A crypto trader's scheme to win big from the 1inch airdrop goes haywire.
On Christmas day, prolific DeFi users found a surprise in their
stocking courtesy of a unicorn that looks a little like Kurt Russell: decentralized exchange platform 1inch launched its governance and utility token 1INCH, which peaked at nearly $2.80 per token shortly after release.
Harkening back to the release of the Uniswap token over the summer — an event that many likened to a “DeFi stimulus check”
— the token was distributed via an “airdrop” to wallets who had used
the platform for trades or had provided liquidity in the past. The
average user received roughly 1,600 tokens, and one lucky trader even cashed in over $20 million.
At least one trader emerged from the giveaway festivities a little worse for wear, however: Twitter user @timoharings, whose scheme to net $1.8 million in tokens fell just short of qualifying for the distribution parameters.
In
a viral tweet, Harings recounted how he created 500 Metamask wallets
and conducted a single trade on each in order to qualify them for the
drop. However, none of the wallets received one due to not crossing the
necessary transaction amount thresholds:
Harings, a 23 year-old from Germany who has been trading full-time
since 2018, told Cointelegraph in an interview that the planning process
was an arduous one. He poured over the wording of 1inch articles in
order to devise his strategy, and ultimately decided to seed each of the
500 wallets with crypto worth $30 to place a trade.
“As a
non-programmer, I was looking for simple ways to script it but ended up
doing it manually. I thought I was running out of time as the snapshot
could've been "any day" in October when I started,” said Harings.
“Distribution of funds and doing the actual trades were literally made
by hand on different computers since MetaMask couldn't handle over 100
wallets for some reason.”
In the end, Harings spent $8,000 in gas
on trades, anticipating a $250,000 return at minimum. Instead, if his
wallets had qualified, he would have received a whopping $1.8 million.
It
wasn’t all a loss, however — one of his “main” trading wallets was
dropped over 1,800 tokens, though it barely covered the costs of the
scheme.
While Harings admits that missing out on nearly $2 million “sucks,” he remains in good spirits.
“There
is a part of me that is proud of the idea and work I've put into it and
how I 'solved' it. If this would've happened in 2016/17 it would be far
more devastating emotionally but now in 2020 after everything that has
happened [...] it's digestible.”
Moreover, he’s walking away from
the experience with some hard-won wisdom under his belt, as well as an
optimistic view of his future earnings potential.
“I learned not
to cheer before crossing the finish line, he said. “[...] We all have a
good amount of time left for making it and are in for a wild ride over
the coming 12-18 months in my opinion. No one has missed that chance yet.”
source link : https://cointelegraph.com/news/black-christmas-for-trader-who-misses-out-on-1-8-million-in-1inch-tokens
