Thread by @bowtiedgargoyle

1 / n
Is @RichardHeartWin planning the biggest Vampire attack of all time !?

Due to an imbalance in native token supply on the PulseChain a Harvester Bot will soak up 99% of all liquidity in #Uniswap #SushiSwap 😱 🧛‍♂️

#PulseX #PulseChain

bowtiedgargoyleeth.substack.com/p/pulsex-the-l…

2 / n

The million x increase in the native PLS token supply poses a problem as the 1:1 copy of the liquidity pools in quantity terms will remain the same. This would make the PRC20 (the ERC20 equivalent) have a value 10^6 times lower compared to PLS.

3 / n

Example of a ETH/USDT Pool

4 / n

This pool will be copied 1:1 on the date of the snapshot. It will become WPLS / pUSDT.

Because the blockchain is immutable, the plan of the harvester bot is to inject 1000x liquidity on the ETH (PLS) side and extract the coins on the other side.

5 / n

The bot will come in and inject 1000 times more WPLS and extract pUSDT until the X * Y = K holds again.

The bot injects 33,795,171 wPLS

and extracts 107,315,171 pUSDT

only 0.0999% left of the other token in the pool 🧛‍♂️

6 / n

1000 * 1000 = 1 million times liquidity rebalancing.

This will keep the same ratio of the native PLS token to the pUSDT token like on the Ethereum network (accounting for the PLS inflation).

7 / n

So if the harvester bot harvests 99% of all liquidity pools and rebuilds them in PulseX it is going to be a huge (probably the biggest ever) vampire attack.

This is insane but also could be quite the brilliant move!

8 / n

If you provide liquidity you can guard against this by removing the liquidity during the snapshot phase (will be announced before PulseChain launch).

9 / n

Of course this could end up pretty good for the LPs because they will receive more PLS tokens for their copied PRC20 tokens. As PLS the native token might appreciate far more than the PRC20 tokens.

10 / 10

If you like this thread, check out the full article where I also explain how AMMs (Uniswap work).

Also, don't forget to sacrifice on pulsex.com to get in on day 1

bowtiedgargoyleeth.substack.com/p/pulsex-the-l…

Please be aware of scammers and only sacrifice to the official addresses and don't respond to "support" or "admins"

Go to @RichardHeartWin for all the official links