According to data from the official website, the token SIMP rose to a maximum of $53.36 after the market opened. As of the time of writing, the current price is $9.56, which has fallen by 80% from its high point.

Yesterday, Simplify, an ERC-314 standard project on the Ethereum mainnet, caused heated discussion on social media after being promoted by many KOLs. According to information on its official website, the transactions of the ERC-314 project Simplify are very simple. In addition to the transactions on the official website, it can complete the purchase of $Simp by directly transferring ETH to the address, and transfer $Simp to complete the sale.

This means that Simplify avoids all transactions on the Ethereum network Infrastructure, including DEX, allows users to complete transactions with just one transfer from their wallet.

In order to allow community members to better understand Simplify’s mechanism innovation, KOL paulwei used a vivid example of an “empty soap box” to explain.

Code vulnerability controversy

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Just after everyone discovered that Simplify, the ERC-314 standard project, indeed saved gas fees, $Simp went all the way up to $53.36. That was until several community members said there was a vulnerability in Simplify’s code.

Several community members After the comments were fermented, they caused panic in the community. Simplify's official social media also stated that this was a social experiment, and the price of $Simp dropped all the way to around $9.

But a few hours later, A community member from Peking University @yicunhui2 said: "x*y at the opening and x now *y, you can find that there is definitely no problem in this regard." After many scientists checked and tweeted, it was confirmed that there was indeed no problem on this issue. Community sentiment began to turn around and prices also rebounded.

But just like this ERC-314 standard project Simplify As I said, at present, this is just a social experiment, a new ERC standard that was born not long ago, and may still have some potential risks. Compared with yesterday, Simplify's popularity has dropped a lot, and the currency price has remained around $9.

Finally, for the community, while paying attention to innovation, we should still be cautious about potential risks. After all, in this rapidly iterating market, there are too many It’s a project that became popular after losing its popularity.

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