And… really this is exactly why memecoins should have a regular 24-hour “fair launch”,
dividing up X% of the funds pro-rata among everyone who contributed in that 24h window.
625x overnight is way too big
240x in 48 hours by BOME was already huge
625x and suddenly tons of super broke people have millions to dump on it
too many millions set to dump early and the big money will never be attracted
Big money not attracted and then those broke overnight millionaires suddenly can’t exit
More 24h fair launches.
dividing up X% of the funds pro-rata among everyone who contributed in that 24h window.
625x overnight is way too big
240x in 48 hours by BOME was already huge
625x and suddenly tons of super broke people have millions to dump on it
too many millions set to dump early and the big money will never be attracted
Big money not attracted and then those broke overnight millionaires suddenly can’t exit
More 24h fair launches.
😁2💯1
DoomPosting
So now we have PEPE/SOL and PEPE/ETH — Two completely separate coins. PEPE/SOL mooning hard. Is the desire for a SOL-based PEPE enough to overcome the confusion of having the same ticker as the ETH pepe? Or do sites like dexscreener finally fix this, as…
yup, now porting over all the major ETH tickers
(Though not with huge liquidity, and no idea if legit)
(Though not with huge liquidity, and no idea if legit)
My take: this is a massive failure of all of today’s crypto wallets.
Incredible that today’s crypto wallets don’t solve this for you.
I.e. 2 components to slippage:
(1) slippage due to the amount your trade moves the market on the dex, based on the current reserves, if no one else trades before you, i.e. due to your trade size being large relative to the reserves size — and this can be deterministically calculated by the calculateAmountOut function offered by basically all the dexes. Note that MEV bots CANNOT drain this kind of slippage.
(2) slippage due others trading before you can get your trade in and moving the market, making those old reserves amounts outdated — this cannot be deterministically calculated, and is lacking more advanced dex tech, is simply a prediction of the future / user’s appetite for slippage. Note that MEV bots CAN attack this kind of skippage.
Retarded wallets up until now just assumed that (2) dominates and that (1) is near zero, and so to just always have the wallet set a tiny amount of slippage, and that’s it, MEV bots can take that tiny amount from (2), but not a big deal because it’s tiny.
Reality: (1) dominates today, with most people trading new memecoins where your trade size is huge relative to the size of the memecoin’s dex reserves.
Result: people are making wild guesses about what un-MEVable (1) is, even that part should be pre-calculated, vastly over-estimating and going into MEVable (2) territory — and getting massively drained as a result.
What would fix it: If the wallet slippage percent input was JUST about type (2) slippage, and then you much more often could just always leave the slippage to some small number, instead of just blending un-MEVable (1) and MEVable (2) together.
(FYI: you might think that you could MEV drain type (1), but you can’t, because that would just be helpful arbitrage. Only difference between a bad MEV bot and a helpful arbitrage bot is whether it helps you or hurts you…FWIW.)
Incredible that today’s crypto wallets don’t solve this for you.
I.e. 2 components to slippage:
(1) slippage due to the amount your trade moves the market on the dex, based on the current reserves, if no one else trades before you, i.e. due to your trade size being large relative to the reserves size — and this can be deterministically calculated by the calculateAmountOut function offered by basically all the dexes. Note that MEV bots CANNOT drain this kind of slippage.
(2) slippage due others trading before you can get your trade in and moving the market, making those old reserves amounts outdated — this cannot be deterministically calculated, and is lacking more advanced dex tech, is simply a prediction of the future / user’s appetite for slippage. Note that MEV bots CAN attack this kind of skippage.
Retarded wallets up until now just assumed that (2) dominates and that (1) is near zero, and so to just always have the wallet set a tiny amount of slippage, and that’s it, MEV bots can take that tiny amount from (2), but not a big deal because it’s tiny.
Reality: (1) dominates today, with most people trading new memecoins where your trade size is huge relative to the size of the memecoin’s dex reserves.
Result: people are making wild guesses about what un-MEVable (1) is, even that part should be pre-calculated, vastly over-estimating and going into MEVable (2) territory — and getting massively drained as a result.
What would fix it: If the wallet slippage percent input was JUST about type (2) slippage, and then you much more often could just always leave the slippage to some small number, instead of just blending un-MEVable (1) and MEVable (2) together.
(FYI: you might think that you could MEV drain type (1), but you can’t, because that would just be helpful arbitrage. Only difference between a bad MEV bot and a helpful arbitrage bot is whether it helps you or hurts you…FWIW.)
Tons of people still not realizing that NO, the “slippage” today on these new memecoins is NOT dominated by volatility, i.e. type (2), but rather buy the type (1)
…and really that’s just for the simple case where there’s just 1 dex with major liquidity for that pair, and no more sophisticated arbitrage strategy that could get you a lower price…
Yes, to fully solve drainable MEV every wallet must be doing arbitrage calculations behind the scenes.
That DOES already exist via some hosted services, that do this for you. But afaik a full permissionless version that runs on your own phone in your wallet, does not yet exist. But, that’s the only real permissionless solution.
getAmountOut slippage due to a high ratio of your trade size vs the dex liquidity…and really that’s just for the simple case where there’s just 1 dex with major liquidity for that pair, and no more sophisticated arbitrage strategy that could get you a lower price…
Yes, to fully solve drainable MEV every wallet must be doing arbitrage calculations behind the scenes.
That DOES already exist via some hosted services, that do this for you. But afaik a full permissionless version that runs on your own phone in your wallet, does not yet exist. But, that’s the only real permissionless solution.
pump.fun brings next level of retardation,
— with livestreaming
Expect more $DARE and kid pimping out mom craziness to come.
Makes sense. Up to now, pump.fun has just been either:
an expensive way for poor people to make memecoins — bad idea to bet on,
or a way for the rich to drain the poor — again a bad idea to bet on,
or a way for celebrities to easily launch coins — again bad, versus doing a bigger fair launch, because then the ratio gets too high and early people dump way too hard
I.e. pump.fun was always the worst tool for the job, and headed to be obsolete fast if they didn’t provide something that’s actually the best tool for the job,
at least now this livestream stuff has the chance to be that
Next level retardation inbound
— with livestreaming
Expect more $DARE and kid pimping out mom craziness to come.
Makes sense. Up to now, pump.fun has just been either:
an expensive way for poor people to make memecoins — bad idea to bet on,
or a way for the rich to drain the poor — again a bad idea to bet on,
or a way for celebrities to easily launch coins — again bad, versus doing a bigger fair launch, because then the ratio gets too high and early people dump way too hard
I.e. pump.fun was always the worst tool for the job, and headed to be obsolete fast if they didn’t provide something that’s actually the best tool for the job,
at least now this livestream stuff has the chance to be that
Next level retardation inbound