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My WLEO Uniswap tale

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Dr Brian of London ✅
@brianoflondon
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2 min read

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):

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:

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):

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