The Small Graveyard of 2021 BSC Projects

In the end, the lifespan of most projects reaches an end. Here we take a closer look at some of the more popular projects that appear to have met an unanticipated demise.

By
Kyle Heise
on
December 25, 2021
Category:
BSC News

The Crypto Epitaph

Call them dead coins or abandoned projects, but the disappearance of funds and entire protocols is an all-too-familiar sight for crypto users. From rug pulls to abandonments, throughout the year of 2021, the graveyard of projects has grown large across Binance Smart Chain.

Projects small and large have faced the Great Equalizer. With over 45 major hacks on Binance Smart Chain, according to Slow Mist, It would not be a normal week without seeing a security breach affecting the life of a protocol. 

The BSC ecosystem has a reputation among crypto for smart contract vulnerabilities. The ease of ability to launch smart contracts on Binance Smart Chain has made the appearance of precarious protocols more common. Due to this, the chart rankings across the chain have been a constant scramble for the survival of protocols and the assets of users. 

In this article, we’ve highlighted five protocols that have faced a rebrand, rug pulled, or gone completely lifeless. The number of projects that have come and gone is too many to count. 

The short life span of crypto projects is a testament to the industry’s volatility as well as the sheer dynamics of operation. 

Source
  • Thugs Finance 

The Thugs Finance project was an OG project launching on Binance Smart Chain in the fall of 2020. The project was a fork SushiSwap from Ethereum and raised over 2500 BNB at the time of launch. The Thugs team barnstormed onto the scene with token names like $HOES, $GUNS, $DRUGS, and others. Despite the harsh names, the team at Thugs made a name for itself early on by having fun with giveaways and even saving assets from the Safu-Swap rug pull. Ultimately, the team at Thugs saw a need to rebrand due to the themes associated with their token names. After just a few short months as Thugs Finance, HyperJump launched as the full ecosystem rebrand. The rest is history.

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  • Kebab Finance

The rise and fall of Kebab Finance was very short-lived. The project launched at the start of 2021, hot off the stick. The native token price, Kebab, rose as high as $30 in early February of 2021. The token was flying high for a few weeks, posting several days of 24hr trading volume of over $15 million. By the end of February, the token collapsed, falling below $10. It crashed even further by March 2021. 

The token crash did not leave Kebab Finance stagnant from developments. The protocol still engaged in community outreach and solidified a few partnerships throughout the Spring. The project was a recipient of the MVB Builder award in April. By the turn of Summer, the heat on Kebab officially cooled, and the protocol looked entirely unappetizing.  With no social media activity after June and only $35,000 in Total Volume Locked in December, the project appears dead and gone.

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  • TurtleDex

TurtleDex was one of the first major rug pulls on the Binance Smart Chain. Slow and steady fell victim to fast and vicious this time around. The TurtleDex team initially raised $2.5 million in fundraising upon launch during March 2021. With audits from some reputable reviewers, everything was going swimmingly for users of Turtle. 

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Then, barely 24 hours after the launch, the all too shocking rug pull came when the team began draining the funds. The assets were liquidated from PancakeSwap and ApeSwap before being swapped to Ethereum, split into nine wallets, and distributed into oblivion on Binance. 

The shock left by Turtle’s exploit left a bitter taste on many Binance Smart Chain users. TurtleDex was audited by a few projects which left many users questioning the accuracy of audits and security reviews. The whole ordeal seemed to beckon more questions than solutions. 


  • Meerkat Finance

The Spring and early Summer on Binance Smart Chain was a common time for exploits and hacks. Protocols like Venus, Uranium Finance, Spartan Finance, and more all saw hacks in early Spring. The Meerkat Finance rug pull opened the eyes of many users on BSC to early security issues on the network.

In early March, Meerkat Finance launched with attractive APYs and quickly locked in over $31 million. The protocol declared on Telegram that they were in desperate need of help following a hack. 

The social media subsequently disappeared along with all the assets. For a further look, check out this recap of the exploit from the Youtube Junion.


  • Wault Finance

The story of Wault Finance is a journey through several trials and tribulations. The protocol blasted onto Binance Smart Chain in early Spring. From Spring to Summer, Wault Finance faced exploits, an internal coup from its marketing team during a BSC News event, and several token launches. The likes of Wault Finance seemed almost indestructible. 

The Wault Finance token was flying high in late Spring and early summer, with the token price going as high as $100. But with profitability comes attention, and in crypto large bags also attract malefactors looking to earn a quick buck. 

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Wault Finance saw itself fall victim not just to a single instance, but to the constant attrition associated with crypto. The demands of the market become too much. Even the re-brand of Wault Finance into Thorus was a gradual process as the protocol solicited community support for its transition.


Learning from Hallowed Ground

Any veteran of the crypto space knows that most projects are ephemeral. Projects in this space come and go, and Binance Smart Chain is not averse to its share of disappearing projects. Here we have surveyed some of the projects that ran into difficult predicaments and which otherwise exemplify the worst of the industry. 

The unpredictable nature of crypto projects and of decentralized finance leads to myriad projects unfulfilling their enormous visions. The annals of crypto history will little note what transpired across many of these protocols. Our duty as users in the space is to advance the best and brightest and learn from the pitfalls of the past. What is needed is a steadfast devotion towards furthering a greater crypto cause in honor of the users gravely affected by the rug pulls, hacks, exploits, and abandoned projects. 

The crypto industry, and even that of traditional finance, is full of challenges and difficulties. The crypto industry is challenging to manoeuvre with its esoteric terminology and nascent technology. The examples in this article underscore the most difficult proposition: trusting the protocol. When the protocols themselves behave so precariously, the graveyard of projects will never stop growing. 

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Kyle Heise

Born and raised in the East Bay of California. He has studied and worked on three continents and lived in eight countries. Kyle resides in San Francisco. He holds bags mostly in ETH, CRO, CAKE, and BSC meme projects.

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