SatoshiVM is a ZK Rollup that uses EVM for off-chain calculations, which means users can interact with SatoshiVM in a similar way to Ethereum, and developers can build on SatoshiVM just like on Ethereum. This article is sourced from an article by @0xBoboShanti and Bubblemaps, and is compiled, translated, and written by Blockbeats.
Table of Contents
Be aware of on-chain detectives warning of dumping
SatoshiVM may be from the same team as Bool Network.
250 SAVM holding addresses funded by the same wallet
Recently, Bitcoin ZK Rollup Layer 2 solution SatoshiVM has sparked discussion on Twitter, and its native token SAVM has experienced nearly 50 times increase on its first day of trading.
Blockchain data analysis by Bubblemaps shows that the wallet starting with 0xe77fb sent SAVM to 250 influencers, and the top four holding addresses hold approximately 40% of the token supply. In addition, crypto researcher @0xBoboShanti investigated the developers of SatoshiVM and found that their team may be from Bool Network. BlockBeats has compiled and translated the two tweets as follows:
SAVM is one of the biggest projects in 2024. Many people have earned millions by selling SAVM.
On-chain detective @ZachXBT warned on a data media platform, “When a large number of KOLs start projects at the same time, it is likely that they have allocated and dumped cheap tokens on you.”
According to SatoshiVM’s token economics, 15% of the supply has been sent to “contributors” (or influencers), most of whom immediately sold the tokens upon receiving them.
Furthermore, @farp_farp said in a tweet, “The only technical part of SatoshiVM’s ‘whitepaper’ is very similar to Scroll technical documents. Are they adapted from other sources or does it just look like it?” SatoshiVM includes all the hot topics of the moment: Bitcoin, Rollup, ZK, Taproot, Layer 2, etc., so it’s not surprising that the CT likes it.
So, who are the developers behind SatoshiVM?
First, let’s take a look at SatoshiVM’s Github.
The organization’s first commit was two weeks ago, on January 5, 2024. There are four contributors: satoshidev1, PTOnece, 0xlagoon, and tb1p. Satoshidev1 created the Github account two weeks ago, while the others created their Github accounts five days ago.
The Github repository is sparse – whitepaper, yellowpaper, Blockscout branch, SatoshiVM website, and bridge and airdrop contract repositories, the last two of which are empty.
There must be more information. Even the best S-tier developers cannot create a brand new Bitcoin Layer 2 Rollup utilizing ZK technology within two weeks.
Analyzing activity on the Sepolia testnet reveals an unverified contract. It seems to be a bridge contract that allows the transfer of testnet SAVM from Sepolia to SatoshiVM testnet, and vice versa.
Decompiling the contract by @dedaub reveals some unique signatures and function names, with “anchor” mentioned multiple times. “receiveFromAnchor” is not a common function name, and I wonder if there are other contracts using it.
It turns out that Bool Network has developed an AMT bridge contract called 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 long been committed to Bitcoin Layer 2 solutions. They published a related academic paper in 2022, and their Github organization can be found here.
Viewing Bool Network’s explorer, we can confirm that SatoshiVM is using Bool Network.
One thing to note is that Bool Network supports SatoshiVM testnet and has supported SatoshiVM development network since January 5, 2024, which is a few days earlier than when everyone else knew about SatoshiVM.
Bool Network’s explorer also includes logos for SatoshiVM development network and testnet, which the Bool Network team needs to add to display. It appears that the SatoshiVM team is directly connected to the Bool Network team.
Let’s go further.
Without delving into technical details, every bridge requires the deployment of an “Anchor” contract on its respective chain, which is deployed through interaction with the “AnchorFactory” contract on each chain.
Viewing Bool Network’s documentation, they provide us with the address of the AnchorFactory contract on the Sepolia testnet, showing that the system was deployed in May 2023. So, who deployed the AnchorFactory?
It is the same address that deployed the SatoshiVM Anchor: 0x66feD255e376c5E5495384A8aBc01a1AA65aFE8a.
It seems that the SatoshiVM team and Bool Network are the same team.
Strangely, SatoshiVM doesn’t mention Bool Network at all, even though they seem to be on the same team.
Bool Network also doesn’t have a token yet, although they are about to launch (it’s difficult for some developers to launch only one token).
Nevertheless, I’ll let the readers draw their own conclusions.
If you have made it this far, you can get some free alpha: 3% of Bool Network token supply will be airdropped to the community, and 10% will be airdropped to testnet participants (airdrop Huntooors collection).
Considering the distribution and the fact that SatoshiVM dominates 99% of the activity on Bool Network, I wouldn’t be surprised if the majority is allocated to them.
According to Bubblemaps monitoring, the wallet starting with 0xe77fb sent SAVM to 250 influencers. Over 1.2 million tokens have been received, worth $12 million. 50% has already been dumped on Uniswap.
The pink collections should represent “ecosystem” wallets. They are currently unlocked, and the following four wallets hold 39% of the supply: 0x7ff02, 0x42cd, 0xfdacf, 0x5aee.
Two other collections are yet to be checked.
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