniswap. The Banana Gun team has said that it has taken a snapshot of affected users and plans to compensate them.<\/p>\n

\"Tweet<\/figure>\n

BANANA is designed to be an asset which shares the revenue generated by Banana Gun, which is a Telegram-based trading bot. These bots have been one of crypto\u2019s bright spots<\/a> this year.<\/p>\n

Inflationary Taxes<\/h2>\n

The launch of BANANA was spoiled by a buggy implementation of a 4% fee<\/a> on transfers.<\/p>\n

Of that fee, 2% is supposed to go to other BANANA holders, 1% to the team and 1% to the project\u2019s treasury. Instead, the team miscoded the token such that the tax would accrue as designed, but another 4% of tokens would also be minted and sent to the person who initiated the transfer. This means that the supply of BANANA was set to increase every time anyone transferred the token.<\/p>\n

\"the-defiant\"<\/figure>\n

The Banana Gun team did not immediately respond to The Defiant\u2019s request for comment.<\/p>\n

The incident has sucked the life out of a promising project in a hot subsector of the digital asset space \u2014 Banana Gun is responsible for 62% of Telegram bot trades as of Sept. 11, according to a Dune Analytics dashboard<\/a>. The trading bot space as a whole just recently passed 100,000 users as well.<\/p>\n

<\/p>\n

\"Trading
Trading Bot Market Share<\/figcaption><\/figure>\n

<\/a><\/p>\n

Now, instead of a successful token launch, the team is dealing with widespread community backlash, with many wondering how the audit missed such a critical bug.<\/p>\n

\"the-defiant\"<\/figure>\n

Unibot Rallies<\/h2>\n

The bug doesn\u2019t appear to have soured the broader market for Telegram bots \u2014 UNIBOT, the token of a competing Telegram bot, has jumped nearly 15% in the past 24 hours as traders place their bets elsewhere. Unibot facilitates<\/a> just under a quarter of bot trades.<\/p>\n

\"UNIBOT
UNIBOT Price<\/figcaption><\/figure>\n

Banana Gun raised 800 ETH, worth roughly $1.2M, through its presale. According to dealer, a self-described analyst, 800 wallets received<\/a> presale allocations of BANANA.<\/p>\n

\"the-defiant\"<\/figure>\n

Dealer noted that roughly 500 of the 800 wallets sold within the first hour, netting a cool 10,000% profit.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Telegram-based Trading Bot Plans To Relaunch BANANA Token After Miscoded Taxes Lead To Unintended Inflation The team behind the Banana Gun trading bot is planning to relaunch its token after a botched launch. BANANA went live yesterday and surged to a $70M market capitalization in less than an hour \u2014 the token has since dropped […]<\/p>\n","protected":false},"author":2,"featured_media":123859,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[274,273,272,244,266,271,268,270,269,267],"class_list":["post-154649","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-de-fi","tag-crypto-finance","tag-decentralized-finance","tag-liquidity","tag-metamask","tag-pancake","tag-slippage","tag-sushiswap","tag-tronlink","tag-trust-wallet","tag-uniswap"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/154649","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=154649"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/154649\/revisions"}],"predecessor-version":[{"id":154655,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/154649\/revisions\/154655"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/123859"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=154649"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=154649"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=154649"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}