@atareh

The first presale on CLANKER had some fundamental problems - which is likely a reflection of the different philosophy and approach to crypto, fundraising and the incentives the farcaster team are optimizing for. At a high-level, the problems i saw was: - 6 wallets got all the presale supply: with no whitelist or limit on contributions, bots ate up the presale in seconds, leaving out real, normal users. - None of the presale funds went to liquidity: the 10-20 ETH raised went to the team and the LP was funded separately, meaning presalers were effectively buying OTC - Starting mcap opened below presale cost: token launched with a market cap lower than implied presale valuation. Consequences are that snipers got a better entry than presalers, which breaks presale incentives, punishes early supporters, and created immediate sell pressure - presale buyers locked for 7 days: while locks are fine, it does create psychological sell pressure (preceding the actual sell pressure when tokens unlock), which is a distraction overall, especially for an early token ecosystem. you want real believers in your presale, that get a premium, and not fast flippers token generation ceremonies (TGCs) take a completely different approach to the traditional presale, and we'll be announcing more details about how you can use TGCs regardless of where you launch your token later today over on @feyprotocol

5 replies

12 recasts

44 reactions