$ket part 2: shamefi
But not slut shaming
This series covers the background and first week of events of the launch of $ket, an Avalanche token presale for an AI trading bot.
The original dashboard
I’m allergic to profits, so I don’t do much on Solana. But I was vaguely aware of some kind of AI project with a presale that those Bankless twats dumped for millions of dollars, mostly because of the people dunking on them.
This dashboard was created to help show who dumped their tiny investment for an enormous amount of profits, and generated a lot of press on Twitter.
Idea for this project
The people voted for it, and Nobs paid Deep Water Studios to build it. We shipped an MVP in a few days and launched it just after the token went live.
The basic requirement was that people should be hidden until they sold at least 50%. We built everything else at our discretion.
It was empty at first, but almost immediately people sold for 50% profit on their presale and showed up on the board.
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Other features
Before we continue on, let me highlight a few other secondary features we shoehorned into the app.
We had a ton of art available but no central location for users to find it (other than searching Twitter). So we added a gallery.
After the bot started trading, we added a way to monitor the positions and P&L.
These features are more specific to this project, not part of the typical shameboard. But it’s nice to have everything in one place.
Origin of ‘shamefi’
I was threatened by zkPrometheus unless I confirmed that he is the originator of the term ‘ShameFi’.
Apparently he is not the first user of the word, but he is the first person (as far as I can tell) to apply it to this kind of dashboard.
Look who we got a shoutout from!
Stats for days 1, 3, and 7 later
ShameFi didn’t stop everyone from dumping. Here are the stats for the people who were unhidden because they sold more than the 50% limit.
Day 2
58 forcibly unmasked
Day 4
88 forcibly unmasked
11 voluntarily unmasked
Day 8 (data not in yet):
108 forcibly unmasked
27 voluntarily unmasked
2 Dokyo masked
A fair number of people also sold under the 50% limit but I didn’t bother to track that.
Public reception
As you would expect, public reception was mixed.
People not involved generally seem to think this is hilarious.
Some people think it’s a bad idea.
More people think it’s a bad idea. I wonder what the pattern is.
People on the board but masked and still holding strong are having a great time.
Lawsuit
Sadly, things took a tragic turn when a user ranked highly on the shameboard took it a bit too seriously.
A very sad turn of events.
Fortunately, Yellow Cat DAO itself has no legal liability for this decision, it’s entirely on Deep Water Studios. And we have a number of lawyer friends, who helped us draft a response to these allegations, which you can read in full here.
Microtransactions
At Deep Water Studios, we pride ourselves on our responsiveness to customer requests and are enthusiastic about making money.
Some users suggest they be able to add ‘flair’ to themselves (or others) and we quickly provided that ability.
For some reason, the ability to mask yourself for a mere 50 avax was seen as inappropriate. I’m not sure why, that seems like a fair price for a banger mask.
Up next
The ethics of dumping.