Buy crypto anonymously on the Incognito pDEX   

What happened with pDEX ETH liquidity?

#1

Went from >$1mil a month ago to $12k today. A bit of a vicious loop of people withdrawing liquidity -> higher slippage on pDEX -> unshielding -> more withdrawls -> higher slippage etc.

Any short term incentives for LPs to keep them on the platform? Or should we just wait and pray that pDEX v3 + heavier marketing will get more LPs ? 10% provide is a bit of joke when people can get 20%+ on Curve/Uniswap/Sushi.

ETH is a critical bit of DeFi and crucial to the success of Incognito, so any ideas or plans on how to get more of it on the platform would be great.

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Ethereum exchange value with usd
#2

I think not people but the team has removed the liquidity since the removed liquidity is still in the network: https://incscan.io/shielded-coins/evolution/pETH

There is no indicator for the mass liquidity removal since there is no mass unshielding. It may be related to the development of pDEX v3 or the prevention of a possible bridge smart contract hack. If the latter were true, the team would remove other ERC20 tokens’ liquidities. I think (and hope :slight_smile: ) the former is more probable.

@duc Do you know anything? :slight_smile:

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#3

Wondering about this too. Is this the liquidity from the ETH Provide? Because if so I have more in there provided than the amount its showing remaining so it’s kind of concerning to see less being shown…

#4

Most of them.

I’m so glad to hear this :joy: Good news since the shielded amount of ETH is very same before and after the mass liquidity removal as I said above. Then, this confirms that the team has removed the mass liquidity for some reason unless some attackers have caught the team physically :slight_smile:

#5

@Support Any explanation for what’s going on here. It’s kind of concerning to see unless we are missing something.

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#6

+1 – especially concerning since it seems the funds have been removed from liquidity bit by bit at 3am in my local time throughout multiple days.

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#7

Not sure if this will mean anything to anyone, but…

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The amount the PRV liquidity dropped by (on the second drop) was from 105,542 -> 3,070.

This request below had an amount of 102,471 withdrawn from the PDEX which is the exact difference of 105,542-3,070 == 102,472.

So far the request above is the only thing I can link to the disappearance of liquidity from ETH but not sure where to go from here, and no coins have still left the network so that should not be a concern.

Just trying to look into this whilst we haven’t had an official response.

Edit: I found the request for the first drop which I couldn’t make match up, this is the one on the 17th at 3 AM local for me.

It had a difference of 151937 within that hour, and the request above is 152181 which seems to match.

The request for this was executed on the 15th but seems to have removed the liquidity on the 17th (?)

Not too sure, hopefully it’s just admins moving the provide funds around (hopefully).

#8

Hello,

Please don’t trust Incscan data too much: with the new bridges (BSC or new BTC bridge), Incscan has a lot of small bugs about dealing with currencies on multiple bridges at the same time.

If you want the real numbers, please use official Incognito sources.

#9

The actual Incognito app reflects that the PRV-ETH pool seems to be drained now so the issue still stands.

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#10

I guess it’s not a rug pull, coins are still in the eth bridge: https://etherscan.io/address/0x43d037a562099a4c2c95b1e2120cc43054450629

#11

Yeah, it’s just still concerning since I have a considerable amount in the Provide feature yet the app and Incscan website both report a liquidity of only 1.77 ETH.

It makes me wonder where that money has gone all of the sudden, if not being used for liquidity. (which Provide is meant to be used for)

Would be nice to have a developer response…

#12

The app shows the correct numbers since RPC returns the same. They just have been removed from pDEX, not Incognito.

#13

Haha, Provide… Still waiting for a non-custodial implementation to use it :upside_down_face:

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#14

Haha I can now see why, hopefully nothing too bad/drastic has happened :sweat_smile:

#15

This may be an attack of Secret team :joy: Since they are down for 5 days, they might want to harm Incognito :slight_smile:

Or there is a virus for the privacy projects. The turn is Incognito’s :slight_smile:

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#16

My simple theory: Impermanent loss.

ETH and BTC pumped but not PRV, less and less ETH and BTC in pools compared to PRV so risky for liquidity that comes from Provide.

#17

Your theory is more realistic than my ones :slight_smile:

#18

Hi @adrian
Any reference that people can get +20% for their investment on Curve/Uniswap/Sushi? I search but only get < 10%.

#19

https://www.convexfinance.com/stake (tricrypto2 28%)

https://info.uniswap.org/#/pools/0x8ad599c3a0ff1de082011efddc58f1908eb6e6d8

I’ve got a lot in ^ and its averaging 20-30% YTD.

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#20

Still would love a response on this, it doesn’t seem like this is natural removal of funds from liquidity, especially considering I still have a lot more than the quoted 1.77 ETH in the PRV-ETH pool, where has the money I’m providing been put? :neutral_face: