We analyzed the top wash trader🧼on LooksRare
$25M profit made within 6 months 🤑
Let’s see how they did🧵👇
#LooksRare $LOOKS
$25M profit made within 6 months 🤑
Let’s see how they did🧵👇
#LooksRare $LOOKS
1/x A quick $LOOKS tokenomic recap
Trading volume + fee-sharing rewards
= flywheel wash trading war 🔥
NFT trading on #LooksRare → earns $LOOKS 📈
Staking $LOOKS → earns fee-sharing in ETH📈
Read here for the tokenomic detail👇
Trading volume + fee-sharing rewards
= flywheel wash trading war 🔥
NFT trading on #LooksRare → earns $LOOKS 📈
Staking $LOOKS → earns fee-sharing in ETH📈
Read here for the tokenomic detail👇
3/x We identified the top 2 wash trading wallets 👛via Nansen wallet profiler:
1.etherscan.io
2.etherscan.io
The operation starts on 17-Jan, bought 3 Terraform NFTs for 0.3 ETH each 🤔
Then wash trading @ 300-1200 ETH/NFT between those 2 wallets 😱
1.etherscan.io
2.etherscan.io
The operation starts on 17-Jan, bought 3 Terraform NFTs for 0.3 ETH each 🤔
Then wash trading @ 300-1200 ETH/NFT between those 2 wallets 😱
4/x Those 3 NFTs were traded more than 3,000 times within 6 months 🔍
- 1st month: 40-80 trades/day
- Next 2 months: 20-50 trades/day
- Last 2 months: <10 trades/day
The ramp down aligns with the $LOOKS drops in trading rewards📉
- 1st month: 40-80 trades/day
- Next 2 months: 20-50 trades/day
- Last 2 months: <10 trades/day
The ramp down aligns with the $LOOKS drops in trading rewards📉
5/x Trading volume from both wallets exceeds 1.4M ETH with the following cost:
- 28.7K ETH paid to #LooksRare for a 2% trading fee
- 55.5 ETH in gas fee ⛽️
The average ETH cost from our estimation is around $2,237/ETH 🥸
Total estimated cost: $64M USD
- 28.7K ETH paid to #LooksRare for a 2% trading fee
- 55.5 ETH in gas fee ⛽️
The average ETH cost from our estimation is around $2,237/ETH 🥸
Total estimated cost: $64M USD
6/x Let's break down the profit via Nansen
- 51.7M $LOOKS - from trading rewards
- 118 ETH - from staking
March was the best month with 16.6M $LOOKS
We estimate their T/P price with their deposit time
1.72$ / LOOKS is the average.
Total Revenue: $89M USD
- 51.7M $LOOKS - from trading rewards
- 118 ETH - from staking
March was the best month with 16.6M $LOOKS
We estimate their T/P price with their deposit time
1.72$ / LOOKS is the average.
Total Revenue: $89M USD
7/x Wash trading summary:
2 Wallets, 3 NFTs, 6 Months
Trading Vol: 1.4M ETH
Trading: > 3000 transactions
Cost: 28.7K ETH ($64M USD)
Revenue: 51.8 $LOOKS ($89.1M USD)
Net Profit: $25M USD (+40% )
2 Wallets, 3 NFTs, 6 Months
Trading Vol: 1.4M ETH
Trading: > 3000 transactions
Cost: 28.7K ETH ($64M USD)
Revenue: 51.8 $LOOKS ($89.1M USD)
Net Profit: $25M USD (+40% )
8/x Will this affects the price? - Unlikely
Most of $LOOKS likely cashed out to CEX 🏧
Only 335K LOOKS worth $112K staked (0.06% of circulation) 😥
But there are big bags of $LOOKS unlocking soon🔓
Most of $LOOKS likely cashed out to CEX 🏧
Only 335K LOOKS worth $112K staked (0.06% of circulation) 😥
But there are big bags of $LOOKS unlocking soon🔓
9/x Have a LOOK at our $LOOKS dashboard for those unlocking info👇
token.unlocks.app
We make cryptos more visible via tools and content.
If you enjoy free in-depth token analytics like this one
Please follow us + help retweet this🙂
token.unlocks.app
We make cryptos more visible via tools and content.
If you enjoy free in-depth token analytics like this one
Please follow us + help retweet this🙂
Loading suggestions...