Launched 12SEP23 ~1000 UTC
RIP 19SEP23 ~$3.5k market cap
UniMeV is a revenue sharing sandwicher and the premise was the 5% buy/sell tax was going to fuel the MEV and its development (figure 1).
What is MEV?
MEV is “maximal extractable value and it refers to the maximum value that can be extracted from block production in excess of the standard block reward and gas fees by including, excluding, and changing the order of transactions in a block” (MEV definition).
How do MEVs MEV?
The MEV bots roam the Ethereum mempool looking for foolish traders who are attempting to swap their Ethereum coins for a shitcoin with their slippage setting set too high. Slippage settings in Uniswap or SushiSwap or any other decentralized exchange (DEX) exist for the defi user to account for token taxes and volatility or how fast/slow the token’s price will move while you are attempting to swap into or out of it. The slippage settings allow you to account for these unpredictable movements. For example: if a token had a 5% buy/sell tax the slippage has to be higher than 5% because you must account for that 5% price difference off the bat along with an extra .25-.5% to seal the transaction. The DEX will tell you to shove it if you use a straight 5% slippage, it won’t even entertain the thought of your swap. So, you must use 5.25-5.5% minimum to send the transaction into the mempool where a “miner” will take care of it. If you were to use 10% slippage it means you are willing to pay 10% above the current price at the time the tx is being sent. If there is higher than normal buying/selling (i.e., volatility) you may be smart to do so but be advised that you can lose 10% of your buying power. A MEV is chilling and waiting for you to set your slippage too high. It will see the slippage setting in the mempool and swoop in to buy with maximum effectiveness and usually a decent amount of ETH. It will allow you to buy on top of his buy (i.e., paying that higher price due to higher slippage setting) and then sell immediately while pocketing that extra price increase.
MEVs are amazing machines that require insane amounts of math and computing code to do what they do. I spoke to a legit, professional coder about MEVs and he told me the maintenance alone is tens of thousands of dollars per month to maintain their competitive edge. These machines must be able to identify and calculate potential profitable situations whilst quickly scanning a contract to ensure safety (i.e., no honeypot or malicious functions) and then front-running that poor degen. All of these calculations must be completed in around 10 milliseconds. These things are insane!!
I would surmise that the truly powerful MEVs belong to large exchanges and extremely rich/smart investors. The maintenance and other running requirements are just too expensive for the regular john doe. The real OGs like jaredfromsubway.eth (figure 2) are MEVs you will get used to seeing because they are usually rekting everyone who is not smart with their slippage.
Back to our Regularly Scheduled Programming
Back to our story of a group of slow-ruggers, if you will, coming together to create a bullish project that brings in a crowd-funding aspect to building a monster MEV. Revenue sharing was advertised to holders of the project token. I also heard that the team was affiliated or a part of the $Pixia project. What is Pixia? I have no idea and still don’t but I guess it was a project that went to $8 million market cap. We throw terms like “previous project did this much market cap” and he/she was part of a project that met Elon Musk and went to the Moon riding on a SpaceX rocket only to create a bullish sentiment and hype up our audience. But but, I thought it was gonna be different this time, lol.
Everything about this project was bullish. First day of chart activity there was massive volume and tax revenue because the latest ETH meta includes taxes for “utility.” The team has a decent amount of ETH in their marketing wallet and they are riding on the alleged hype that they are from this “special” team that did amazing market caps. A lot of us got sucked in. The team drip-fed us just enough to get us hooked and we started buying the dips but the dips kept coming (figure 3). Sure, the project was only live for a few days but in crypto, that’s almost a couple of months. On the day I called it quits, there was massive selling and we dipped hard. We like to call this stage “shaking the jeets, the weakhands, the paperhands.” In retrospect, the jeets have it good because they have capital to trade another day instead of buying dips on a slow rug.
Either way, the last day, we were so salty towards the paperhands and then the last remaining mod (the rest of them were either kicked or quit) says that he was in contact from an insider and something was going to be released to keep us heads fueled up on hype (figures 4,5, and 6). However, that dude got removed as admin and he eventually apologized and sold off his bag and exited. Or was he a part of the team and feigned innocence to keep us in just that much longer to remove the rest of our ETH liquidity? No telling in the wild wild west of degen crypto. At this point, I’m out. All of the mods were kicked, there is no one who isn’t anon to speak for the team and the team is producing nothing. That was the closing bell… (figure 7)
Like I always say; if it sounds too good to be true it usually is….run the fuck away. Do not believe the hype, believe what you see and feel with your own eyes and hands. Do not trust what others say either…it’s called DYOR (Do Your Own Research) for a reason. There are tools out there to scan and check contracts: TTF is a great one and so is JDB and TufEXT…ask me and I’ll send you links. This is a nasty bear market and the skemmers are fucking us up. You gots to be careful out there.
I ran a TTF scan just so I could show that the ca was clean. Note: this scan was from just before writing this article, I definitely did not catch the beginning, hahaha. It is easily noticeable that the “age” onchain is 7 days (figure 8).
And finally for my troubles…see this beaut of a chart (figure 9).