@bonsai$BONSAI is dead; long live $IASNOB

The bad news:
We got hacked. One wallet got drained, taking all liquidity positions for $BONSAI (~57M coins across Lens & Base).The good news:
- No user wallets or smart contracts were affected.
- We’re using this moment for a full reset.$BONSAI is dead; long live $IASNOB
- Airdropped 1:1 to all $BONSAI holders (snapshot 8/27)
- 1 billion total supply, 50% airdropped
- Team balances cut 46%
- LP position locked for a yearCA: 0x302AC2BF6D20572F125e21bEB83e5a4e5F1Fe4B5

@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

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

The poll has ended and the majority of votes went for “Burn it all” 🔥🔥🔥The Burn targeted for this Wednesday More details soon

@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.

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

Btw, I'm bullish on Lens. Tech is cool. Current apps and devs are cool. Community is cool.
But if I had a godzillion money, I’d acquire the whole thing and rotate the current course by about 30 degrees toward a much more industry-typical set of onboarding and marketing solutions.

@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