Snowdog
Rug PullDeFi · born 2021 · ✝ 2021
An eight-day OHM fork that 'rebased to riches,' then collapsed.
Snowdog was an Avalanche fork of the OlympusDAO model that promised an explosive eight-day buyback finale. When the buyback fired in 2021 the price cratered and contract activity drained roughly $18.1M from participants.
- Peak
- ~$18.1M lost
- Cause
- Rug Pull
- Year of death
- 2021
☠️ Cause of death
The hyped buyback event was front-run and drained via the project's own contracts, collapsing the token and leaving late entrants with near-worthless holdings.
📓 Lessons left behind
- —High-APY rebase forks are exit-liquidity engines.
- —A scheduled buyback is a scheduled dump for insiders.
- —Inspect who can drain the treasury contracts before aping in.
🌱 The idea that survived
Tokenomics scrutiny
Reminded investors to model who profits when a hyped 'finale' mechanism actually triggers.
#defi#rug#ponzinomics#avalanche