Gifto's Nightingale: The rise and fall of the first Binance Launchpad project

The Nightingale's Wings (1): The Nightingale's Wings

"The little boy pointed to the child's PAC-MAN game console in the distance: 'Mom, what is that? I want to play it too!'"

On a quiet night in April 1985, a Sichuan boy was holding a one-way flight ticket to New York at Beijing Capital International Airport. He was only 10 years old at that time and his name was Tian Xingzhi. At this moment, he didn't know that the journey he was about to embark on would completely change his life trajectory. In 20 years, he will return to his hometown as Andy Tian and set off a storm in China's game industry.

Andy has been very smart since childhood and has excellent academic performance. She has overcome all difficulties and was admitted to MIT to study computer science. After graduation, he joined Boston Consulting Corporation (BCG) to provide strategic consulting for China's telecom operators and local banks. With his understanding of Chinese and Western cultures and a keen insight into technological trends, his proposal has been praised by customers.

In 2005, Andy ushered in an important turning point in his life. At that time, Google China was recruiting troops, and Andy was recruited with his experience in mobile Internet and served as the head of the mobile business. During his tenure, his most important achievement was to assist Android father Andy Rubin, introducing Android system and development framework into the Chinese market, laying the groundwork for the subsequent outbreak of the mobile Internet.

During his years at Google, he witnessed the rapid expansion of China's Internet. The popularity of broadband, the decline in Internet fees and the sharp increase in netizens made him keenly aware that social games will have huge growth potential in China. Although he is promoting relevant plans within Google, his ideas are difficult to quickly implement due to the pace of the company's global strategy.

In 2008, Andy chose to leave Google and joined "Siped Information Technology (Beijing) Co., Ltd." founded by his friend Robin Chen, focusing on developing social games on the web. The so-called "social games" are lightweight interactive games that rely on social platforms (such as Facebook and the school network). At that time, China was in the forefront of the rise of social networks, and users gathered quickly, providing a natural traffic soil for social games.

After the 2008 Beijing Olympics, global investors have taken the spotlight on China's technological potential, and the "Copy from US, Made in China" model has become mainstream. With its efficient product execution, Hipped launched a number of social games and achieved success. Among them, "Medical Mayhem" launched in 2009 attracted more than 2 million players in just two months after it was launched, and it has accumulated 100,000 fans on Facebook.

Zynga, soon noticed this new star in the East.

Zynga is a social game company founded in San Francisco in 2007. It focuses on Facebook and MySpace platforms. Most games are characterized by rapid iteration, strong social stickiness, and precise paid user matching. By 2009, it had six seats in the top ten Facebook game rankings. With the launch of the IPO process, Zynga has set its sights on emerging Asian markets, especially China and India.

In 2010, Zynga officially acquired Hipped and appointed Andy as the head of Zynga China. In those years, he was at its peak and frequently appeared in industry summits such as ChinaJoy, becoming the "game boss" among everyone.

But the wind direction quickly changed. First, after the school network was acquired by Renren.com, it began to restrict third-party games; secondly, China's mobile Internet has developed rapidly, and users have gradually shifted from PC to mobile. Zynga China's development has encountered a bottleneck.

In 2013, Andy chose to leave again and joined hands with Ouyang Yun to establish Asia Innovation Group (AIG), which was the parent company that later incubated Gifto. 2013 to 2014 was the peak period of China's mobile Internet outbreak, and the financing market was booming. With her glamorous resume, Andy completed financing from seed turn to A round in just one year. The A-round investor, KPCB, is one of the early investors of Zynga.

AIG launched its first product, "Bump" in June 2014 - a mobile social game based on LBS positioning. Although it has not made a big hit in the Chinese market, it unexpectedly topped the second place in iOS in Malaysia. Andy realized that it may be more advantageous to create "Chinese-style social products" for the Southeast Asian market.

The "Bump Bean" in "Bump Bean" can be used to exchange chat bubbles, backgrounds, VIP services, etc. in the mall. The "People Nearby" entrance on the home page also built a "mobile social relationship chain" for it. "Going overseas" has become the keyword of AIG. The team quickly deployed the multilingual version, obtained good feedback in Vietnam, Indonesia and other places, and completed a US$17 million Series B financing at the end of 2014.

With sufficient financing, AIG has launched the strategy of "burning money for market" and has been simultaneously invested in many countries. However, because the product failed to accurately hit the user's pain points and the layout was too scattered, the actual conversion effect was not ideal. At the same time, mobile gaming popularity gradually faded, capital turned to the O2O field, and AIG's subsequent financing was frequently blocked.

Andy is well aware of the financing rhythm. Since 2013, it has been relying on expanding the market size in exchange for a new round of financing, and then investing in the market to drive user growth. But weak business revenue capabilities have always been a fatal shortcoming. In 2015, WeChat rose strongly, the traffic of traditional social platforms plummeted, and AIG's growth model gradually failed.

In order to maintain traffic monetization, AIG began to try to import marginalized content and light gambling products, but the returns were meager.

The idea of ​​transformation was quietly brewing in Andy's heart.

The Nightingale's Sorrow (2): When you come, every step counts

As early as early as 2015, Andy began to contact the live broadcast industry with Beijing in Shanghai. At that time, he was still waiting and watching, and never expected that this would become a turning point in AIG's fate. With the emergence of platforms such as Yingke, Douyu, and Panda TV, the live broadcast industry shocked the entire industry with a monthly turnover of over 10 million or even hundreds of millions. This scene is very similar to the long-lost "monetization killer" in the social industry. For a moment, the wind was howling, and major platforms and capital flocked in, causing a thousand waves.

AIG also quickly entered this wave.

In mid-2015, domestic live streaming competition has become increasingly fierce, and the venture capital circle has begun to set off a "tide of overseas travel" and seek a new growth curve. At this time, AIG's deep cultivation in overseas markets many years ago finally came into use. As a "Chinese-style social app" with a stable overseas user base, coupled with the concept of "live streaming", AIG has once again gained favor from capital - in October 2015, it successfully won US$7 million in B+ round financing. Although it shrank by two-thirds from the previous round, the funding ensured that they remained at the table.

This time, Andy bet right.

In 2016, it is known as the "first year of live broadcasting" in China. Countless platforms and anchors have sprung up like mushrooms after a rain, and the capital tide is surging and it is very lively. But Andy knows well that AIG has neither the first-mover advantage at this moment, nor the capital and resources to confront giants such as Inke, YY, and Douyu. Therefore, in July 2016, when Uplive went online, Andy decisively placed his main battlefield overseas, locking in Taiwan, the Philippines, Vietnam, Thailand, Malaysia and Indonesia.

Uplive continues the "Copy from China" style, replicating the classic routines in the field of live broadcasts in China one by one: dancing, private chat, playing edge balls, and making gifts crazy... taking turns to play. In the eyes of Southeast Asian users, these gameplays are simply a new experience that breaks the world view - "Wow, can we still play like this?" Uplive was the first to bring the "anchored guild system", "fan economic system" and "volume-brush industry chain" to Southeast Asia, completely subverting the local Internet entertainment ecosystem. Especially the "Anchor Training Camp", it is a dimensional reduction blow, directly burning the CPU of many Southeast Asian novice anchors to smoke.

In terms of product mechanism, Uplive continues the "bump" virtual points system. Users recharge to obtain "points" and are used to redeem virtual gifts to give to the anchor. The anchors have improved user stickiness by promising private chats, customized videos and even offline meetings, guiding the amount of brushes, forming a strong "instant satisfaction" closed loop. This point system will also be transitioned to the blockchain in the future. Please click here to not list.

According to official Podcast data:

“Since its launch in June 2016, the Uplive community has grown to 20 million users in over 100 countries, and the platform generated over $100 million in revenue in 2017 (Over 25 million virtual gifts were purchased and sent on Uplive during the month of September alone).”

As of the end of 2017, the Uplive platform had more than 60,000 active anchors, and the total revenue exceeded US$100 million. According to the 20:80 share mechanism between the platform and the anchor, the platform's annual gift revenue was about US$500 million. On average, each anchor contributed $8,300 in revenue to the platform. What is even more surprising is that the platform's male and female user ratio is as high as an astonishing 9:1.

The essence of a live broadcast platform is a business with dual technology and policy thresholds. In addition to requiring high concurrent video transmission and high server bandwidth costs, it also reaches trust and tacit understanding with local supervision. In addition, how to continuously introduce and motivate top anchors and incubate new anchors is also a key task in the content operation side.

After half a year of testing, Uplive has gradually focused on content production in Vietnam, Taiwan and the Philippines - not only because of the relatively loose regulatory environment and high efficiency in deposits and withdrawals, but also because anchors in these three regions have both "appearance advantages" and language affinity, and can cover the entire Southeast Asian users and Chinese groups.

After taking shape overseas, Andy once again put "financing" on the agenda. But this time, he didn't plan to follow the old path. The wind of blockchain is blowing, and an attempt with greater ambition is brewing.

The Nightingale's Sorrow (3): The Beloved of the Times

2017 was the year when the ICO broke out. That year, it was not that brave people enjoy the world first, but that overseas Chinese enjoy the world first

• Andy Tian, ​​the darling of that era.

In the summer of 2017, Andy reunited in Saigon, a friend he met in the United States, Charles Thach (Vietnamese, later Gifto's chief crypto officer). The Charles family has a prominent position in Vietnam and has a wealthy family. When he was a child, he was sent to the United States by his family to study. After graduation, he traveled on Wall Street and gradually accumulated rich investment experience. In 2015, Charles began to engage in Bitcoin and successively invested in some blockchain projects.

Between 2016 and 2017, the ICO (initial token issuance) boom swept the world, and a number of hot projects emerged in Asia, with financing amounts of tens of millions of US dollars. Charles keenly realized that if Uplive can be packaged and ICO, the prospects will be unlimited. At that time, China's P2P lending industry was experiencing frequent storms, and venture capital funds were no longer hunters blindly chasing the trend. The domestic live broadcast industry gradually formed a situation of "three parts of the world", and competition became increasingly fierce. It was under this double pressure that Andy and Charles came together.

In this regard, Gifto, a project with blockchain technology as the underlying layer and cross-social platform content contributor reward mechanism and mall system as the core, began its journey.

“GIFTO, meaning the ‘gift protocol’, is a common protocol built on the Ethereum blockchain. GIFTO provides an autonomous and self-sustainable system for creating, curating, buying, sending and exchanging virtual gifts across major content platforms around the world such as Facebook, Instagram, YouTube, etc. Any content creator can customize and trade these virtual gifts, which can be purchased by selling tokens.”

AIG at that time faced three difficulties. The first is technology, AIG does not have enough blockchain technology reserves; the second is endorsement, and the third is policy risks. In order to make up for the technical gap, Charles found William Nguyen as the project's encryption technology expert, and through his introduction, he contacted a group of blockchain technology talents including Kyber founder Loi. At the same time, Gifto established a R&D center in Vietnam, and Andy also lets the backbone of the team learn related technologies in the China office. In order to enhance the technical strength of the project, Gifto also invited big names in the blockchain field such as Loi and Jae Kim to serve as consultants, indirectly endorsing the project's technical expertise.

China's policy attitude towards ICO is not clear. Although its nature may be suspected of illegal fundraising, the market is still booming due to no official clear characterization. Taking into account future operational development and financing needs, Andy decided to set up Gifto's coin issuing entities in the Cayman Islands, and set up companies in Hong Kong and Singapore to operate projects. He also invited Yingyu, who was then TAYLOR VINTERS VIA, as the project's legal counsel to ensure that the project appears more "compliant" in terms of organizational structure.

Most of the ICO markets in 2017 remained on a white paper and an empty decentralized ideal, and there were only a handful of projects with actual products, application scenarios and user data. Uplive, or Gifto, has once again achieved a "dimensionality reduction strike" on the industry at this point. Once the project was launched, it immediately attracted high attention from the market. According to a public press release, Gifto announced in December 2017 that it had received support from 11 top VCs including Pantera, BlockVC, Node Capital, and Signum Capital, with an institutional round of financing of US$20 million. From the perspective of project progress, actual financing should occur in October or even September.

In addition to the jaw-dropping financing results, Gifto's advisory group list is also extremely dazzling, including Shen Bo of distributed capital, Loi of Kyber (at that time, Kyber's financing amount reached US$52 million), former Google executive Tom Duterme and Neo's Xu Yiji, as well as Andy's own aura of successful entrepreneurs, as well as Uplive's dazzling user data and actual implementation scenarios. All of this has brought Gifto's momentum to its peak.

ICOs in 2017 are usually divided into two stages: private equity round and public equity round. The operation of the public offering round is usually the project party will publish a wallet address, and investors can participate in investment by transferring ETH. They usually set a hardcap, that is, after the fundraising reaches the upper limit, the excess will be returned proportionally. Gifto's hard top is US$30 million, the private equity round has completed US$20 million, and the public equity round is set to a quota of US$10 million. The investment conditions of the private equity round are open and transparent - starting from 300 ETH, investing 200,000 US dollars can enjoy a 10% discount, and the position is locked for half a year; the team's tokens will also be locked for 2 years, and there is no limit on the public equity round. 30% of the tokens are used for fundraising and sales, the team and consulting team will receive 40% and the company will receive 30% of the tokens.

With the support of front-line capital such as Pantera, Gifto's Telegram group discussions were enthusiastic, and Andy's media interviews and exposure were also intensive and high-frequency. While everyone is eagerly looking forward to it, Gifto's public offering has entered the countdown.

However, the turning point of fate quietly came. On September 4, 2017, a day after the currency circle was recorded in history. The People's Bank of China and seven ministries and commissions issued the "Announcement on Preventing the Risk of Token Issuance Financing", which clearly prohibits any form of ICO activities and characterizes them as illegal public financing. Just 11 days later, on September 15, the Beijing Internet Finance Regulation Team summoned the heads of each virtual currency platform and asked each platform to immediately stop all virtual currency transactions and stop registering new users.

The thousands of glory of ICO are fleeting.

For Andy, it was undoubtedly a huge blow. Although Gifto is backed by the name of an overseas live broadcast platform, its community users are mainly concentrated in China. Faced with such a sudden policy change, Andy's situation became extremely embarrassing. Fortunately, Gifto has not issued tokens and launched a trading platform, and it has also made plans in overseas markets.

On that September night, AIG executives gathered at the Ritz-Carlton Hotel in Hong Kong to discuss subsequent public offering plans with private equity investors. According to insiders' recollections, Andy met CZ in Shanghai and made a bridge through Shen Bo's matchmaking, which led to the first fundraising of IEO in the history of crypto.

At this time, Binance is facing unprecedented challenges and urgently needs a breakthrough to prove itself. At the same time, it also needs to show the "function" of BNB tokens and its wealth password. Gifto is this perfect touchstone. With its strong overseas project background and Chinese community foundation, coupled with the endorsement of top VCs, and the support of Binance as a public offering platform, the effect of the strong alliance is tingling.

On December 11, 2017, 10 days after Andy's birthday, Binance announced that it would publicly place Gifto tokens on December 14. The public offering target is US$10 million, and it accepts a quota of US$5 million each of ETH and BNB.

At 7 p.m. Singapore time on December 14, 2017, the information from Gifto's official telegram group was so dazzling that even his eyes could hardly keep up with the pace of flashing. Official voices and scammers are linked one after another, and there are also many fraudulent links that impersonate Gifto's official website. The telegraph community in Binance is also full of liveliness, and everyone is looking forward to this moment.

At 8 o'clock, the moment the public offering began, Andy's heart rose to his throat. The hard work for so many months was finally coming to an end. The credit limit is like the autumn wind sweeping away fallen leaves, and it is sold out in an instant. The team is still working hard to refresh the page, wanting to confirm whether it is dazzled by itself. Even in the atmosphere of tension and expectation, Andy could still feel an unprecedented anxiety, and success was within reach.

In the end, the oversubscription rate was as high as 1066 times. (Although Binance did not mandate KYC at the time, this figure still reflects the popularity of Binance's strong community and Gifto.)

After the public offering was completed, Binance decided to launch GTO tokens in advance and officially traded on December 18, 2017. On the day of launch, GTO's price soared by 10x. This belated gift happened to be delivered on Andy's 42nd birthday, marking a new climax of Gifto's career.

I saw Chang'an Flower again one day, but that's it

The Nightingale's Sorrow (4): The Nightingale chasing the Sun

Those who chase the sun will eventually burn

The morale of the Gifto team, who had just tasted the fruit of encrypted victory, reached an unprecedented level at this moment. In the eyes of high attention of the market, Gifto successfully "recommended" Binance, and since many people in the public offering round failed to get on the bus in time (this may also be related to Binance's early closure of the public offering channel), this enthusiasm continued until the listing of GTO.

It took only 4 months to complete a $30 million financing - this achievement is undoubtedly a subversive and crazy for Andy and the team. You should know that the three years from the establishment of AIG in 2014 to 2017, the financing amount reached US$20 million, and the equity cannot be circulated. All this seemed to open the door to a new world - it turned out that in the crypto world, funds were so easy to obtain.

In the days that followed, Andy and Charles began to use their influence to become consultants for multiple projects or participate in the private placement round. According to the restrictions on public information, Andy served as a consultant for projects such as Carbon Grid Protocol, http:// Boosto.io , DACC and Media Protocol in the second and third quarters of 2018 alone. (The consultant fee standard at that time was 1% token)

Charles is the head of foreign investment of Gifto and Krypto limited. At that time, Gifto teams were present in well-known projects in Southeast Asia, and the investment amount was generally around hundreds of thousands of dollars. Most ICO projects are in the early stages, and Gifto lacks formal processes (no due diligence, investment committee voting, post-investment management, etc.), and adopts extensive management. The usual practice is to pay attention to the popularity of the project and invest money after an acquaintance, and sometimes there is not even a contract. Later, there were too many investment targets, and Charles himself could not remember which projects he had invested in.

In addition to investment business, exchanges have also become an important attempt. Perhaps inspired by Binance's success, the Gifto team is eager to enter the exchange business. Therefore, Charles and William formed a team in Vietnam (not sure if they were instructed) to create a brand new exchange -Kryptono Exchange (closed in 2019). Kryptono was backed by the NEM ecosystem at the time when it was launched. Perhaps because Lon Wong, the former chairman of the NEM Foundation, was stationed in Southeast Asia, and Andy had more intersections with him. Kryptono was officially launched in June 2018 and has quickly attracted a large number of local Vietnamese and Filipino users through its unique currency listing strategy. Subsequently, Kryptono took advantage of the situation to launch the platform coin KNOW. One detail is that at that time, the NEM tokens had monthly airdrop plans, that is, users holding the token would receive a certain proportion of tokens as rewards in the next month, which is equivalent to the earliest staking pledge. Judging from the feedback from the Telegram group at that time, the Kryptono team was even suspected of being a loser in investment funds.

Despite his side job, Andy did not give up on Gifto. In fact, Gifto can be said to be one of the pioneers of NFT applications. As early as February 2018, famous photographer Kevin Abosch cooperated with Gifto to launch the "Forever Rose" (Eternal Rose), using the Gifto blockchain universal gift gift agreement to make the rose photos taken by Kevin into a unique blockchain virtual gift. Eternal Rose has become the world's first blockchain artwork. With the help of blockchain technology, it has become the world's only, tamper-free, replicable and permanent value-preserving. The blockchain rose was priced at $1 million in 2018, and it has also become the target of media coverage.

At the same time, Gifto frequently releases new business news, and GTO's performance in the secondary market is also quite good. In addition to Binance's strong rise, Gifto, as the "first person" of Binance Launchpad, has received a lot of traffic.

All this seems to be moving in a good direction, but in fact, all this is just a trap set by the crypto market for optimists.

The Nightingale's Sorrow (5): Cold Winter, Scorched Earth, Rebirth, Sigh

When the music stops, all that is left on the dance floor is the embarrassing self.

In the second half of 2018, the currency circle entered a state of deep bear decline, market liquidity dropped sharply, Bitcoin price also halved from highs, and the price trend of altcoins plummeted. The momentum of investing was so high that it became dull in a blink of an eye. Most investments have been wasted, and the path of the secondary market—issuing business news, rising secondary markets, and selling coins—has gradually become invalid. Gifto has not made many breakthroughs in its business and has always relied on subsidizing users. As the dividend period of the live broadcast industry peaked in 2018, China's live broadcast platforms went overseas, and the so-called model advantages gradually disappeared, and user growth and operation data were declining.

At the same time, the exchange business has also fallen into a downturn. After Kryptono went online, although it had experienced a wave of user carnival, due to the lack of continuous user growth, coupled with the absence of institutional market makers, and the liquidity was seriously insufficient. The exchange fell into a vicious cycle of no new coins listed, unable to attract users, and shrinking trading volume. In the end, it had to bet on the market with users, resulting in losses. Although Gifto actively cooperates with the big ecosystem, there is still no substantial breakthrough. As early as October 2018, Kryptono cooperated with EOS, TUSD and TRON, but due to the poor market environment, these cooperation did not produce the expected results.

On July 8, 2019, crypto exchange Kryptono posted its last tweet, and the entire website was then attributed to 404, the Telegram and Discord groups quietly disbanded, and the team members "disappeared". Users have no way to seek help, and the community is full of confusion and helplessness. Fortunately, most users are "wool parties", but for those projects that have worked with them and provided liquidity, this unexpected disappearance is tantamount to a fatal blow.

And just before that, Andy Tian’s Twitter had no update since January 3, 2019.

In the cold temperature of the crypto cold winter, the Gifto team chose the most extreme method - a hero cut off his arm and responded to the collapse of the market with a scorched earth policy. They closed almost all external windows, from the official website, Twitter to Medium, GitHub, and Reddit, and all the time was silent. Since then, Gifto has entered a three-year "hibernation".

From 2020 to 2021, the entire GTO project is in a near-death state. In April 2021, an article published on Medium by the GIFT team explicitly listed Gifto as a "dead/inactive" project. This is not a joke, but a qualitative characterization of its public state.

To make matters worse, in mid-2021, the original Gifto official Twitter account ( @Gifto_io ) was hacked and began to publish a large amount of content similar to GIFT projects, with the intention of phishing or confusing the public, further disrupting the confidence of the market and coin holders.

At that time, Gifto had become a project with chaotic management, out of control of channels, and no use scenarios for tokens. Three versions of Medium pages can be found on the Internet. The original whitepaper has been removed, the AIG official website is closed, and http://gifto.io is inaccessible . All of this implies: Gifto, this brand, is likely to have changed hands.

In 2022, with the rise of the Metaverse wave, Gifto reappeared in the public eye as a new identity as "Gifto Metaverse", seemingly trying to find a new story for his "resurrection from the dead".

On December 29 of the same year, Gifto announced that Poolz founder Guy Oren joined the project as a consultant. Soon after, in January 2023, Poolz announced a strategic investment in Gifto, with a total amount of up to US$2.5 million - the first time the project has received a new injection of funds since the 2017 ICO.

Is this one of Binance Labs’ “Tutorial Revitalization” programs? There are many different opinions in the community. After all, Binance doesn't want the star project that started Launchpad to end up in a "corpse-like situation". But outsiders have no way to know the truth behind it.

In January 2023, Gifto officially announced token swaps, upgraded the original GTO to GFT, and clearly stated that the new tokens will only be issued on BNB Chain. Binance also announced support for the upgrade on January 15.

However, God will do something to others. Just as everyone was intoxicated with the second spring of the project's "restart", on February 6, 2023, Andy Tian died of a sudden rescue at his home in Beijing due to ineffective rescue.

This time, the "eternal rose" can only bloom in my thoughts.

On February 8, two days after Andy's death, GFT officially launched Binance. Under the brief stimulation of the "Metaverse" narrative, GFT once led the market, but unfortunately Andy can no longer see this glory of veterans.

The Nightingale's Sorrow (6): Squeeze the last decent

The time is coming to November 2024. Due to the lack of any substantial business support, the GFT market is just a flash in the pan, leaving only the urban legend of the team cashing out. There are too many negative voices in the community.

On November 26, 2024, Binance announced that it would remove GFT. Two days later, on November 28, everything went out of control - the official GFT unilaterally minted 1.2 billion tokens on the BNB chain, equivalent to 120% of the original circulation.

Some people say that this behavior is a "Vietnam" operation, which is technical, and outsiders have no way to know. The new tokens were then quickly transferred to multiple centralized exchanges, causing shock in the community, which is simply unheard of. The famous on-chain detective ZachXBT disclosed the operation on Twitter, calling it a "unprecedented operation".

https:// x.com/zachxbt/status /1861978997376069918 …

Faced with public outrage, Binance announced on November 29 that it would immediately stop the recharge of GFT, but it was useless. Under pressure from public opinion, Binance has advanced the removal time from December 11 to December 3 in an unprecedented way. This is the first time in the history of the Binance Exchange that the project party has removed the shelves in advance due to the manipulation of circulation.

Gifto is the first Binance Launchpad project and the first to be removed from the shelves in advance.

GFT's official Twitter account will also be suspended on November 29, 2023. That tweet about "Why do we issue additional issues" became the last last words of this account.

postscript

Even though it has been removed by most platforms, Gifto seems to be unwilling to end.

On February 28, 2025, GFT officially announced a merger with another project called GOTG, and all GFTs will be redeemed proportionally to new GOTG tokens.

On April 12, GFT official further notified: Due to "security reasons", all GFT tokens must be redeemed before April 30, and will not be overdue.

This operation seems familiar. Familiar taste, different recipes, but the results are still the same. A Web3 project that was once highly anticipated disappeared from the end of people's trust.

This article is only used to mourn the way the veterans came

Every step in the crypto world was once the path that veterans took

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