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The Tomb Fork Saga : Chapter 10
The Walking Deadcoins: Mithrill Cash
Le Zèbre is wandering in the graveyard of deadcoins …
Roman silver coins
I left the grave of Basis.Cash, attracted by some glinting tombstone a few steps away. The stone was more eroded, as if time had already done its job on the grave. But there were some glittering letters upon it. They looked like silver …
Data was harder to find for Mithril Cash. Their website was already offline, their Medium was a strange mix of many languages …
Mithril Cash website dug from Archive.org
They had some roadmap on Twitter, but the account had not been alive since June 2021 …
And on CoinMarketCap, the price of the Mithril Share had been flatlining for a long time …
Mithril Share price on CoinMarketCap
And the Mithril Coin was at 5 cents.
Mithril price on CoinMarketSlab
Looks like this algocoin had never reached its peg.
Innovation needs low gas fees
But then again, the project had launched on Ethereum. Damned fees!!! You cannot launch such kind of experimental project when a basic call to your smart contract will cost 50$ is gas fees to your users!
Ethereum, the king of smartchains, had started the whole saga, but now, using it was so expensive that it prevented innovation.
On Fantom, transactions were so fast and cheap, that innovation could thrive. Deploying your decentralised application cost less than a cup of coffee, and your users just had to pay a few cents to use it.
6 months old is vintage in cryptoland
Looking at the contract on Etherscan, I could see that there were 16 million Mithril Cash coins in circulation. Maybe I could buy some. Not to buy the dip, but just to own some dead old coins made of Mithril. Like some old idiot would collect silver denarii from the Roman Republic.
Leaving that small cemetery, I was thinking how it would be cool to pay a coffee with Mithril coins. Maybe just the face of the waiter would be funny when you would ask him: “Hey, can I pay in Mithril coins?”
But because of these damned gas fees, the joke was just too expensive to execute. Weird how 6 months old coins can already be vintage in cryptoland.
Zombie elf holding a dead algo-stablecoin
But what about bridging the Mithril coins to the Fantom Network? People could then transfer their MIC from Ethereum to Fantom and be able to use them cheaply! The bridge would be called Moria of course.
Yeah, brilliant idea, but what if the bridge got hacked? That would be terrible. I could see the headlines on CNBC:
YET ANOTHER EXPLOIT IN DEFI !!!
The famous Moria bridge between Ethereum and Fantom has been exploited. The hacker has stolen thousands of Mithril Coins, estimated at forty-five dollars and thirty cents in total. The developers of the Moria bridge are proposing a white hat agreement to the hacker. In return for the stolen funds, he will be entitled to a salad sandwich and a pint of beer!!!
Next story: Shitcoins and Panic Selling.