Note: The original text comes from @0xSunNFT’s long push.

Let's review the series of operations that @Memeland $MEME did when it went online today, and do the math for myself. The core is to make profits by forming LPs on the chain, and to increase leverage by buying and selling captains to obtain Mapz tokens.

It all started when I saw a table at noon, which was the number of tokens corresponding to Captains and Mapz of various rarity extracted from the contract, and Mapz was 100% unlocked. After discussing with @zicai222222, I felt that this was an information gap that could be exploited, so I decided to get some Captainz with a large number of tokens corresponding to Mapz from the floor. In the end, I bought a total of 13, with a total cost of 77.9E and an average price of 5.992E. I received 2244K tokens at the opening, plus the 2 I originally held and the 1473K tokens included in the 8 Firesale shares, for a total of 3717K tokens.

A situation occurred here that almost no one expected. Most people thought that the tokens contained in the NFT itself would also be released at 20% at the opening, but in fact only the tokens corresponding to Mapz were issued, and all my estimated arbitrage space included the 20% of the NFT itself, and there was no clear announcement of the subsequent release time. So in order to reduce the risk, I chose to sell all the captains first and obtained 54.5E, with an average price of 3.63E, that is, the wear and tear of the 13 captains purchased in the morning was 77.9E-47.2E=29.8E. Now it seems that I sold them all.

The next step is the most critical part of the plan, which is to form LP on the chain as soon as possible to obtain the handling fee under high transaction volume, but the selection of LP interval is also very critical, otherwise it will be counterproductive due to impermanent loss. Through the observation of OTC transaction prices and market value estimates, my judgment is that it is absolutely possible to buy below 0.015, and there is a chance to rush to above 0.025 in the short term, so my subsequent LP intervals are adjusted based on this range.

After receiving the coins, I immediately formed an LP, as follows:

15:30~15:55 The first interval is 0.0213~0.0312. 3717K coins and 3.08E are added. 158K coins and 1.93E are withdrawn as transaction fee rewards. 3974K coins are withdrawn. From the figure below, we can see that the transaction fee is very exaggerated. In just over ten minutes, we can get a profit of nearly 10%.

15:55~17:20 The second interval is 0.0197~0.0288, 3717K coins and 8.49E were added, 381K coins and 4.99E were withdrawn in handling fees, 777K coins and 3.96E were reinvested, 92K coins and 0.85E were withdrawn in handling fees, and 5587K coins were withdrawn.

From 17:20 to 21:55, the third interval was 0.0188-0.0268. 5698K coins and 14.18E were added, 334K coins (about 4.5E) and 91.15E were withdrawn, and no more investment was made in LP. At present, it can be regarded as a temporary escape from the top.

Looking back at the whole process, the profit of the token part is the difference between the withdrawn ETH and the deposited ETH, that is, -3.08+1.93-8.49+4.99-3.96+0.85-14.18+91.15+4.5=73.7E. Because the LP range was set properly, high transaction fees were also incurred in the process of buying low and selling high. In the end, it was equivalent to selling the initial 3717K tokens at a price of 73.7*1800/3717K=0.0356.

As for the overall profit, 60% of the coins came from the newly purchased NFTs, which were sold for 44.2E, minus 29.8E for NFT wear and tear, with a net profit of 14.4E. 40% of the coins came from the 2 NFTs it held and 8 Firesale pre-sales, which were sold for 29.5E, with a total profit of 43.9E. I am quite satisfied with this result. The most regrettable thing is that when I first formed the LP, the lower bound was too high, which caused it to fall out of the range quickly, and I missed the low-priced chips and part of the handling fees.

Finally, I would like to thank @9gagceo and @Memeland. I think the performance of this wave of airdrops is completely adequate, at least for Holders. It is much better than some projects that only issue second-generation tokens for targeted harvesting!