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borodutch
@farcasteradmin.eth
hi all ๐ today, the first lp migration happened for precoin->clanker launch with @philโs $w coin, hereโs 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 coinโs 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 ๐
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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 projectโs 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 hereโre the steps weโre 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 ๐
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@toyboy.eth
Keep going Boro.
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