Aleo mainnet launch: what happened? Miners say they were cheated
Written by: Frank, PANews
As a star project with more than 200 million US dollars in financing, Aleo's progress has always attracted much attention. On September 18, 2024, Aleo's mainnet was officially launched.TokenThe economic situation was finally revealed. However, after the mainnet was launched, Aleo failed to gainCommunityInstead of being recognized by the public, the social media was full of doubts, especially from miners. Many users said on social media that this was another failed case of a superstar turning into a "death by heaven".
Star Projects with Full Buffs
Aleo, founded in 2019, has proposed to build a privacy-protecting, permissionless and programmable platform since its inception. Official introduction of its main technologies includes Simple Proof of Work (PoSW), Leo language, AleoBFT, Varuna and other contents. These technologies mainly build a privacy-protecting,Zero knowledge proofTechnology, combining POW, POS, and AleoBFT consensus mechanisms BlockchainNetwork. From the perspective of comprehensive technical features, Aleo is more like an L1 consensus mechanism that combines the consensus mechanisms of Ethereum and Solana. BlockchainThe network is also supported by zero-knowledge technology.
The founding team members of Aleo also have standard academic backgrounds. The main members graduated from the University of California, Berkeley, and have worked for well-known Silicon Valley companies such as a16z, Coinbase or Amazon. The star team and innovative concepts have made Aleo's financing smooth. In 2021, it received $28 million in Series A financing, and in 2022, it completed a $200 million Series B financing, with a valuation of $1.45 billion. The investor lineup is also a16Xiaobai Navigationz, SoftBank, Kora, Coinbase and other well-known institutions.
However, the development progress of the Aleo team seems to be a bit delayed. The final version of the test network will not be launched until May 2024. The main network was announced as early as 2023, and the main network planned to be launched in January 2024 was delayed to September. In this process, Aleo missed the bonus period of the project rise in the early stage of this bull market, and also made the early miners who participated in the waiting for rewards suffer.
It can be said that whether from the team background, technical concepts or investor lineup, Aleo has all the buffs stacked up. If it were not for its slow launch speed, it might have already become one of the first-tier new public chains.
Since the Aleo official data platform does not show specificwalletThe number of addresses and daily transactions, the specific ecological activity of Aleo cannot be verified by direct data. The ecological development of Aleo can only be speculated through some other data.
Puzzle wallet是 Aleo 上被调用最多的程序，9 月 19 日 Puzzle 被调用的次数超过 1 万次，实现了爆发式增长。从时间节点来看，这可能源于 Aleo 在 9 月 18 日宣布可以通过 Puzzle 钱包申领空投TokenPrior to this, the number of calls to programs on Aleo in a single day did not exceed 100. According to Puzzle's official publicity, the wallet currently has more than 30,000 users.
另据 Aleo 创始人 Alex Pruden 在庆祝主网上线时在社交媒体称：「如果没有数十名员工、数百名大使和数千名社区成员的努力，这一成就是不可能实现的。」由以上数据来看，Aleo 的生态活跃度并不算高。不过，Aleo 的生态项目数量还算可观，截至目前，Aleo 生态内的项目已有超过 50 个。
Airdrop lock-up and price plunge deal a double blow to miners
Although the mainnet has not been launched yet, Aleo's financing of more than 200 million US dollars is still regarded as a potential stock by various mining studios and mining groups. Well-known mining pools including Bitmain and F2Pool have also launched mining services for Aleo test coins early. Therefore, many miners have also invested their computing power in pre-mining.
据 Aleo 官方浏览器显示 9 月 5 日，Aleo 主网已经上线，不过官方并未宣布这一消息。一些嗅到商机的矿工也开始部署挖矿。最初产出的代币场外价格一度接近 9 美元，而官方直到 9 月 18 日才宣布主网上线。这一波操作也引发了社区的不少猜疑，有人认为官方是在趁这个时间预挖代币或给 VC 留出预挖时间。
A miner who participated in the early mining of Aleo told PANews that they did not dare to deploy too much computing power because they were not sure whether the mined tokens would be officially recognized. However, in early September, many over-the-counter merchants in the community began to purchase Aleo tokens at a price of around $9. Based on the price of 1.5 tokens generated by a 4090 a day, the daily income is about $13.5, and it will take about 158 days to recover the graphics card investment. If the price of Aleo rises to $20, the graphics card investment may be recovered within three months. Therefore, Aleo's profit expectations have made many miners full of expectations.
However, this situation changed dramatically after the official announcement of the token economics on September 16. According to Aleo, the initial supply of Aleo tokens reached 1.5 billion, and will increase to 2.6 billion within ten years with mining activities. Based on this $9, Aleo's initial market value will reach $13.5 billion, which means that Aleo may become a top ten crypto project, surpassing public chain tokens such as TRON and ADA that have been developed for many years.
As a project with only tens of thousands of addresses, this market value expectation is obviously too high. Therefore, the price of Aleo has taken a big dive since the announcement of the token economics, and has fallen to $3.4. As of September 20, Aleo's market value is about $5 billion, which can also rank among the top 20 crypto market capitalizations.
However, the sudden price plunge has caused a sharp drop in miners' profits, and taking into account costs such as electricity and network, the payback period may be extended to 10 years.
In addition, early miners who participated in the testnet will receive incentives from Aleo. According to the official introduction, 34% of Aleo tokens will be used to reward early supporters. However, this reward cannot be cashed in immediately. The official policy states that rewards for US and non-US users (quite in the style of Lu Xun's description of "There are two jujube trees in my backyard") have a 1-year lock-up period. Once this news came out, early miners who were eager to recover their costs could only silently endure the backstab from the official again.
Interestingly, building a privacy-firstBlockchainAleo, which is based on Vision, stated that all users need to complete KYC when applying for airdrops, and required users to upload their ID, address proof and selfie. This requirement also caused strong dissatisfaction in the community.
Will the capital be recovered first? Social media continues to question
According to the latest information from Aleo, becoming a mainnet validator requires at least 10 million Aleo tokens. For most ordinary users, this amount of funds and tokens (there may not be so many circulating tokens in the market in the early stage) are almost impossible to achieve. Some users have noticed that when the Aleo mainnet was launched, 16 validators had already started running, and most of these validators were early investors.
Although the investor's token circulation is also locked for one year, they can directly convert the locked tokens into the validator's staked tokens. At the same time, the staked daily reward tokens do not have a lock-up period and can be circulated at any time.
As of September 20, data showed that the largest number of validators had received more than 1.1 million Aleo tokens, and the smallest number of validators had received more than 270,000. Among the validators, investors or project-related institutions such as Coinbase, unit410, and the Aleo Foundation accounted for the majority.
Many community users believe that the project owner’s operation is to first recover the capital and then let retail investors take over the mined tokens. Miners who pay out of their own pockets have to weigh the payback period of electricity, equipment and other costs.
Judging from the changes in mining revenue, before the announcement of token economics, the mining difficulty of Aleo increased exponentially. After the announcement of token economics, perhaps because many miners withdrew, the mining difficulty began to decrease.
On social media, the evaluation of Aleo has also changed from recommendation to doubt. Twitter user @alexlizeros said: "From this death-level project ALEO, we can see that sometimes a large project does not bring profits, but brings greater losses!". After KOL @Supervellear posted a tweet questioning Aleo, he was blocked by Aleo founder Alex Pruden's social media. @alexlizeros listed Aleo's doubts about the delay of the mainnet, airdrop lock-up, and excessive market value in the tweet, and concluded at the end: "When you don't know where the liquidity comes from, you are the liquidity."
So far, Aleo officials have not responded to the community’s many questions. However, judging from the current social media trends and token performance, if Aleo wants to regain the market’s confidence in it, it may need to give a more reasonable explanation and more practical sincerity.
The article comes from the Internet:Aleo mainnet launch: what happened? Miners say they were cheated
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