On Christmas Day, prolific DeFi users found a surprise in his stocking, courtesy of a unicorn who looks a bit like Kurt Russell: decentralized exchange 1inch launched its 1INCH utility and governance token, which peaked at almost $ 2.80 per token shortly after launch.
Regarding the launch of the Uniswap token in the summer an event that many have compared to a “DeFi stimulus check”, The token was distributed via an “airdrop” to wallets that had traded on the platform in the past or provided liquidity. The average user got around 1,600 tokens, and even a lucky trader made over $ 20 million.
At least one dealer, however, got a little worse out of the Christmas air drop: Twitter users @ Timoharingswhose plan to raise $ 1.8 million worth of tokens fell short of distribution parameters.
In a viral tweet Harings shared how he created 500 Metamask wallets and performed a single operation on each to qualify for the air drop. However, none of the wallets received anything as it did not exceed the required thresholds for the transaction amount:
My ~ 500 Metamask wallets, all of which were trading in preparation for the varsity air drop to 1 inch, didn’t end up getting an air drop as they were $ 17 per trade, $ 3 below the threshold. Would have made a profit of $ 1.8 million
But today I won at Catan with my family, which is very nice
– @ ¢ Ð¸Ð¼Ð¾ (@timoharings) December 26, 2020
My 500 Metamask wallets, all of which were doing a 1 inch trade in preparation after the varsity air drop, ended up not getting an air drop because they were $ 17 per trade, $ 3 below the threshold. It would have made a profit of $ 1.8 million
But today I won with the family in Catan, which is good
Harings, a 23-year-old German who has been a full-time trader since 2018, told Cointelegraph in an interview that the planning process was tedious. He focused on writing 1-inch articles to develop his strategy and eventually decided to place each of the 500 wallets worth $ 30 worth of cryptocurrencies to make a trade on the platform.
“Since I’m not a programmer, I looked for easy ways to do this with a script, but ended up doing it manually. I thought I was running out of time since the snapshot could have happened ‘every day’ in October when I did began “, Said Harings. “The distribution of funds and the execution of the operations were literally done by hand on different computers, since for some reason MetaMask couldn’t handle more than 100 wallets.”
At the end, Harings spent $ 8,000 on gasoline and expected a return of at least $ 250,000. Instead, If his wallets had qualified, he would have received the exorbitant sum of $ 1.8 million.
It wasn’t all a loss though One of his “most important” trading wallets received 1,800 tokens, barely covering the cost of the plan.
Although Harings admits that almost $ 2 million missing “sucks” still in a good mood.
“There is a part of me that is proud of the idea and the work I put into it and how I ‘solved’ it. If that had happened in 2016-17 it would be a lot more devastating emotionally, but now in 2020 after all of this happened […] it is digestible. “
In addition, this experience gives you hard-earned knowledge and an optimistic view of your potential future earnings.
“I learned not to party before I crossed the finish line”, said. “”[…] We all have plenty of time to do this and I think we have a crazy journey ahead of us in the next 12 to 18 months. Nobody lost The Chance. “