Web3 Fails: Decentralisation Goes Derp (and Makes Us Laugh) | by Medront Datalabs | Jan, 2024

Ah, Web3. The land of blockchain, crypto, and promises of a utopian, decentralised future. But let’s be honest, even the most revolutionary movements have their fair share of stumbles and hilarious mishaps. So, buckle up, fellow internet denizens, as we dive into the wacky world of Web3 fails – because sometimes, even the best intentions lead to epic facepalms.

1. The DAO Dilemma: Remember the ConstitutionDAO? A community of crypto enthusiasts pooled millions to buy a rare copy of the US Constitution, aiming to “democratise” ownership. Turns out, democracies ain’t always sunshine and roses. Internal squabbles erupted over what to do with the document, leading to a public spat that left everyone scratching their heads (and wondering if anyone actually read the Constitution).
2. Ape Adventures Gone Wrong: Remember the Bored Ape Yacht Club (BAYC)? Those pricey pixelated primates that took the NFT world by storm? Well, BAYC also birthed the Mutant Ape Yacht Club (MAYC), a collection of “mutated” Apes minted by BAYC holders. The twist? Some of the mutations, well, let’s just say they weren’t exactly Picasso-worthy. One poor Ape ended up with a unibrow that could launch rockets, while another sported a grin that would make even the Joker jealous.
3. Rug Pulls R Us: Let’s talk rug pulls, the nefarious practice of developers abandoning a project and making off with investor funds. In Web3, these scams are as common as gas fees (ouch!). One particularly audacious rug pull involved a project called “Squid Game Coin,” inspired by the popular Netflix show. The developers promised a play-to-earn game and skyrocketing prices, only to vanish with millions, leaving investors with nothing but a bitter taste of kimchi.
4. Code is Law… Until it Isn’t: Remember smart contracts? Those self-executing agreements built on blockchain? Turns out, even code can be buggy. A DeFi protocol called “Iron Finance” had a critical flaw in its code that caused the price of its stablecoin to plummet, wiping out millions in user funds. Whoops!
5. When Memes Become Reality (and Then Fade Away): Remember Doge? The Shiba Inu meme that Dogecoin, the “joke” cryptocurrency, was built upon? Well, Doge had a brief moment in the sun, reaching a market cap of over $80 billion at its peak. But then, like all good memes, it faded into the abyss, leaving behind a trail of confused investors and a reminder that even the silliest things can have a surprisingly big impact in Web3.

These are just a few examples of the many hilarious (and sometimes tragic) mishaps that have occurred in the wild west of Web3. But hey, that’s the beauty of innovation, right? It’s messy, unpredictable, and sometimes downright hilarious. So, the next time you hear about a Web3 fail, remember to laugh along (or cry, if you’re invested). After all, even in the pursuit of a decentralised paradise, there’s always room for a good chuckle (and maybe a cautionary tale or two).

Bonus Round: Want to learn more about Web3 fails? Check out these resources:

“Web3: What Could Possibly Go Wrong?” by Packy McCormick:https://www.notboring.co/p/the-web3-debate

“The DAO of Memes” by Bankless:https://forum.bankless.community/

“The Crypto Hustle” podcast by The Hustle: https://thatcryptohustle.com/

Remember, folks, this is just the tip of the iceberg. The world of Web3 fails is vast and ever-evolving, so keep your eyes peeled and your sense of humour sharp. After all, laughter is the best medicine, even when it’s at the expense of a misplaced pixelated ape or a runaway stablecoin.

Now, go forth and explore the wacky world of Web3, but don’t forget to pack your sense of humour – you’re gonna need it!

You can check out our web3 solution!