Recently, the "Gor" token on the Solana chain surged by 400 times within 24 hours, with its market capitalization briefly exceeding $40 million. This entire event actually began with the concerns of MetaLeX's founder @lex_node regarding the decentralization of Solana. This topic sparked a response from Solana co-founder Toly on social media X, and the back-and-forth exchange between the two gradually revealed the philosophy behind the token.
Who is Gabriel Shapiro?
Gabriel Shapiro, known as "lex_node," was initially a lawyer at a Wall Street law firm in its Silicon Valley office, where he specialized in assisting tech companies like PayPal and Facebook with buy-side acquisitions. His turning point into the cryptocurrency space was quite coincidental; during a Valentine's Day dinner date, he received a call from a Facebook shareholder asking him to return to the office to help Mark Zuckerberg complete the acquisition of WhatsApp.
It is said that Mark happened to meet the WhatsApp team at the restaurant and persuaded them to sell the company. The deal was completed within five days, and as the lawyer responsible for this acquisition, Gabriel Shapiro conducted an in-depth study of WhatsApp's end-to-end encryption technology, which led him to a deeper understanding of the cryptocurrency industry.
In 2015, he encountered Ethereum and attended an Ethereum conference where the speaker was Nick Szabo, who was once thought to be "Satoshi Nakamoto." He vividly described The DAO, which deeply fascinated Shapiro, who was also in the legal profession. He believed in a DAO-type economic system that operates through programs and rules.
He built MetaLeX around the theory of "New Cybernetic Economic DAO," which connects DAOs to the real world by combining autonomous on-chain code with off-chain legal entities through a unique set of on-chain protocols and off-chain legal arrangements, creating a flexible, efficient, legal, and accountable cybernetic organization.
Ethereum Classic = Solana, Ethereum = Gorbagana?
Yesterday, Gabriel Shapiro engaged in a heated debate about "the legitimacy of chains and trademark control." He recalled the Ethereum fork after the THE DAO incident in 2016, pointing out that the Ethereum Foundation successfully shaped the new chain post-hard fork into the legitimate version by controlling the trademarks "Ethereum" and "ETH," relegating the original chain to Ethereum Classic.
In his view, this fact illustrates that the so-called "decentralization" is actually constrained by Web2-style legal power at critical moments. He further warned that the Ethereum Foundation may have lost effective control over the "ETH" trademark, as brands like MegaETH and ETHDenver have been widely used without authorization.
He stated, "If a company owns a trademark but lacks a credible neutral rule to determine how it is used, then the project is not truly decentralized/autonomous." This fact, in his view, shows that the so-called "decentralization" is indeed constrained by Web2-style legal power. Toly responded by saying, "No matter where you are, as long as everyone is using the same ledger, the brand name doesn't matter."
He further proposed a hypothetical scenario: if one day Solana forks, one chain retains the original name Solana with the $SOL token, while the other chain calls itself "Gorbagana," with a logo of oscar the grouch.png. This naming convention easily evokes the phonetic similarity to "garbage," adding a layer of irony to the narrative.
Toly's response was, "If no one creates the Gorbagana chain within 48 hours, I will be very disappointed."
Meanwhile, the meme coin named "Gor" was launched through Pumpfun, inspired by Oscar the Grouch, a character from Sesame Street. He is a green furry monster who lives in a trash can and is known for his grumpy demeanor, love for trash, and cynical attitude. The term "Gorbagana" itself is clearly a satirical variant of "Garbage."
The token's market capitalization quickly climbed to $1.6 million, catching Toly's attention, who commented on the three trash can icons. This move triggered a complete FOMO in the community, and the market cap of $Gor briefly surpassed $10 million.
Ironically, the Gor-chain was indeed developed by @MidTermDev in less than 48 hours. After Toly responded to it, the token's market cap reached a new high of over $40 million.
However, @MidTermDev's account may have suffered a "hack" afterward, launching a new token (which has since nearly gone to zero). Currently, @MidTermDev has been banned, and the development team is now led by the CTO, with core members including @0rdlibrary and @Sarv_shaktiman.
Another feast for a conspiracy group? Who made money on $GOR?
Behind this capital frenzy, it is intriguing that the top wallet address on the profit leaderboard for the "Gor" token starts with A4DC and has also earned 861 Sol from the "IBRL" token, currently ranking fourth on the profit list, with "IBRL" being a project heavily promoted by Toly. On the on-chain data tracking platform Arkm, this address domain is circled.sol, which has financial transactions with the certified entity wallet coyote, pointing to the X account @4pfcoyot.
When the market cap of $Gor retraced to $7-8 million, coyote bought a total of 350 Sol. Coincidentally, shortly after, Toly responded to the tweet about the development of Gor-chain, causing the market cap of "Gor" to skyrocket to $40 million. Coyote also took advantage of this surge to exit with liquidity, making a profit of over 1500 Sol. After this contrarian operation, coyote has made a huge profit, and as of now, has earned 1780 Sol on $GOR, ranking first on the profit leaderboard.
In stark contrast, the well-known Chinese on-chain KOL, Lingjing, bought 200 Sol at an average price when the market cap was $4 million, but when the price rose to a $7 million market cap, he sold a large amount of his holdings. As the narrative further developed, he chose to sell a large amount of his holdings when the market cap reached $11 million, and then chased the high at $25 million, ultimately raising his average price to around $26 million, currently only floating a profit of 370 Sol.
Unlike the FOMO retail investors, some voices in the community believe that "Gor" is not as interesting as it seems. @imperooterxbt bluntly stated that the token was created by the same team as "GORK," but there seems to be a lack of reliable evidence.
Although this social experiment may seem like just another "conspiracy feast" to most in the community, the decentralized brand mentioned by Gabriel Shapiro indeed reflects a long-standing issue: since Ethereum can "arbitrarily" become Ethereum Classic, can garbage (Gorbagana) also replace Solana?
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