# 📘 Day 2: From ERC standards to an OM token crash

*Today started with a basic question:
“What’s the point of ERC20, ERC721, ERC1155 standards?”*

By [0xays](https://paragraph.com/@0xays) · 2025-04-14

mantra

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I realized these aren’t just for developers. They matter to analysts too. They bring structure. Functions like `transfer()` and events like `Transfer` are what make on-chain data queryable on platforms like Dune.

I began with LINK. Found its contract on Etherscan. Tried to make sense of what I was looking at: token holders, event logs, decimals, total supply.

Then I switched to Dune and wrote my first `evms.erc20_transfers` query. It failed a few times😭. Wrong column names, hex formatting issues, missing datasets. But eventually it worked. And more importantly, I understood what I was querying.

Then I noticed something. OM token had dropped nearly 90% overnight. (**While staring at the chart, I’ll admit I had a moment where I thought, _“Could this be a buy-the-dip opportunity?”_** 😁)

![](https://storage.googleapis.com/papyrus_images/528d606f332249d5917c4e355661d2d3.png)

Addresses Receiving the Most OM Tokens (April 13–14, 2025)

But today, I wasn’t just curious about the price. I wanted to understand what caused this drop. So I paused the theory and decided to follow a real on-chain event.

Using Dune, I filtered OM transfers from the night of April 13. I listed the top sender addresses. Some of them had sent OM to Uniswap pools. Others sent to centralized exchange wallets. With Etherscan, Debank, and Arkham, I tried labeling those addresses.

I found a MEV bot that dumped millions of OM tokens into a Uniswap V2 pool. I also found wallet addresses linked to OKX and Binance. And even though the co-founder said it wasn’t Binance, the largest transfer by volume, at least on-chain, seemed to be to a Binance deposit address.

I didn’t reach a final conclusion. But that wasn’t the goal. The goal was to test myself. Could I take a real event and try to explain it with SQL, logs, and block times?

[Collect](https://paragraph.com/@0xays/e0ixx1f5OhxcOeqwstXS)

### 📍 What I learned today:

*   Why ERC standards matter when analyzing token movement
    
*   How `varbinary`, `FROM_HEX`, and transfer logs work in Dune
    
*   That CEX addresses don’t always behave transparently
    
*   How MEV bots can play a role in sudden token crashes
    
*   That real events push me to learn faster than any tutorial
    

I may not have published a final theory.  
But I got my hands dirty, and that’s the only way to really learn.🙂

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*Originally published on [0xays](https://paragraph.com/@0xays/om-token-crash)*