$FUMO
$FUMO (also known as Alien Milady Fumo) is a cryptocurrency token and merchandise project launched by Remilia Corporation in June 2023. The project combines an ERC-20 token operating on a bonding curve with a HUGE 27-foot plush collectible inspired by the Touhou Project Deka Fumo tradition.[1] Following a security breach in March 2024, the project was hard forked into $FUMO404, transitioning to a community-owned model.[2]
Development and launch
The $FUMO token launched on June 22, 2023 at 6:00 PM EST through the project website fumo.remilia.org.[1] Drawing inspiration from Uniswap's Unisocks project, the token operated on a Uniswap V2 bonding curve backed by Ethereum liquidity provided by Remilia Corporation.[2] Token holders could either trade on the bonding curve or burn whole $FUMO tokens to redeem two Milady Fumo Baby NFTs and, until October 1, 2023, a physical MegaSize Alien Milady Fumo collectible doll.[1]
The physical collectible stands a towering 27 feet tall and merges design elements from the rarest Alien Milady race in the Milady Maker NFT collection with the Toy Story alien hat asset, which references Swedish musician Bladee of the Drain Gang collective.[1] The design pays homage to the Touhou Deka Fumo tradition, a line of large-format plush figures from the Japanese Touhou Project franchise. It is one of the largest dolls ever created.
The token experienced significant trading volume upon launch, with the official Milady Maker account reporting a 24-hour trading volume of approximately $37.77 million and 2,000 unique holders within the first day.[3]
Security breach and hard fork
On March 16, 2024, Remilia Corporation's wallets were compromised in a security breach.[2] The attacker drained the $FUMO liquidity from Uniswap, preventing liquid trading and threatening a mass mint attack on the Milady Fumo Baby NFTs.
In response, Remilia deployed a new canonical NFT collection and forcibly redeemed all $FUMO tokens into corresponding Fumo NFTs, excluding the attacker's holdings.[2] To accommodate users holding fractional amounts of $FUMO, the project implemented the ERC-404 standard based on Vectorized's DN404 contract. This self-fractionalizing NFT model unifies ERC-20 fungible tokens with ERC-721 NFTs, allowing the asset to be traded on both NFT marketplaces and token exchanges.
The $FUMO404 hard fork was distributed as a 100% community-owned airdrop to holders of the original $FUMO token and Milady Fumo Baby NFTs, with Remilia Corporation not allocating any tokens to itself.[2] The migration also addressed community feedback regarding clipping errors in 3D assets, and applied a special overlay to 25% of newly minted NFTs to commemorate the March 16 breach.
Technical implementation
The original $FUMO token operated on a bonding curve pricing mechanism where price increased or decreased based on supply. Users could purchase tokens from or sell back to the curve through the Ethereum-backed liquidity pool. The burn mechanism allowed holders to exchange one whole $FUMO token for two Milady Fumo Baby NFTs.
The $FUMO404 implementation using the DN404 standard creates an inseparable relationship between the ERC-20 token and ERC-721 NFT components. When a user obtains one whole unit of the ERC-20 token, an ERC-721 NFT is automatically minted. Conversely, trading an ERC-721 NFT also transfers one whole unit of the ERC-20 token.
References
- ↑ 1.0 1.1 1.2 1.3 June 26, 2023. "Remilia Corporation Launches MegaSize Alien Milady Fumo, Fueling Unprecedented Demand in $FUMO Token". Benzinga.
- ↑ 2.0 2.1 2.2 2.3 2.4 "Milady $FUMO Redux: $FUMO404 Hard Fork". Remilia Corporation.
- ↑ @miladymaker (June 23, 2023). "👽 $FUMO 24hr Recap 👽 ☆ $70,000 ATH 🚀 ☆$37.77M Volume 🚀 ☆ 2,000 unique holders 🚀 ☆ AN OFFICIAL REMILIA MILADY TOKEN ☆ ☆ BULLISH WAGMI MEGA BUX CONFIRMED 🚀 ⚠️WARNING⚠️ This $FUMO is HUGE". X.