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https://warpcast.com/~/channel/borodutch
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borodutch
@farcasteradmin.eth
hi all 👋 today, the first lp migration happened for precoin->clanker launch with @phil’s $w coin, here’s a quick retro: we built precoin because we wanted to use a tool/have an easier way to create some type of prediction market where users can buy into a coin’s launch before it launches we tested it out for the first time in the wild today with $w - the migration of $pre_phil lp to $w happened before clanker replied and we were the 13th transaction, and on the 4th block, 7 seconds after token was deployed - to dogfood the first launch i had a $45,000 stake (largest out of any farcaster users by far) in $pre_phil that became a $3.8k stake in $w and many people experienced the same and are wondering why - first, the migration from precoin->coin was never meant to be 1:1 (this was clearly communicated); the lp in the precoin pool is used to market buy $w after it launches, and users were going to be able to claim a proportional stake in the clanker coin 👇
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borodutch
@farcasteradmin.eth
- meaning that if you owned 10% of $pre_phil you can now swap it for the 10% of whatever $w precoin system market-bought (7.5B $w total) - as some people were warning the project’s chat, this got giga sniped even though we were very early in buying $w; these people were unfortunately correct - some people are accusing us of sniping $w, and, no, this was not us; we would not do that, nor would our reputations be worth doing this for like $30k profit - the real villains in this story are the snipers; and our main goal in the future is to combat them i do agree this launch could have gone better, and the criticism is valid; and here’re the steps we’re taking for the future: - we will rework how precoin works to make it more fair towards all future precoin holders - we will try to Integrate and work closer with the clanker team on potential anti sniping measures - we discuss changing precoins from erc20 tokens to simple eth vaults or similar mechanisms to provide a linear distribution to precoiners 👇
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borodutch
@farcasteradmin.eth
now, regarding $w and @phil; precoin is permissionless and @phil is not affiliated with the project in any way; in fact, he couldn’t have prevented us from buying $w from precoin even if he wanted (this is the permissionless nature of the blockchain) i fully stand behind $w, the meme it represents and i’m not selling, long live warpcast!
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Turii
@22cerodos
Shit happens, but there are several lessons to be learnt here and take the best of this experiment. Basically the market gave you the info about their need There is a Huge way to enhance pre coin and make it a great Product probably used by millions… you already got the tech you only need to customize it to the needs.
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borodutch
@farcasteradmin.eth
wise words
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