A big pump of 400 times in 24 hours, what concept is Gorbagana trading?

Recently, the "Gor" Token on the Solana blockchain rose by 400 times within 24 hours, and its market capitalization once exceeded 40 million dollars. This whole event actually started with the concerns of MetaLeX founder @lex_node about the decentralization of Solana, which led to a response from Solana co-founder Toly on social media X. The back-and-forth exchange between the two on X gradually revealed the concept behind the Token.

Who is Gabriel Shapiro

Gabriel Shapiro, "lex_node", before serving as the General Counsel at Delphi Labs, was initially a lawyer at a Wall Street law firm in their Silicon Valley office, specializing in assisting technology companies like Paypal and Facebook with buy-side acquisitions. 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 help Mark Zuckerberg finalize the acquisition of WhatsApp.

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

In 2015, he came into contact with Ethereum and attended an Ethereum conference, where the speaker happened to be Nick Szabo, who had once been considered "Satoshi Nakamoto himself." He was vividly describing The DAO on stage, which deeply fascinated him as someone also working in the legal field. 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 on-chain protocol 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 around "the legitimacy of chains and trademark control." Gabriel Shapiro reviewed the fork of Ethereum after the THE DAO incident in 2016, pointing out that the Ethereum Foundation relied on its control over the trademarks "Ethereum" and "ETH" to successfully shape the new chain after the hard fork as the legitimate version, relegating the original chain to Ethereum Classic.

In his view, this fact indicates that the so-called "Decentralization" is actually constrained by Web2-style legal powers 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 lacks a trustworthy and neutral set of rules to determine how it is used, then this project is not truly decentralized/autonomous." In his view, this fact illustrates that so-called "decentralization" is actually constrained by Web2-style legal powers at critical moments. Toly, the founder of Solana, responded to this by saying, "No matter where you are, as long as everyone is using the same ledger, the brand name does not matter."

It was also suggested that if one day Solana forks, one chain retains the original name Solana and the $SOL Token, while the other chain calls itself "Gorbagana", with a logo of oscar the grouch.png. This naming method easily evokes a pun on garbage, adding a layer of irony to the narrative.

Toly's response to this was, "If no one creates the Gorbagana chain within 48 hours, I will be very disappointed."

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

The market capitalization of the Token rapidly rose to 1.6 million USD and caught the attention of Toly, who commented on the three trash can icons. This move triggered a complete Fomo in the community, with the $Gor market capitalization briefly surpassing 10 million USD in a short period.

Ironically, Gor-chain was really developed by @MidTermDev in less than 48 hours, and after Toly responded, the token's market capitalization hit a new high of over 40 million dollars.

But @MidTermDev's account may have suffered a "hacker attack" afterwards and launched a new Token (which is currently nearly worthless). @MidTermDev has now been banned, and the development team is taken over by the CTO, with core members including @0rdlibrary, @Sarv_shaktiman, etc.

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

Behind this capital carnival, it is intriguing that the first place in the profit list of the "Gor" token, the wallet address starting with A 4 DC, has also received 861 Sol in the "IBRL" token, and is currently ranked 4th in the profit list, of which "IBRL" is also Toly's key project. On the on-chain data tracking platform Arkm, the domain name of the address is circled.sol, and there is a fund exchange with the wallet coyote of the authenticated entity, which points to the X account @ 4 pfcoyot.

When the market capitalization of $Gor corrected to between 7-8 million dollars, coyote bought a total of 350 Sol. Coincidentally, Toly soon replied to the tweet about the development of Gor-chain, which caused the market capitalization of "Gor" to soar to 40 million dollars. Coyote also took advantage of this surge to exit with liquidity, making a profit of over 1500 Sol. After this counter-intuitive operation, coyote made a huge profit, and as of now, coyote has earned 1780 Sol on $GOR, ranking first in profits.

In contrast, the well-known Chinese chain KOL calmly operated, although he had bought 200 SOL at the average price of $4 million market capitalization, but when the price rose to a market value of $7 million, he sold a lot of chips. Later, the narrative developed further, and after choosing to sell a lot of chips when the market cap reached $11 million, he chased it higher at $25 million, eventually pulling the average price to around $26 million, and currently only floating profit of 370 SOL.

Unlike the retail investors of Fomo, there is a portion of opinions in the community that believe "Gor" is not as interesting as it appears. @imperooterxbt bluntly stated that the token was created by the same team as "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 does reflect a long-standing issue. Since Ethereum can "freely" turn into Ethereum Classic, can garbage (Gorbagana) also replace Solana?