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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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Jacque(she|her)
@jacque
It completely RUGGED us tho.
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Zinger ↑
@zinger
A rug is when a dev or insider group sells their entire supply all at once and causes the price to tank. As boro outlined in his thread, that's not what happened here.
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Lucas
@cryptocy
Ofc you didn't know it was them also the snipers. We're not kid anymore bro. Karma is a bitch
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