Sniping Bot nightmare: A case study
Crypto is cool. DeFi is brilliant.
Yet, the same story repeats: First come the geeks, then come the traders, then come the trader geeks with bots that are much quicker than any human traders.
Technological innovation is great, but sniping bots make it absolutely unfair for the common retail investor. And that’s sad for DeFi, which came into existence to create a more fair, more accessible financial ecosystem. Exactly how bad is it?
The number of snipers and sniping bots is increasing exponentially. In one recent project, we caught 7 snipers and blocked 120 sniping attacks in just 10 seconds. Some are for small sums, under $1k. Others try to grab up to $250k at once. Multiply this by multiple bots and you have a recipe for a liquidity squeeze and artificial price pumping followed by dumping on the same retail investors/community members for whom the project was created, the ones putting their faith in DeFi only to get rekt.
The community is angry. The team is angry. The project is in danger of being branded a scam and abandoned by even the most faithful. And for what? For bot runners to make a quick buck and move on to ruin another project? That’s not our idea of DeFi. That’s why we created 111PG.
Snipe bots get tokens ahead of human investors by getting into the first block, the same one where the team inserts the token’s initial liquidity. More than just the first block — the very same second that the liquidity is added. Human investors have no chance. By the time they see and press the Buy button, liquidity has already been bought up by bots with the price driven up.
Investors see the green candle of a rising price and buy hoping that it keeps pumping when, in reality, it’s far more likely to collapse into a giant red candle (or several). The bots have zero interest in waiting for the price to rise naturally to the project’s potential — their goal is to dump while there are hungry buyers and move on to the next project to scam.
Projects have no chance if they don’t use protection.
The beauty of 111PG is that we can turn the bots away or lock their purchased tokens so the project gets more liquidity in ETH, etc., while facing no fears of an immediate dump on the community. Without sniping bots being able to dump tokens, the massive selling pressure is gone and natural price discovery can take place. Now the community can decide on what the project’s token is worth based on their faith in it and the value they place on what the project can deliver. Fair.
And yes, it feels arrogant and self-serving to talk up our own 111PG protection.
Yet it is the best technological solution on the market today for protecting against sniping bots.
And that’s by design. We studied the market, talked to projects who got rekt by sniping bots, took apart any previous attempt to block the bots, and then built something better, something that can be trusted and that already has a massively successful track record.
111PG saves projects hundreds of thousands of dollars’ worth of their token, helps them have a smooth launch, and even offers powerful marketing support. A project only gets one chance to list right and get community support — why risk it?