2021 was a massive year for crypto, most coins hit their all-time highs and NFTs went parabolic. In the middle of all the chaos, some moments stood out.
Here are the top 3 wildest crypto moments of 2021.
3. EtherRock and EtherPaper
EtherRock is an old NFT project that launched in 2017, which consists of 100 identical rocks with slightly different shades of color. The project itself states that the virtual rocks “serve no purpose beyond being able to be brought and sold.”
However, that did not stop the NFT degens from pushing the floor price above $1 million in August 2021 during the NFT mania. You heard that right, $1 million for a picture of a rock with no purpose.
These massive sales caused a lot of copies to appear. EtherPaper launched a day before EtherRock’s million-dollar sale, and it consists of pictures of papers “because paper beats rock”. It had sales as high as $26,000 within just a few days, but is now practically worthless as there has not been a sale for several months.
The floor price of EtherRocks still sits at an impressive quarter of a million.
2. Infinite % yield
Olympus DAO is a project that launched in March 2021 with an algorithmic reserve currency called OHM, which is backed by a basket of other cryptos. Any time OHM trades above $1, new OHM tokens are issued to OHM stakers in an effort to dilute the token supply and bring down the price.
The amount of OHM tokens that stakers receive is represented by an APY, which rises as the price of OHM rises further above $1.
Due to its success, OHM spawned many copies on other chains, most of them on Avalanche. These copies fought hard against each other to provide the highest APY the world of DeFi had ever seen, much higher than OHM's few thousand.
One of these copies was called Snowdog, and it offered an APY with a barely conceivable number:
With an APY this high, your investment would triple within 5 days.
Yet, as we all know with DeFi, it became a game of hot potato, and most people held for too long. Snowdog and most other OHM copies are now fully dead.
1. Constitution DAO
One of the 13 surviving original copies of the U.S. Constitution was up for auction at the art broker Sotheby’s in November 2021. While most of us would have expected some billionaire to buy it, some people had a different idea.
Before the auction went live, a project called Constitution DAO appeared out of the blue. Its goal was to crowdfund a huge amount of money to buy the U.S. Constitution at the auction, which would then be owned by everyone who contributed to the DAO.
Their target was to reach $20 million, but within five days, the DAO had already crowdfunded almost $47 million in ETH. Unfortunately, they fell short and lost to billionaire Ken Griffin in the auction.
The DAO made sure to refund any contributor who wanted their money back. Ironically, the DAO’s token $PEOPLE pumped nearly 40x leading into December.
The whole event was covered by many popular media outlets and showed the world the potential of DAOs as people come together for a common purpose, even though it may not have worked this time.
One thing the DAO can always be happy about: they broke the record for the most money crowdfunded in less than 72 hours.
That’s it for our top 3 wildest crypto moments of 2021. Here’s hoping that there’s much more tomfoolery to come in the years ahead, or it just wouldn’t be crypto.
This content is for informational purposes only and is not investment advice. You should consult a qualified licensed advisor before engaging in any transaction.