Avantis (AVNT) launched on three major exchanges, and concerns behind the big pump have emerged: $4 million Airdrop is accused of Sybil Attack.

The AVNT Token, as the native token of Avantis, the largest decentralized Perptual Futures exchange on the Base network, has recently attracted attention with its performance. After being listed on several top exchanges consecutively, its price once broke through the historical high of 1.54 USD, with a market capitalization nearing 300 million USD.

However, behind these impressive performances, the blockchain analysis platform Bubblemaps found that an entity received $4 million in airdrop tokens through over 300 addresses, accounting for a significant portion of 12.5% of the total airdrop. This coordinated operation has raised concerns in the market about the fairness of token distribution.

01 Project Introduction: Base Ecosystem Leading Derivatives Trading Protocol

Avantis is a decentralized Perptual Futures protocol built on the Base L2 network, known as the "Universal Leverage Layer." This protocol allows users to use stablecoins as collateral to trade a variety of assets, including cryptocurrencies, foreign exchange, commodities, and indices.

Unlike traditional platforms, Avantis acts as a counterparty to all trades through a USDC-based liquidity pool, achieving efficient capital exposure across multiple markets. Traders can choose leverage of up to 500 times, while liquidity providers (LPs) earn returns by providing USDC to support positions.

Since its launch on the mainnet in February 2024, Avantis has grown to become the largest derivatives trading platform in the Base ecosystem. The protocol has processed over $18 billion in trading volume, executing over 2 million trades for more than 38,500 traders.

02 Token Economic Model: 1 billion total supply and diversified distribution mechanism

The total supply of AVNT Token is 1 billion, with a diversified distribution mechanism. The airdrop portion accounts for 12.5%, which has all been unlocked for community launch.

Community incentives account for 28.6% of the total supply and will be unlocked linearly over 42 months, aimed at promoting long-term user growth. The allocation for investors accounts for 26.61%, with a 12-month lock-up period and a 30-month unlocking period.

The team and advisor portion accounts for 13.3%, and also has a lock-up and unlocking period. The remaining portion is used for the foundation and liquidity support.

Holders can stake AVNT in the Security Module to receive additional AVNT rewards, trading fee discounts (up to 40%), XP point bonuses, and governance rights.

03 Listing on Three Major Exchanges: Price and Trading Volume Soar

AVNT has recently been listed on multiple top exchanges, driving significant growth in its price and trading volume. Between September 10 and 15, AVNT was successively listed on several leading trading platforms.

Especially after the launch of the world's largest CEX on September 15, the coin price once broke through $2, with a single-day increase of over 100%. Data shows that the Token has increased by 30.6% in the past 24 hours, but has since seen a decline as of the time of writing.

The market capitalization of AVNT has also increased significantly from approximately $180 million to $296.5 million. Investors are actively trading, with daily trading volume exceeding $2 billion, an increase of 280.70% compared to the previous day.

South Korean traders provide most of the liquidity, with trading volume on the leading local exchange accounting for about 29%. This regional concentration of demand is also one of the factors driving up prices.

04 Airdrop Controversy: $4 Million Witch Attack Suspicions

(AVNT Transfer | Source: Bubblemaps)

Despite the strong market performance, the airdrop distribution mechanism of AVNT has fallen into controversy. The blockchain analysis platform Bubblemaps published an article on platform X stating that "an entity received 4 million dollars worth of tokens from the AVNT airdrop."

According to the Bubblemaps report, this witch attack was a coordinated effort involving over 300 addresses. Multiple airdrop recipients show clear signs of witch attacks: funds came from mainstream CEX, received USDC from a small group of senders, exchanged on Avantis, and claimed airdrops.

These wallets were idle before the AVNT airdrop, and the funding injection and claiming model completely match, which is clearly a coordinated operation. After succeeding, these tokens were consolidated into a few addresses and simultaneously transferred to other CEX.

This situation is similar to the airdrop of MYX Finance (MYX), where dormant wallets were activated solely for the purpose of claiming.

05 Technical Analysis: Price Trends and Market Sentiment

From a technical analysis perspective, AVNT has formed a descending wedge pattern close to $1.17. This formation is typically interpreted as a bullish reversal, with prices compressing before a potential breakout.

If confirmed, the prediction indicates that $1.5744, $1.7714, and $1.9555 may be short-term targets. The price candlestick is pressing up against the wedge top, indicating that pressure is building.

Traders also pay attention to trading volume as a confirmation signal. Rose Premium Signals pointed out: "The AVNT descending wedge breakout is brewing... Momentum is building. If the wedge confirms the breakout, watch for a quick move to T1 → $1.5477, T2 → $1.7387."

Market analyst ALTORY described AVNT as "severely undervalued," pointing out its positioning as a super liquid infrastructure designed for the crypto, forex, gold, stock, and sports markets. Prof. Noan.Ai added, "There may be some consolidation, and then it should break past $1.6... towards $2.5."

06 Market Impact: Airdrop Fairness and Project Reputation

The disclosure of the witch attack has had a direct impact on AVNT's market reputation. Such events raise doubts about the fairness of token distribution, which may affect retail investors' trust in the project.

Despite these concerns, price action continues to show strength. The market seems to temporarily ignore these allegations and is more focused on the short-term profit opportunities brought by the exchange listings.

However, in the long run, how to respond to these allegations may have a decisive impact on AVNT's credibility and trajectory. The Avantis team has not yet released an official response on this matter, and this fact may increase market uncertainty.

For decentralized projects, the fairness of the launch and the transparency of token distribution are crucial, as they directly relate to the community's trust in the project and long-term engagement.

07 Development Prospects: Opportunities and Challenges Coexist

The Avantis protocol faces a complex development landscape, with opportunities and challenges coexisting. On the positive side, the protocol has received investments from top institutions such as Pantera and Founders Fund, completing two rounds of financing totaling 12 million dollars.

As the largest derivatives and RWA decentralized exchange on Base, Avantis supports trading of assets such as Bitcoin, crude oil, and foreign exchange, offering up to 500 times leverage and highly efficient capital liquidity. This unique positioning gives it a competitive advantage in the market.

However, the project also faces numerous challenges. In addition to the airdrop controversy, there is competition from many similar model projects that are all vying for liquidity.

Regulatory risk is also an important consideration, especially in the field of synthetic and real-world assets (RWA). Additionally, token prices are highly volatile, and there are inherent smart contract risks within DeFi protocols.

The recent performance of the AVNT Token showcases the duality of the cryptocurrency market: on one hand, there are stunning price increases and recognition from exchanges, while on the other hand, there are concerns about fairness due to flaws in the distribution mechanism.

The allegations of witch hunting remind us that even in the most decentralized projects, the concentration of power and wealth can still occur. How the Avantis team responds to these allegations will directly impact the project's long-term reputation and development trajectory. For investors, while chasing short-term gains, they should also pay attention to the governance mechanisms of the project and the fairness of Token distribution. After all, true decentralization is not just about technical distribution, but also about the democratization of power and interest distribution.