jason (w/acc)
@jasonkim.eth
Quick retro on today's first @precoin -> coin launch. This didn't really go amazing and I apologize - we're making a lot of changes to refine the idea: 1. We built precoin because we wanted a tool/way for people to speculate on someone launching a coin before it launches 2. Pre_phil started because we saw on the timeline that phil was gonna launch a clanker (phil has no affiliation precoin is permissionless) 3. People put money (with my cofounder boro having a $45K stake/ the largest on farcaster) into pre_phil to get access to $w (phil's launch) 4. Precoin worked as designed and our system automatically bought $w as soon as it launched (4th block, 7 seconds post launch) 5. However we were the 13th transaction and it got sniped 12 times before we market bought 👇
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jason (w/acc)
@jasonkim.eth
6. People are confused as to why if they put $100 in the precoin they got $10 in w, it's not a 10:1 allocation, this is partially because of the snipers and partially because the precoin:coin allocation wasn't ever 1:1 but proportional to amount in precoin LP 7. So if you had 10% in precoin supply you get 10% of whatever the market bought amount would be in the clanker coin (today that was 7.5B in total supply in clanker bought by precoin). We did communicate that over and over again, but could have made that way more clear for users in designs etc 8. We underestimated snipers when we were testing internally with test coins on prod, but should have known snipers would be working overtime for a more hyped clanker 👇
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jason (w/acc)
@jasonkim.eth
9. My cofounder's stake of $45K in $prephil became $3.8K in $w and many users experienced similar results 10. We're gonna change up a lot of how precoin works including working tighter with clanker on anti snipe measures, and potentially changing the precoin part to a linear ETH vault that's not an ERC20 on bonding curve to give users a more linear distro 11. Also boro has no plans on selling any $w that he claimed, the meme is good and it's only day 1
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FOMOphoria
@basefreakz
The meme is cooked, 50%+ sniped. Grow up and stop lying to people. Boring.
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shoni.eth
@alexpaden
There’s no lie here?
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