Farcaster

borodutch

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
👇

The first LP migration from Precoin to $W via Clanker just happened. It allowed early supporters to swap their pre-launch tokens for $W, but many users ended up with much less than expected due to sniping. Some accused the team of manipulating the launch, which they denied. The team admits the process needs improvement and plans to make Precoin fairer, add anti-sniping measures, and explore better distribution methods for future launches.