If you buy WHITE before October, it will be a thousand-fold coin.

According to CoinGecko data, as of the time of writing, the price of Whiteheart (WHITE) is $3599, with a price increase of 633.96% in the past 24 hours and a price increase of 1783.24% in the past 7 days. If you haven't heard of this project, it's okay because others haven't either. Unfortunately, Whiteheart is going to shut down.

Crypto's "Red Cross"

Whiteheart is an on-chain options trading protocol established by anonymous developer Molly Wintermute. Previously, it launched an ICO that raised over $20 million.

Whiteheart is built on top of Hegic and aims to solve the problem of using hedging contracts to help DeFi users protect the value of their held ETH and WBTC from the impact of price drops. Therefore, Whiteheart's official Twitter bio refers to itself as the Red Cross of Crypto, but this account has not been updated since July 2021.

Whiteheart's alpha version offers two types of hedging in the form of WHETH and WHWBTC, and integrates hedging contracts. WHETH is a packaged ether (ETH) that includes ATM (parity) put options, which automatically protect its holders from US dollar losses.

On November 27th, according to Spot on Chain monitoring, an address starting with 0x117 exchanged 1171 ETH (worth approximately $2.4 million) for 2900 WHITE, causing the price of WHITE to soar by 764.78%.

It is worth noting that on October 8th, the address received 21,625 ETH (worth about $44.3 million) from the Hegic Development Fund. Given that Whiteheart is an on-chain hedging protocol based on Hegic, it is reasonable to speculate that the address belongs to the development team.

On December 1st, Hegic officially released a statement stating that "after a long period of uncertainty, the story of Whiteheart has come to an end." Hegic stated in the blog post that the concept of the Whiteheart protocol was great, but the focus over the past few years has been on developing Hegic, which has evolved from the basic hedging contract concept. Therefore, they have decided to permanently close Whiteheart. All funds raised prior to this will be returned to token holders at the IBCO price ($1 WHITE ≈ $1.708 WETH).

Anonymous developer Molly

When Whiteheart was launched, it claimed to be a gentle fork of Hegic, aiming to showcase a new way for DeFi protocol developers to praise the efforts of other developers, while sharing future economic benefits with the forked protocol.

But now the story of Whiteheart has ended, while Hegic remains.

Hegic was also created by Molly Wintermute. As a Twitter celebrity, Molly Wintermute is like Satoshi Nakamoto, and no one knows who he is.

In an interview in 2020 here, Molly Wintermute referred to herself as someone without social capital or reputation in the cryptocurrency and DeFi fields, "I am building the Hegic protocol from scratch. The crypto community can only judge me by what they see in my code."

However, this anonymous individual has their own Twitter account, with Molly Wintermute's first tweet appearing on January 28, 2020. Molly Wintermute stated: "Verify me: I am mollywintermute on http://Keybase.io."

The next day, the account posted a mysterious message: "1v3 b33n w0rk1ng 0n smthng th4t AI c4ll /Hegic/. AI h0p3 t0 r3v34l 我的 cr34ture 4s4p. #Hegic" has been released. Shortly after this peculiar introduction, Hegic was launched.

The Hegic protocol was first released on February 20, 2020, with the goal of eliminating the complexity of options trading and allowing users to seamlessly use it in their daily work.

For example, users can purchase 100 ETH call options on Hegic for a price of $1899, with a term of 15 days. During this period, if the spot price of ETH is higher than $1899, users will be able to exercise their right to purchase 100 ETH and profit from the difference between the spot price and $1899, minus the cost of the option premium.

Related reading: "Hegic: Hedging risks in the DeFi market with options".

However, Hegic did not have a smooth start. A bug in the contract code locked up user funds worth nearly $30,000 shortly after the launch of v1.0 mainnet. This error prevented users from unlocking their funds when the hedging contract expired and the holder did not exercise it.

Later, with the support of early contributors to the project, Wintermute returned all lost funds to those affected by the code. In May 2020, Wintermute released a new audit version of the protocol.

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