Discover the buzz on Twitter about an Ethereum engineer who blocked 5 ETH for a century to create a TEST token.
Strange rumors about an Ethereum engineer who supposedly “accidentally” blocked 5 ETH ($9,000 at the time of writing) for 100 years in order to create his own TEST token are making the rounds on Twitter. Some claim, however, that the story is only being made public to garner attention.
Ethereum: a programmer unintentionally blocks 5 ETH for 100 years
The weird tale of the Ethereum developer who purportedly unintentionally blocked 5 ETH (or $9,000) for 100 years while working on the development of his new TEST coin has gone viral on Twitter.
In reality, the developer allegedly made a post on the 4chan site seeking for assistance in making his first ERC-20 coin and blocking it. The real creation of TEST on the Ethereum mainnet then happened after that.
The developer should employ UNCX Network, a system for blocking liquidity tokens, a user would have soon recommended.
Consequently, the developer allegedly made the decision to provide 5 ETH and 1 billion TEST tokens as liquidity on Uniswap’s DEX, in exchange for which he was given 70,700 LP tokens. You can exchange these LP tokens for the underlying liquidity.
The Ethereum developer would then have locked his LP tokens using the UNCX Network protocol and set the expiration date to December 31, 2123, as suggested.
As a result, the tokens will be inaccessible for 100 years and cannot be utilized to exchange for the original ETH or the locked TEST tokens on Uniswap.
Ethereum: the developer’s attention-grabbing tale of locking away 5 ETH for 100 years
Other members on the 4chan forum noted that the TEST token was increasing after he revealed that he had locked $9,000 in ETH for 100 years by posting relevant links.
And TEST did so, shooting up initially to $0.006 and a $6 million market cap.
Soon after, with a $1.5 million market cap, its price fell as low as $0.0014.
However, not all users agree with the developer of TEST’s “accidental mistake” On the other hand, some apparently questioned the entire situation, alleging that it was a publicity stunt.
On 4chan, one of them posted, “This is not testnet ser,” apparently in reference to the notion that money has been frozen for too long. Then the tweets started to appear, which generated doubt about the story.
The forecast for the price of ETH
These rumors spreading among Ethereum engineers help promote discussion on the best cryptocurrency for smart contracts.
The second-largest cryptocurrency by market capitalization is currently experiencing a mild bear market, as can be seen by looking at the price of ETH on the monthly chart.
ETH is valued $1830 as of this writing. Not even close to the $2,022 touched on July 14. Some contend that the scenario will change during the second half of 2023 despite this minor price decrease.
In fact, Finder recently released its forecast for the price of Ethereum, stating that the cryptocurrency is anticipated to reach a peak in 2023 of $2,700 and close the year at a price of roughly $2,400.