29th March 2024 — In light of the way in which many new token projects are manipulated by bots when they launch to produce a pump and dump trading chart, we implemented a market making strategy to ensure that the price of our token didn’t rise above 5x ROI for the Private Round IDO investors who recently invested in our token on the Headstarter Launchpad.
Bot-enabled pump-and-dump attacks destabilize projects by stripping liquidity. The VRJAM team has worked too hard over the past 6 months preparing for our launch on Hedera to risk this kind of scenario occurring with our token.
The strategy employed to eliminate this threat involved our market maker limiting the price and then, in the hours that followed releasing the money that had been taken off the market gradually by swapping or providing paired liquidity. These actions, which can be seen on-chain, produced a smooth, upward price curve following launch and ensured an orderly market.
The VRJAM senior management is immensely grateful for the warm welcome we’ve had from a vast majority of the Hedera Community, and we’re proud to have produced such a great result for our IDO investors. We look forward to launching a range of additional Saucerswap V1 pools in the next week to help deepen liquidity for our token and we are executing effectively on our ambitious plan to rapidly develop one of the leading blue chip tokens in the Hedera ecosystem, by continuing to build world class software that brands and fans love.
We will continue to deploy an active market making strategy to ensure we produce steady, sustainable growth. We will not be making any changes to our market making strategy at this time.
We look forward to the very bright future ahead of us here at Hedera and our sincere thanks goes out to all of the new community members who have backed our vision. We’re genuinely excited about the opportunity to collaborate with you all on what promises to be a magical journey into the multiverse.
