My WLEO Uniswap tale

in LeoFinance5 months ago (edited)

If you're coming in cold to this story, it'll make more sense if you read the official post about this here.

I've always found ETH and ERC-20 to be a confusing mess and dangerous.... after yesterday, it seems, I'm probably not the only one who doesn't much like that system.

I thought I'd try to understand exactly what happened over there to my little slice of the pie. I only added some ETH and WLEO to the pool a couple of days ago (2 days 18 hrs ago (Oct-09-2020 11:41:06 AM +UTC):

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I added 682.627 Wrapped Leo (WLEO) and 0.475223424574828173 ($177.69) Wrapped Ethe... (WETH).

Yesterday morning I thought, I'll add some more so I tried to send 500 more LEO to be wrapped. And this happened:

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My 500 LEO bounced straight back to my wallet (without fees, obviously, because here on Hive we run a decent system!).

I then had the presence of mind to look at the Discord server and pretty quickly figured out I wanted to pull all my liquidity out of the pool as even I managed to work out that if someone could print WLEO he would just drain all ETH out of that pool and leave behind a mountain of money printer go brrrr WLEO.

19 hrs 39 mins ago (Oct-11-2020 10:38:14 AM +UTC):

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I'm in IST which is UTC+3 so I'm seeing here that I pulled my liquidity 14 minutes after first finding out something was wrong.

What I got back was 1,002.505 Wrapped Leo (WLEO) and 0.324323700573110311 ($121.26) Wrapped Ethe... (WETH).

So the net result, after 2 days, is that I converted 0.15089 ETH into 319.878 LEO. I paid $0.176 per LEO which I did manage to unwrap and get back into Hive-Engine.

Not a catastrophe for me, but I only had pocket change up there. I have to say this whole thing has shaken my confidence in the entire Uniswap system.

I'm still way ahead (in theory, on Uniswap) because mostly I'm using the $UNI token I was air dropped because I played around with WHIVE a few weeks ago.

Anyway, good luck to @leofinance and @khaleelkazi, I still have a huge deal of faith in Leo and Leofinance because the MODEL of rewarding a community for contributions is the one I want to help succeed going forward.

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Posted Using LeoFinance Beta

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I do have faith always in the system, the catastrophe wasn't something we all expected but then you're right about ERC-20. I always find it confusing myself.

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When Khal printed 100million WLEO to save the liquidity that was left, right at that second i bought some WLEO (yes, it was a gamble). What happened is that i got half of those 100million WLEO for about 1.2 ETH.

This is a pickle. Will he start from scratch. Will he dump this contract?

Who can say.

I would say WLEO became disassosiated from LEO when he printed so much. I can't see how you can keep that trade at that price.

Posted Using LeoFinance Beta

I mean i cant, obviously. Its 50mil Wleo and theres only like 5 mil LEO in circulation.
I made money during the shit show on arbitration so i dont mind these 50mil.

He will probably want to be on uniswap again. question is how? New Wleo? Its a pickle. I just hope they manage to catch the hacker.

I recently started following the LEO project and was amazed with the momentum it was building. Invested into LEO, initiated SIP for the LEO token, and converted lot of my liquid HIVE to LEO. From the day one I didn't wanted to join the LP pool and just had a target to have around 10K LEO tokens; so have been working towards that. Nice to hear that you removed LP quickly. Hoping and I'm positive that we will see good things turn up for LEO and ultimately for all the community members. Best Regards

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