Madlads

avoid.net/madlads→75/100·80% conf.

[AI-DRAFTED · AWAITING VERIFICATION]

75/100

[CAUTIONARY]80% conf.

Summary

Mad Lads is a Solana-based NFT collection launched in April 2023 by Coral, the development company behind Backpack wallet. Created by former Alameda Research and FTX employees Armani Ferrante and Tristan Yver, the project gained significant attention for its innovative mint process that used honeypot tactics to deter bots and for being the first major xNFT collection.

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Leadership Background and FTX Connections

The project was created by Armani Ferrante and Tristan Yver, who both previously worked at FTX before launching Mad Lads. Ferrante was an early hire at the now-defunct Alameda Research, spending three months there before it officially launched in 2018, then returning briefly in September 2020 to work on Solana projects like Serum. Both founders left FTX/Alameda before the firms collapsed, with Yver serving as head of strategy at FTX US before leaving the company in May 2022. When FTX collapsed, Coral lost approximately $14.5 million - the entirety of FTX's investment from their $20 million strategic funding round.

Sources

[1]MEDPhantom Learn: Mad Lads NFT deep diveresearch
[2]MEDCointelegraph Magazine: Ex-Alameda hire on 'pressure' to not blow up Backpack exchangenews article
[3]MEDThe Block: FTX's collapse forced this startup into 'cockroach mode'news article

Launch Controversies and Bot Mitigation

The April 20, 2023 mint faced significant challenges when bots overwhelmed the initial drop, forcing a 24-hour delay. The team reported experiencing extortion threats and DDOS attacks while trying to mitigate the issues. In response, the Mad Lads team created a sophisticated honeypot strategy, deploying two versions of the minting application - one legitimate and another that pointed to a fake contract designed to trick botters into spending SOL on worthless NFTs. The fake contract collected over $250,000 worth of SOL. While the honeypot successfully deterred bots, some legitimate users were accidentally caught in the fake mint, though all affected users received full refunds within hours.

Sources

[1]MEDNFTNow: A Guide to Mad Lads: Everything to Know About the Solana Projectresearch
[2]MEDDecrypt: 'Honeypot Bitch': How Mad Lads Tricked Bots Into Spending $250K on Fake NFTsnews article
[3]MEDNFT Lately: Mad Lads Tricks Schemers into Splurging $250K on Fake NFTsresearch

Project Structure and Innovation

The Mad Lads NFT project was created by Coral, a framework development company on the Solana blockchain. When the collection launched, the only supported wallet for the xNFT was Backpack, which was also owned by Coral. Mad Lads NFTs are xNFTs (executable NFTs), where holders can interact with web3 applications through embedded code. Each NFT functions as a tokenized application that enables staking through the Backpack wallet without requiring third-party platforms. The collection launched on April 20, 2023, with a mint price of 6.9 SOL and sold out within minutes.

Sources

[1]MEDCoinGecko: Mad Lads NFT Floor Price Chartresearch
[2]MEDCoinGecko Learn: What Is the Mad Lads NFT Collection and xNFTs?research

Financial Performance and Market Impact

Less than a week after launch, one Mad Lads NFT sold for 3,625 SOL (approximately $74,742). The project generated over $8 million in the first 24 hours and briefly flipped all collections on both Solana and Ethereum. The Mad Lads NFT sale provided critical funding for Coral, raising approximately $1.4 million that allowed the company to continue operations after losing most of their funding in the FTX collapse. The project has been credited with revitalizing the Solana NFT ecosystem and became one of the most talked-about NFT collections, setting new standards for bot mitigation during mints.

Sources

[1]MEDCoinGecko: Mad Lads NFT Floor Price Chartresearch
[2]HIGHCoinDesk: Solana Veterans Raise $17M for 'Backpack' Crypto Wallet, Exchangenews article

Recent Developments and Regulatory Concerns

In January 2025, Backpack acquired FTX EU and its 110,000+ former users, gaining access to a European regulatory license that allows European users to trade perpetual futures. However, FTX has stated that Backpack's acquisition of FTX EU had not yet been approved by the US Bankruptcy Court and that Backpack's press releases were issued without FTX's knowledge or involvement. The acquisition cost Backpack $32.7 million and makes them responsible for distributing bankruptcy claims to former FTX EU customers.

Sources