Original author: 0xLouisT (L1D Partner)

Compiled by Odaily Planet Daily (@OdailyChina)

Translator｜Azuma (@azuma_eth)

Editor's note: The meme token Three Arrowz Capitel (3AC), which is based on the concept of the bankrupt fund Three Arrows Capital and has been openly endorsed by two former partners, Su Zhu and Kyle Davies, has unexpectedly become popular in recent days. Dex Screener shows that the token was once quoted at a maximum of US$0.192, corresponding to a market value of up to US$170 million.

However, Bubblemaps data shows that 80% of the token’s supply is controlled by the same cluster. In addition, according to the latest article by L1D partner 0xLouisT, there seems to be more stories behind the launch of the token worth digging into.

The following is the full text of 0xLouisT, translated by Odaily Planet Daily.

Three days ago, Su Zhu and Kyle Davies launched a meme fund Three Arrowz Capitel with a token 3AC (all 3AC below refers to this token).

Analysts on Bubblemaps quickly discovered that 80% of the token’s supply was concentrated in the same cluster (https://x.com/bubblemaps/status/1839771568953503957). Based on this, curiosity drove me to dig deeper - what exactly are Su Zhu and Kyle Davies doing? Do these former billionaires really want to revive their fortunes?

Pre-sale

On-chain records show that 3AC raised 750 ETH (about $2 million) from about 25 investors in the private pre-sale. The wallets participating in the pre-sale are closely related to the Milady team, the Bobo team (@bobocoineth), jez (@izebel_eth), ctrl (@maybectrlfreak), Pandora (@Pandora_ERC 404) and the OX.FUN team.

issued

The launch of the 3AC token is interesting.

The team divided all the private placement funds roughly into two parts. On one side, 317 ETH (about 850,000 US dollars) was allocated to the liquidity pool of Uniswap V2, with a lock-up period of one year; the remaining 336 ETH (880,000 US dollars) was scattered among eight wallets, which belonged to the team that had targeted 3AC for its launch in the early days. Most of these wallets currently have profits between 10 and 30 times the cost basis.

In addition, there is a sniper address worth paying attention to, and the information of this address may have been leaked by an insider. This address used BananaGun to grab 3AC worth $320,000, which soared to $1.23 million at its peak. It cashed out at the peak, but later changed its mind and re-bought the same amount of tokens a few minutes later. Now, those 3ACs worth $1.23 million have fallen by more than 50%.

Token Economic Model

If you think the token chip data of "low circulation, high FDV" is quite bad, then 3AC's token chip structure of "low circulation, high conspiracy" is even more exaggerated.

In addition to the eight wallets mentioned above that snatched a large amount of token supply in the early stage, 3AC also allocated 50% of the supply to itself (address: 0x9aA17AF45fE866f88A9a82Eb55fA250c2fF43597).

The token also imposes a 1% transaction tax on each purchase and sale, and all collected taxes are remitted to a tax address (address: 0x9B427aC936B8B25266Cd9DA54C667A8ba2353C5B), which has accumulated more than 7% of the total supply of 3AC tokens.

A few hours ago, most (but not all) of the tokens in these wallets were consolidated into a main team and insider wallet (address: 0x60244d0DD5FDebE73E2E25577d78Ad1Ad07f2430).

At this point, we can briefly summarize 3AC’s token economic model. In the figure below, the team and insiders’ shares are marked in red, and the community and liquidity shares are marked in green.

  • 8% community;

  • 8% liquidity;

  • 84% team and internal staff;

Pre-sale participants have already started receiving their 3AC token allocations, with initial token allocations ranging from $25,000 to $100,000. To their credit, less than 25% of pre-sale participants have sold their initial allocations. Despite this, some pre-sale participants have cashed out multiple five-figure sums.

It’s not hard to see at this point that buying 3AC means you need to choose to trust a small group of insiders who control more than 84% of the supply, which is why some people call it a “cabal token.”

The choice is yours whether to take part in this gamble.