IotexPad refused 111PG protection: bad decision
IotexPad is a launchpad and incubator for projects with over 112,000 Twitter followers and a strong VC backing. As such, it should be a priority for them to make sure their own launch goes as smoothly as possible. But here is what actually happened….
For their recent launch on the BSC network, IotexPad refused 111PG protection. What happened next is a classic case of “you get what you (don’t) pay for”
The project added $90,000 of liquidity to its pair on BSC. Immediately, a sniping bot bought $32,000 of it and proceeded to dump it on the IotexPad community with a very nice profit.
A few minutes later, the VCs and other investors who were on the IotexPad white list started dumping their tokens on the community too, and at half the price they could’ve sold if not for the sniping bot attack.
It’s bad enough that IotexPad let a sniping bot attack leave their community holding bags with immediate paper losses.
But the VCs — who are key to every project as that early vote of confidence and source of funding — were expecting a quick flip of at least 4x on IotexPad but ended up with maybe a 2x if lucky.
The price action certainly wasn’t very favorable to anyone but the sniping bots who dumped and left onto another project that opens itself to sniping bots as easy prey.
The VCs are in the business of getting high returns by getting in early and making sure the project delivers. So they should’ve pressured IotexPad to get 111PG protection (for their own self-interest). Clearly, IotexPad failed to show itself as a smart launchpad and incubator. But the VCs should know better.
Hopefully, next time they’ll pay for 111PG protection instead of leaving half (or more) of their potential returns to the sniping bots.