Prepared. Set. Token.
That’s the gist of a video shared by digital artist Johnny Shankman, also referred to as @iamwhitelights on Twitter, the place the Brooklyn-based creator takes a time-centered method towards creating a brand new coin.
With a number of flicks of the cursor and a few quick typing, Shankman is ready to write and deploy a wise contract for a token referred to as EASY_MONEY. All the course of took a complete of 27 seconds, documenting what is maybe the primary meme coin speedrun.
Speedrunning has decades-old roots within the gaming group, courting again to retro classics like Dragster and Tremendous Mario Kart, the place gamers attempt to full video video games as quick as doable. However Shankman’s video takes a time-tested technique for mastering video video games and applies it to Web3 tech.
The artist’s show of dexterity comes amid a meme coin frenzy, the place tokens like Pepe and Wojak are notching notable beneficial properties. Many of those emergent meme tokens are ERC-20 tokens, that means they’re constructed on Ethereum’s community utilizing sensible contracts and cling to a typical algorithm.
Shankman’s technique for churning out EASY_MONEY includes utilizing a so-called Contracts Wizard created by the crypto cybersecurity agency OpenZeppelin. The instrument can generate code for an ERC-20 token primarily based on only a handful of inputs. Then, utilizing the applying Remix, the token’s sensible contract is compiled and deployed in seconds.
On Saturday, the artist warned that the video was made “for instructional functions solely” and that his EASY_MONEY token was “deployed on [a] testnet,” indicating it wasn’t a full-fledged launch. Moreover, he referred to as consideration to a token utilizing the identical identify as his instance that he “didn’t make,” including he “is not going to be shopping for it.”
Bettering on Shankman’s meme coin speedrun, a consumer named @0xdiid on Twitter was in a position to shave off a handful of seconds, bringing the unofficial world document all the way down to 22.45 seconds, in response to their submit.
The unique video was shared by quite a few influential accounts on Crypto Twitter like @Loopifyyy and @3orovik, amassing tens of millions of views. The speedrun’s attain led @notthreadguy to remark, “Shitcoin season is much from over.”
A crypto-centric time period for referring to altcoins in a pejorative method, Ethereum co-founder Vitalik Buterin has acknowledged that the “shitcoin” label is considerably subjective. And anybody can create a token given the permissionless nature of Web3.
Nonetheless, meme cash are removed from only a joke, carrying the potential for astronomic beneficial properties however typically resulting in FOMO that may be leveraged by unhealthy actors. The net blockchain sleuth @ZachXBT, recognized for exposing crypto scams, identified what number of instances a repost of the speedrun had been bookmarked, responding “wtf.”
As of this writing, @Loopifyyy’s submit had garnered over 14,000 bookmarks on Twitter, outpacing each likes and retweets. “You simply confirmed how you can make a rug, we’re doomed,” a consumer commented, alluding to the frequent crypto rip-off the place a token’s growth workforce instantly disappears as an asset’s worth tanks.
Whereas Pepe is a notable standout, an inflow of different meme cash, whether or not that’s Guacamole, Good Gensler, or Ignore Fud has made obscure tokens undoubtedly in vogue amongst some merchants. On Twitter, @SlorgoftheSlugs claimed the speedrun will give approach to an “oversaturation” of recent, unproven tokens.
However not everybody thought the speedrun’s widespread attain was problematic, corresponding to @RepeatAfterVee on Twitter, who argued, “The extra individuals know the way simple it’s to create a token, the extra doubtless they are going to suppose twice earlier than shopping for these nugatory numbers on the display.”
And the speedrun’s authentic creator agreed, including it will possibly make the mystique of meme tokens much less of a possible hazard.
“As soon as you understand how these work, it doesn’t make them worthless or simpler to make,” Shankman wrote, “Just a bit more durable to fall for a rug, I wish to suppose, since you recognize what’s below the hood.”
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