GM

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slippage due others trading before you can get your trade in and moving the market, making those old reserves amounts outdated — this cannot be deterministically calculated, and is lacking more advanced dex tech, is simply a prediction of the future / user’s appetite for slippage.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.)

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) 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

bro, 99% of pump.fun’s hundreds of millions they’re making probably comes from serial ruggers rugging retarded gambling addicts

the rich professional ruggers ARE pump.fun’s real true customer

stopping the ruggers is not really in pump.fun’s best interests at all

you are not the real customer

New celebrity memecoin just dropped, by Iggy Azalea

IMO don’t like ones that launch without a 24h public fair launch (like BOME had)

But still, they all pump.

This one up 10x since her tweet 2h ago. ~400k in SOL liquidity.

Likely Iggy Azalea’s buys and sells on the coin she announced.

Likely not even a coin her or her team created, but rather just a random dead one that that she loaded up on a couple hours prior to promoting it.

….Which would put this solidly classic into pump & dump territory, as that’s exactly the formula for classic pump & dumps.

What could change legally change this situation, to not be a pump&dump, is if she continued promoting it hard for a prolonged period of time — Counterintuitive, but yes, your actions after can retroactively change whether the prior action was legally good or not.


Azalea was calling Sahil a scammer but this is… actually looking much worse, actual classic scam territory.

Whether it turns out full scam depends on what she does next.

Not looking good.

Bring back BOME-style 24h open “fair launches”. These celebrities are big enough to make them actually do well.

Retarded move Azalea, and not the good kind.

But then you went and launched a bigger scam than even his coins

Chick do some learning

you goin to jail chick