SLERF is a memecoin launched on the 18th of March, 2024 that operates on the Solana blockchain and features a character inspired by the sloth animal.^[1]

During the March 18 presale, SLERF encountered a major setback when a costly mistake resulted in the loss of $10 million in presale funds. The project's developer, while trying to clear out some coins people sent to the presale wallet, mistakenly burned tokens intended for liquidity provision (LP) and airdrop distribution, effectively erasing a substantial portion of the token supply.^[2][3]

Overview

Slerf is a Solana memecoin launched in March, 2024. It features a character inspired by the sloth animal, embodying the coin's relaxed and steady approach to the crypto market. Slerf emerged with a vision to be a fun and engaging meme coin, brimming with exciting content to propel its journey forward. However, on launch day, disaster struck when a major mishap resulted in the accidental burning of $10 million worth of $Slerf tokens, intended for distribution among 25,000 trusting presale buyers.^[4]
In response to this unforeseen turn of events, $Slerf's Dev, overwhelmed with dismay and confusion, swiftly convened an X-Space session to address the situation and answer questions with complete and total transparency. This act of accountability not only unified the community but also attracted widespread attention from influential figures within the ecosystem.
In the immediate aftermath of its launch, $Slerf rocketed to an all-time high market cap of $750 million within a few hours. Impressively, the 1st day's 24-hour trading volume surged close to $2.5 billion, surpassing even the likes of ETH and USDC in trading volume.

Guys I fucked up. I burned the LP and the tokens that were set aside for the airdrop. Mint authority is already revoked so I can not mint them. There is nothing I can do to fix this. I am so fucking sorry.^[14]

Renowned artist Beeple and other influential personalities within the crypto space took notice of $Slerf's plight, with many extending their support and encouragement. Also, major news agencies and media outlets covered the situation, amplifying $Slerf's story and thrusting it into the forefront of the crypto world.^[5][6]

Timeline

Following the incident, on the 19th, the $Slerf team established a wallet to aid investors who participated in the presale and lost their funds. LBank was the first to donate and now serves as the custodian of the donation address.^[7]

In an announcement on the 19th of March, cryptocurrency mogul Justin Sun revealed that HTX would allocate trading fees to individuals who participated in the private sale on HTX. Additionally, the company plans to dedicate HTX tokens for SLERF’s trading fee mining to benefit users on its platform.^[8]

As No.1 trading markets for @Slerfsol, HTX have decided to donate all Slerf trading revenue on
@HTX_Global and allocate it to everyone who participated in private sale on HTX, as well as donate some #HTX for Slerf’s trading fee mining on http://HTX.com! User first！

After Sun's announcement, Bitget's managing director, Gracy Chen, declared that Bitget would dedicate all SLERF trading fees to support the community, with a focus on assisting those involved in the presale. Chen pledged to provide donation details on a weekly basis.^[9]

On the same 19th, BingX from Singapore also announced its decision to donate trading fees from users' SLERF spot trades and distribute future BingX Global Debut tokens to addresses that participated in the Slerf private sale but did not acquire tokens.^[10]

Other notable exchanges, including XT.COM, OneDEX, Hawksight and many more, have pledged to donate all trading fees generated from $SLERF trades on their platforms.^[11]

Tokenomics

SLERF has a circulating supply of 499,997,750 coins, with a maximum supply capped at 499,997,751 coins. 100% of the liquidity pool (LP) was burned at launch, and 0% was allocated to the presale. Ownership is revoked, making it impossible to mint new tokens.^[13]

SLERF tokens can be traded on OVER 15 centralized crypto exchanges and decentralized exchanges, which include Bitget, Gate.io, HTX, BitMart, LBank, OneDex, MEXC, Raydium, and Orca.^[12]

Technology

SLERF is built on the Solana blockchain, a smart contract platform founded by Anatoly Yakovenko. Solana stands out for its innovative transaction verification method, which combines proof of stake with its unique proof of history system.

SLERF ownership structure is designed to prioritize decentralization. It includes full renouncement of ownership and zero creator and Token Update Authority balances. This approach sets SLERF apart from other memecoins, addressing concerns about centralization and giving the community a significant role in shaping its development.