SAVM increased nearly 50 times in one day. Who developed SatoshiVM?

2024-01-20 14:52

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The original author: @0xBoboShanti, Bubblemaps

The original compilation: Luccy, BlockBeats

Editor's note:

Recently, the Bitcoin ZK Rollup Layer 2 solution SatoshiVM has caused a lot of discussion on Twitter, and its native token SAVM has increased nearly 50 times on the first day of trading.

Blockchain data from Bubblemaps shows that the wallet starting with 0xe77fb sent SAVM to 250 influencers, and the top four holding addresses hold about 40% of the supply tokens. In addition, crypto researcher @0xBoboShanti investigated the developers of SatoshiVM and found that their team may come from Bool Network. BlockBeats compiled and translated the two tweets as follows:

SAVM is one of the largest projects in 2024. Many people have earned millions of dollars by selling SAVM.

@ZachXBT posted a tweet on the data media platform, stating that "when a large number of KOLs start projects at the same time, they may dump cheap tokens on you because they have allocation." According to SatoshiVM's public token economics, 15% of the supply has been sent to "contributors" (or influencers), most of whom sell the tokens immediately upon receiving them.

Additionally, @farp_farp stated in a tweet that "the only technical part of the SatoshiVM 'whitepaper' is very similar to the Scroll technical document. Are they both adapted from other sources or does it just look that way?" SatoshiVM covers all the current hot topics such as Bitcoin, Rollup, ZK, Taproot, Layer 2, etc. Therefore, it is not surprising that CT likes it.

SatoshiVM or Bool Network comes from the same team.

So who are the developers behind SatoshiVM? First, let's take a look at the SatoshiVM Github.

The organization's first submission was two weeks ago on January 5, 2024. There were 4 contributors: satoshidev1, PTOnece, 0xlagoon, and tb1p. Satoshidev1 created a Github account 2 weeks ago, while the others created their accounts 5 days ago.

Github repositories are scarce - whitepapers, yellowpapers, Blockscout branches, SatoshiVM website, and bridging and airdrop contract repositories, the latter two of which are empty.

There is definitely more information available, even the best S-tier developers cannot create a new Bitcoin Layer 2 Rollup utilizing ZK technology within 2 weeks.

Upon analyzing the activities on the Sepolia testnet, an unverified contract was discovered. This appears to be a bridge contract that allows for the transfer of testnet SAVM from Sepolia to the SatoshiVM testnet, and vice versa.

By decompiling the contract through @dedaub, unique signatures and function names can be found, with the most interesting being the repeated mention of "anchor". "receiveFromAnchor" is not a common function name, and I wonder if there are other contracts that use it.

It has been proven that Bool Network has developed an AMT bridge contract named TokenBridge.sol. It uses the same function names and events, and SatoshiVM's version appears to be its direct implementation.

Bool Network was established at the end of 2020 and has been dedicated to Bitcoin's layer 2 solutions. In 2022, they published a related academic paper, and their Github organization can be found here.

View the browser of Bool Network to confirm that SatoshiVM is using Bool Network.

One thing to note is that Bool Network supports the SatoshiVM testnet and will support the SatoshiVM development network starting from January 5th, 2024, which is a few days earlier than when SatoshiVM became known to everyone.

Bool Network browser also includes the logos of SatoshiVM development network and test network. Bool Network team needs to add these contents to display. It seems that SatoshiVM team and Bool Network team are directly connected.

Let's take it a step further.

There is no need to delve into technical details. Each bridge requires the deployment of an "Anchor" contract on its respective chain. This contract is deployed through interaction with the "AnchorFactory" contract on each chain.

View the Bool Network documentation, which provides us with the address of the AnchorFactory contract on Sepolia, indicating that the system will be deployed in May 2023. So, who deployed the AnchorFactory?

The address for deploying SatoshiVM Anchor is the same: 0x66feD255e376c5E5495384A8aBc01a1AA65aFE8a.

It seems that the SatoshiVM team and Bool Network are the same team.

Oddly enough, SatoshiVM didn't even mention Bool Network, even though they seem to be on the same team.

Bool Network does not have a token yet, although they are about to launch (for some developers, launching just one token is very difficult).

Nevertheless, I still let the readers draw their own conclusions.

If you have completed this step, you can receive some free alpha: Bool Network tokens. 3% of the token supply will be airdropped to the community, and 10% will be airdropped to participants in the testnet (airdrop to Huntooors collection). Considering the distribution and the fact that SatoshiVM accounts for 99% of all activity on Bool Network, I wouldn't be surprised if the majority of tokens are allocated to them.

250 SAVM holding addresses funded by the same wallet

According to Bubblemaps monitoring, a wallet starting with 0xe77fb sent SAVM to 250 influencers. Currently, over 1.2 million tokens worth $12 million have been received. 50% of them have already been dumped on Uniswap.

The pink collection should represent the "ecosystem" wallet. Currently, the following four wallets hold 39% of the supply: 0x7ff02, 0x42cd, 0xfdacf, 0x5aee.