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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Adam
@rhynotic
Tbh unless you're taking this seriously, you're gonna constantly get bad fills and get fucked every launch
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KapaskieVibes
@kapaskie
Just noticed all my tokens were gone and I got no $W
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Ace
@ace
experiments come with risk fs! learned through you guys though I lost some money - but it's nobody's fault but mine. y'all handled the communication really well. learning from many angles. sending love and respect to you and @farcasteradmin.eth
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Ghost 🎩
@ghostbo4.eth
Thats So sad ngl but wish u guyz still build and don’t give up eh 🖤🫂
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Mikado
@mikadoe.eth
I'm sure you'll figure it out eventually This is a good experiment and always a tough battle with the snipers
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tldr (tim reilly)
@tldr
How much did Boro actually spend to get the “45k stake”?
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wetsocks
@wetsocks.eth
just put the fries in the bag bro
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FOMOphoria
@basefreakz
Boring cover up, yall farmer scammers.
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blanc
@blanc
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DebtCollector
@debtcollector
I appreciate the communication and clarification. Hope it works out better in the future!
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