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Maloha 🍌🏄🏻‍♂️ Profile picture
Maloha 🍌🏄🏻‍♂️
@0xMaloha
Life is a game - go out enjoy it! Co-Founder building dope shit @numos_xyz Advisor @eternalyst_ai MAYC #25702 I @ApeClubDACH
Jul 4, 2024 • 8 tweets • 3 min read
🧵 The $WELL Token Launch Disaster

The $WELL token launch has been a disaster. After 2 years, the final token launch from @well3official was supposed to happen 23 hours ago, but it ended up being a complete failure.

Let me deep dive into some thoughts & how to overcome this 👇Image 1/ The claim for the community didn’t work due to a loophole in the smart contract. Someone sold millions of $WELL on CEXes before anyone else could access their tokens.

Two hours after the official launch time, the claim mechanism finally worked, but the damage was already done. This delayed access severely impacted the community.

The claim process is also poorly coded, causing high gas fees. Users had to pay fees to set up the claim and additional fees to claim the tokens, often more than the token’s value due to the massive drop caused by the initial problem.

Yet, there has been no communication by the team.