@bonsai$BONSAI is dead; long live $IASNOB

# $BONSAI is dead; long live $IASNOBThe bad news is we got hacked. One small mistake and a targeted wallet drainer was able to steal all of the liquidity positions for $BONSAI including ~57 million coins across Lens and Base.This incident is very regrettable, especially for a team that has never had a security exploit or incident in their 5+ years of working in crypto; but the only true mistakes are the ones you make twice.The first piece of good news is that no other wallets, token balances, smart contracts, frontends, or products have been compromised. The incident is fully contained to a single wallet that was drained.The second piece of good news is that this gives us a chance to do a full reset on the project.The truth is, Bonsai lost its momentum over a year ago and - like 99% of meme coins - never ever recovered. All attempts to revitalize the project since then were unsuccessful and have only seen worsening distribution and liquidity dynamics making the project even less desirable to buy into no matter the support of the community or the products being developed.Today that changes.We just launched a new token $IASNOB - exclusive to LC - and it’s being airdropped to your wallets 1:1 matched with your $BONSAI balance (snapshot taken 8/27). Team balances (4 unique wallets) have been reduced by about 46% so that the total airdrop comes to exactly 500 million tokens. The remaining 500m are deposited into a new pool, available to trade on [oku.trade](https://oku.trade/?inputChain=lens&inToken=0x6bDc36E20D267Ff0dd6097799f82e78907105e2F&outToken=0x302AC2BF6D20572F125e21bEB83e5a4e5F1Fe4B5) for a total supply of 1 billion.CA: 0x302AC2BF6D20572F125e21bEB83e5a4e5F1Fe4B5https://explorer.lens.xyz/address/0x302AC2BF6D20572F125e21bEB83e5a4e5F1Fe4B5The $IASNOB pool is initially launched as a one sided pool, ranging from a starting price of 0.0001 GHO to 10 GHO and all liquidity is locked for a year - [this is the contract](https://explorer.lens.xyz/address/0x2dFFcD1E66E67DA79210263288d971B2BF41BECC#contract) where the LP position is locked.Updated security measures include new separation of admin wallet keys. In addition to the liquidity lock, the admin wallet that was on our server has been replaced with an executor address that has execution scope limited strictly to the liquidity release function on the launchpad meaning that even if it was leaked again the fallout would be inconsequential. All owner and custody permissions have been rotated to new keys that are stored solely in cold storage environments.The current launchpad will be live until early next week, at which point it will be fully migrated to $IASNOB.$BONSAI is dead; long live $IASNOB.

@bonsai$BONSAI is dead; long live $IASNOB

The Burn is complete 🔥🔥🔥359M $BONSAI tokens (35.9% of the supply) have been burned. Fun fact: $BONSAI is number 3 on the burn address top holdings.
https://polygonscan.com/tx/0x911344e98188037e066c0fb38ae66feeaea81de3c502ed936292c4c3743d737cThe OG memecoin on Lens has been returned to the communityNo more utility, only a (non-funny) memecoin with great loreFinal housekeeping and next steps
1. The Bonsai app will be kept alive, so users can bridge/stake/unstake their tokens.
2. No more staking incentives
3. We will remove the Studio and AI generation logic as that incurs unsustainable maintenance costs.
4. The memecoin launchpad will remain active, and we’ll open-source the codebase so any builder can pick it up and create the next great launchpad for Lens.Targeting the end of this week for the Bonsai app to go back to being simply a launchpad and open-sourcing the codebaseWherever Lens goes next, $BONSAI will be there 🌳🫡

@bonsai$BONSAI is dead; long live $IASNOB

After a couple pivots and many discussions, we’ve come to the conclusion that the best chance $BONSAI has is for it to return to being simply a community token.This means we are no longer supporting the token with utility or incentives moving forward. We tried bridging it, tried building utility for it… but always failed to direct attention back to our memecoin. Honestly, we achieved our goals for it within the first 3 months of its life: as a tool for creators to monetize their content on Lens.If we take a look at the $BONSAI token supply (1 billion):
- 100m is vesting for the team
- ~100m is vesting for the VCs from the seed round last year
- ~377m tokens are in the multisig treasury
- ~20m tokens in LC / Base LPs
- the rest is circulating between Polygon, Base, zkSync, and LCThe team will be claiming the fully vested tokens (100m) on September 4th (in 20 days) and re-locking them for another 18 months with the same vesting schedule - 6 month cliff, 12 month linear vesting. We think this is the best thing we can do for the token and its holders given the current situation.To the community: what should we do with the remaining 377m token (37% of the supply) left in the treasury? We will take the poll results (3 days) into consideration in what we ultimately do.

@bonsai$BONSAI is dead; long live $IASNOB

After a couple pivots and many discussions, we’ve come to the conclusion that the best chance $BONSAI has is for it to return to being simply a community token.This means we are no longer supporting the token with utility or incentives moving forward. We tried bridging it, tried building utility for it… but always failed to direct attention back to our memecoin. Honestly, we achieved our goals for it within the first 3 months of its life: as a tool for creators to monetize their content on Lens.If we take a look at the $BONSAI token supply (1 billion):
- 100m is vesting for the team
- ~100m is vesting for the VCs from the seed round last year
- ~377m tokens are in the multisig treasury
- ~20m tokens in LC / Base LPs
- the rest is circulating between Polygon, Base, zkSync, and LCThe team will be claiming the fully vested tokens (100m) on September 4th (in 20 days) and re-locking them for another 18 months with the same vesting schedule - 6 month cliff, 12 month linear vesting. We think this is the best thing we can do for the token and its holders given the current situation.To the community: what should we do with the remaining 377m token (37% of the supply) left in the treasury? We will take the poll results (3 days) into consideration in what we ultimately do.

@carlosbeltran$BONSAI 🌳

Poll: can $BONSAI be the OG memecoin on lens that gets bid by the next generation of users (ie the DOGE or SPX6900 of Lens)This is assuming there ever is another generation of users onboarded lol

@dankshardBuilding $DANK Crypto Cabal on Orb. -------------------------------- His will was set, and only death would break it.

"Developed and launched a token distributor to help ecosystem partners by rewarding users..."This is the core point. But honestly, nothing significant will happen until a major, VC-backed project decides to build on Lens. Until then, it is like building highways in a world without cars.Last week’s reward frenzy proved that what motivates Lens users, no matter which client they use, is that the protocol cares about them directly, not a “we exist for developers” mindset waiting for someone else to save the world for users. Lens is a multi-app network. Without a strong, recognizable project that users can connect with, it will get lost. Other examples in the market show that focusing directly on users drives real progress, benefiting the entire protocol. I just don’t understand why Lens does not see this.
Tech updates are cool, but having 10+ projects using that cool tech but serve only 100 users in total is not cool. At this point even 1 or 2 apps are too much. Lens should just use its Lens brand as a flagship and serve the accounts use the decentralized protocol. Then apps and devs will come. With the current approach 90% of the new apps will leave due to the lack of interest. Honestly, e.g. Famish is cool but ~20 users have subscribed so far. Lemonade is cool but literally noone uses it.
We need users not new tech approaches and new apps. We need to fill these already existing apps with crowd.