Elevate ($ELE) and it’s Birth

The following is an interpretation of events occurred on 27th January 2021 at uniswap.

Far from being an ideal launch on uniswap $ELE had some issues on launch which have been magnified by some bad actors leveraging perceived legitimacy further causing damage to the project.*

The events which may not be in order from the writers perspective caused the damage to the launch;

1. The bot/human snipers:- multiple bots and/or humans used high gas to push trades and quick profited from the overbuy/buy blind situation
2. There seem to have been multiple bots/traders involved in the trading that took advantage of the fair price trading, which isn’t unusual, emitting their profits over a period.
3. Arb attack:- At a point during the continued overbuy and addition of RFI/ELE liquidity an arbitrage bot took advantage of this removing a mass of value from the RFI/ETH and RFI/ELE and ETH/ELE pairs.
4. This caused an avalanche arbitrage opportunity affecting YLD and RFI.
5. Some buyers managed to get a low price as a result of this initial ‘vamping’ and bought low to profit at 2x.
6. Finally once stability was attained a the FUD published by an actor of claimed legitimacy caused mass panic selling further perpetuating the acute situation.

*FUD references; https://twitter.com/WARONRUGSFANS/status/1354990665420201984?s=20