Twisted incentives, blind majority. @0xSeigniorage
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Joined July 2022
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Update: @GeckoTerminal fixed the pricing bug on Fantom Opera.
axlUSDC now shows \~$1 correctly on GeckoTerminal.
@DexScreener is still showing the wrong price.
Was never a real depeg, just incorrect WFTM price data.
Pool: geckoterminal.com/ftm/pools/…
After chasing this annoying pricing issue for a long time, I finally figured out what was going on. Let me clear this up once and for all: there was no depeg with axlUSDC on the Fantom network. What we're looking at is simply a flaw in the way @dexscreener and @GeckoTerminal @coingecko calculate prices. Here's what's actually happening behind the scenes, step by step.
Now, if you open the axlUSDC/WFTM pool on @WigoSwap , both DexScreener and GeckoTerminal clearly show axlUSDC at $0.81. At first glance, it's enough to make you think, Seriously? Did another stablecoin just depeg? The pool I'm referring to is this one: 0x084f933b6401a72291246b5b5ed46218a68773e6
But once you actually look inside the pool, the story changes. You'll find roughly $27K worth of $axlUSDC matched against about $27K worth of $WFTM. The pool is almost perfectly balanced. If a stablecoin had really depegged, you wouldn't see that kind of balance. The liquidity would be completely out of sync, and arbitrage traders would have drained the pool long ago.
Still, I wanted to be sure, so I checked @whattofarm_ , where $axlUSDC was trading right around $1 without any issues. CoinGecko's global price listing also looked completely normal. To remove any doubt, I ran a live swap through the Squid Router. The result? The amount of $USDC I received matched the amount of $axlUSDC I sent almost penny for penny. In other words, everything is working exactly as it should in the real market.
So why does it show $0.81? The answer is that it's nothing more than illusion. The platforms take the pool ratio 1 axlUSDC ≈ 30.75 WFTM and multiply it by the "reference" dollar price they've assigned to WFTM. Following that logic, I reverse-engineered the reference price their system appears to be using, and it came out to roughly $0.026.
And this is where everything finally clicks into place. The native token of the Fantom Opera network, FTM, is currently trading around $0.034. So where is that $0.026 coming from? It's not using $FTM 's price at all it's using Sonic S. To confirm it, I checked the @squidrouter interface myself. 57 $S was worth almost exactly $1.50, which puts the price at roughly $0.0263 per token. The numbers matched almost perfectly.
The reason for this technical mess goes back quite a while. About 19 months ago, Fantom launched a 1:1 token migration to Sonic. The key detail is that the original Fantom Opera network was never shut down. It's still live, still producing blocks, and $FTM continues to trade there based on its own independent supply and demand. $S , on the other hand, is a completely separate blockchain with its own market.
It looks like some price providers are still treating these two tokens as if they're the same asset. Most likely, this is a leftover issue from the smart contract or metadata mappings created during the migration. As a result, when their system calculates the price of WFTM, it mistakenly uses the much lower price of Sonic S instead. That error then cascades through every pool priced against WFTM, making assets like axlUSDC appear to have depegged even though nothing is actually wrong with the pools themselves.
Of course, I didn't just leave it there. I submitted the pool address along with all of my findings to both DexScreener and GeckoTerminal through their official support channels. The DexScreener team said they would investigate the issue, although they didn't provide a timeline. Even so, their response was constructive and professional. I wanted to share all of this here so the community doesn't panic over a problem that isn't real, and so we can bring more attention to it. There's a good chance that other Fantom pools using the same WFTM price reference are also being falsely flagged as if something is wrong.
To sum it up: axlUSDC is perfectly fine. The real issue is the incorrect pricing source being used for WFTM on the Fantom Opera network not the token itself.
#Web3 doesn’t have a user acquisition problem. It has a “build something people actually need” problem.
Most dApps don’t have a single real user.
Hopping from chain to chain is just noise. The dApp is what brings liquidity to a chain. Stop chasing rented liquidity.
It doesn’t matter when you started. The one thing you can’t copy is real, lasting utility.
don’t trust verify
Our third-party e-mail provider has been breached. Please be aware that the email named ‘Critical Security Alert: STM32 Entropy Vulnerability’ is not coming from us, and it’s a phishing attempt. Do not click on any link.
We have taken down the domain, and we are investigating the situation, including how the hackers got access to our legit domain.
It can start by stopping the tech shilling and getting rid of the influencers on X.
We’re going to have a pretty long conversation about the important part that remains.
Struggling to see how $S ever brings new users in. Any ideas?
Everyone has good tech.
Everything is cheap.
Everything is fast.
I mentioned that it was more than 1%, but I have to admit, it’s starting to get to me now.
While the blind majority keeps asking if #Fantom is dead, Safe just posted +885% TVL growth to $53.2M on Opera. $FTM $S
Safe{Wallet} keeps expanding. News from our Networks team in July:
🟢 Safe{Wallet} is live on @BOTChain_ai, @Whitechain_io, and Robinhood Chain, with @Morpho and @maplefinance running ops on @Safe.
🟢 Safe's TVL on Fantom has grown to $53.2M, up 885% vs. June.
🟢 633k+ Safes created, with Safes on @Celo up 778%, on @binance up 107%, and on @base up 12% vs. June.
The incorrect price on DexScreener is caused by a simple but critical error in how the USD value is calculated.
The system correctly reads the $WFTM quantity from the #Fantom pool, but then multiplies that quantity by the $S WS USD price instead of using the actual Fantom WFTM price.
This cross chain mix up is what produces the distorted and inaccurate USD values we keep seeing.
Despite the issue being clearly identified, @dexscreener continues to refuse to fix it.
Update: @GeckoTerminal fixed the pricing bug on Fantom Opera.
axlUSDC now shows \~$1 correctly on GeckoTerminal.
@DexScreener is still showing the wrong price.
Was never a real depeg, just incorrect WFTM price data.
Pool: geckoterminal.com/ftm/pools/…
High trading volume + high volatility = high commissions.
All you have to do is keep playing.
Lost chips. 🤦
After chasing this annoying pricing issue for a long time, I finally figured out what was going on. Let me clear this up once and for all: there was no depeg with axlUSDC on the Fantom network. What we're looking at is simply a flaw in the way @dexscreener and @GeckoTerminal @coingecko calculate prices. Here's what's actually happening behind the scenes, step by step.
Now, if you open the axlUSDC/WFTM pool on @WigoSwap , both DexScreener and GeckoTerminal clearly show axlUSDC at $0.81. At first glance, it's enough to make you think, Seriously? Did another stablecoin just depeg? The pool I'm referring to is this one: 0x084f933b6401a72291246b5b5ed46218a68773e6
But once you actually look inside the pool, the story changes. You'll find roughly $27K worth of $axlUSDC matched against about $27K worth of $WFTM. The pool is almost perfectly balanced. If a stablecoin had really depegged, you wouldn't see that kind of balance. The liquidity would be completely out of sync, and arbitrage traders would have drained the pool long ago.
Still, I wanted to be sure, so I checked @whattofarm_ , where $axlUSDC was trading right around $1 without any issues. CoinGecko's global price listing also looked completely normal. To remove any doubt, I ran a live swap through the Squid Router. The result? The amount of $USDC I received matched the amount of $axlUSDC I sent almost penny for penny. In other words, everything is working exactly as it should in the real market.
So why does it show $0.81? The answer is that it's nothing more than illusion. The platforms take the pool ratio 1 axlUSDC ≈ 30.75 WFTM and multiply it by the "reference" dollar price they've assigned to WFTM. Following that logic, I reverse-engineered the reference price their system appears to be using, and it came out to roughly $0.026.
And this is where everything finally clicks into place. The native token of the Fantom Opera network, FTM, is currently trading around $0.034. So where is that $0.026 coming from? It's not using $FTM 's price at all it's using Sonic S. To confirm it, I checked the @squidrouter interface myself. 57 $S was worth almost exactly $1.50, which puts the price at roughly $0.0263 per token. The numbers matched almost perfectly.
The reason for this technical mess goes back quite a while. About 19 months ago, Fantom launched a 1:1 token migration to Sonic. The key detail is that the original Fantom Opera network was never shut down. It's still live, still producing blocks, and $FTM continues to trade there based on its own independent supply and demand. $S , on the other hand, is a completely separate blockchain with its own market.
It looks like some price providers are still treating these two tokens as if they're the same asset. Most likely, this is a leftover issue from the smart contract or metadata mappings created during the migration. As a result, when their system calculates the price of WFTM, it mistakenly uses the much lower price of Sonic S instead. That error then cascades through every pool priced against WFTM, making assets like axlUSDC appear to have depegged even though nothing is actually wrong with the pools themselves.
Of course, I didn't just leave it there. I submitted the pool address along with all of my findings to both DexScreener and GeckoTerminal through their official support channels. The DexScreener team said they would investigate the issue, although they didn't provide a timeline. Even so, their response was constructive and professional. I wanted to share all of this here so the community doesn't panic over a problem that isn't real, and so we can bring more attention to it. There's a good chance that other Fantom pools using the same WFTM price reference are also being falsely flagged as if something is wrong.
To sum it up: axlUSDC is perfectly fine. The real issue is the incorrect pricing source being used for WFTM on the Fantom Opera network not the token itself.
More than 1%... Thank you, Mr. Visser.
Opera shuts down in 7 days.
New things can always be built, but the organic community loyalty earned over years can never be bought back with money.
Instead of burying this long standing ecosystem in the dark, there is still a way to keep it alive.
youtu.be/OAK0aOs9R8Q?is=0BJB…
#Fantom #FantomOpera #Sonic #Web3
#Ftm #S #Soniclabs
$S
$Soniclabs
Fantom Opera has exactly 18 days left.
We shared this video analysis of Sonic Labs' current strategy directly with their teams.
No hype. No noise. Just a realistic assessment of the risks ahead, the structural challenges facing the ecosystem, and a framework for long term survival.
Watch it and draw your own conclusions. #Fantom
#FTM #FantomOpera
#SonicLabs $S
youtu.be/OAK0aOs9R8Q?is=pr7w…
Fantom Opera has exactly 18 days left.
We shared this video analysis of Sonic Labs' current strategy directly with their teams.
No hype. No noise. Just a realistic assessment of the risks ahead, the structural challenges facing the ecosystem, and a framework for long term survival.
Watch it and draw your own conclusions. #Fantom
#FTM #FantomOpera
#SonicLabs $S
youtu.be/OAK0aOs9R8Q?is=pr7w…