Well, well, well!
Price boomed immediately after Summit (NYSE using AVAX???) and so AVAX Twitter came alive! As both a drama merchant and AVAX enthusiast, this is really the best timeline for me.
I won’t keep you too long here, just wanted to also say that Kieks has finished adapting all of the first 52 articles for print, so we’re close to ordering a final test of the Avalore coffee table book! Lookout for updates on that soon.
We still want to get them in your hands before Christmas. Nothing like gathering around the fire to read about internet drama and sip eggnog.
Ok! Let’s do the news!
The Most Hated Pump
After AVAX almost 2x’d (!) in the time since the last article, obviously people were bullposting en masse on the timeline. That’s kinda what people do when things are good!
For some reason this seemed to trigger a lot of ETH/SOL people, who took this opportunity to make sure that they could snipe at AVAX and AVAX supporters.
Even the broccoli head weighed in on AVAX’s “irrelevance.”
I’m not entirely sure how AVAX got this reputation. I guess for people who haven’t been here since 2021, to them it’s just another old chain that nobody uses anymore.
If we want to change that perception, I don’t think the best strategy is to bombard these people and take shots back at them.
As we move into AVAX Autumn aka Experimentation Szn, we just need to keep having fun and eventually these people will come over. All it takes is a little motion and they will come crawling back.
We simply post great memes and make lots of money! They will join us eventually.
Tac v Pangolin
Man man man, when will people learn to stop fighting with Tac?? These unforced errors are great for my business, but I’m really not sure what this guy was thinking here.
In case you didn’t notice, that tweet from TR was from NOVEMBER 2025! Almost a year ago!!
And by the way, Blackhole STILL has more TVL than Pangolin. So I guess they are just quoting a year old tweet in order to gloat that they still exist??
Listen, I want to support community guys over Blackhole mercenaries as much as anyone, but what are we doing here??? Maybe they feel some pressure now that Pharaoh has really taken over AVAX’s hearts and minds?
Honestly TR is a bit psychotic so there are too many tweets to cover all of it in here. I’ll try to do a play-by-play.
TR investigated their “volume” and found that most of it was running through a private router from wallets funded by the Pangolin team.
Tbh I expect most protocols do this (see the recent controversy with Kalshi getting called out for something similar) but maybe don’t start fights about it on the timeline?? Maybe just ignore accusations if they’re obviously true???
Then he set his sights on the token itself, noting that the team pays employees in tokens which obviously get sold on the market (last I checked you can’t buy groceries with $PNG yet).
Adam had a pretty long answer to all this, which I will clip for you because you’re not gonna read the whole thing. If you want to read it you can do so here but the highlights are:
So yes, the token is not literally infinite! Clearly Tac was exaggerating here, but Adam wants to set the record straight that there are not in fact infinity tokens for them to vest.
Surely you will take comfort in knowing that they will only ever have 55% of supply to dump on your head! No more!
Then he specifies that not only do they pay the team in PNG, they also fund their entire operations by selling the token. Another comforting thought!
Don’t worry though, it’s all decentralized! The community decides when the team gets to take their pay, and how much.
What’s that? The majority of the votes come from the PNG team themselves?
I thought we kind of all agreed that this DAO stuff was a scam and had moved past it, but I guess there are still some people out there that believe in decentralized governance.
Maybe it’s time to open up applications for Frens DAO? Unfortunately, your voting power will be determined by whether or not your name is Excel, Nobs, or Smitty. Decentralization!
Ok this one isn’t even really a refutation, he’s just combatting by talking about all-time numbers. Idk, we’ve spent too long on this topic already.
Suffice it to say the Pangolin team, like the Kalshi team, is hopefully learning the benefit of being less aggressive on the timeline towards the unemployed.
They also took some shots at him for being “anonymous,” I guess forgetting the space that they’re in. But hey, I’m anonymous too! Look at me hiding behind it!
Fresh Rugs
There was a brief moment during the pump where people rushed to capitalize on the new attention AVAX was getting. There were coins launched on Robinhood paired with AVAX, and then there was this $LIKE coin launched by Ruggy Fresh on AVAX
If you haven’t learned who you can trust in this ecosystem by now, I’m not sure what to tell you! But hopefully this is a good lesson on avoiding clear opportunistic plays.
Thankfully it looks like only $400 worth of stupidity was on display today. Nice! We’re getting smarter!
Respect to him for putting in some real time (3 hours) bagworking this one before abandoning it though.
Pharaoh Stays Winning
Just wanted to highlight this as I thought it was a pretty slick move from Hillbilly and the Pharaoh team. Side note, I have finally learned how to spell this word without looking it up!
Anyway, in case you didn’t hear, the Bitget exchange was hacked for over $100M this week. The hackers then withdrew a bunch of native currencies to their respective chains, including over $8M of AVAX on C-Chain.
The team at Pharaoh realized this, and in anticipation of the incoming dump from the hackers they cranked up the volatility fees on their AVAX pairs.
Because Pharaoh contains the large majority of AVAX liquidity on chain, the hackers would have no choice but to dump their $500k clips into the pool with increased fees.
This probably wouldn’t have effected us normal users as our $20 sells buys would just be routed to a smaller pool with lower fees (volume for Pangolin!!).
Not everyone was happy with this move though.
I like Sindermann so I will acknowledge his point here.
Personally I think this argument falls apart quickly. Say they hadn’t cranked the fees up, are they still responsible to pay fees generated by the hacked money back to the victims? How would that even work?
IMO the sole blame lays on Bitget here. They lost the money, they should be responsible for making their users whole, not the DEX that clawed some of that money away from the hacker.
I see Sindermann’s point and perhaps it would be more “moral” to use the increased fees to somehow reimburse Bitget users, but idk this is crypto, not a charity! Code is law! Or something.
Good on LHB for looking out for his own users, and I have no issue with them trying to make the most of the cards they were dealt.
That’s all the news I’ve got for this week!
It’s been a busy time in our household as our dog was in the hospital for surgery, but he is now on the mend and requires constant monitoring to keep him from jumping on the couch (impossible task).
We had a nice little helping of drama this week, let’s keep this same energy going into the next one! And maybe another 2x in price? That’d be cool.
Tweet Discord Message of the Week
drama is gud for business
🥲🥲