beincrypto.com
Controversial crypto proponent Richard Heart is receiving flak for bugs that are emerging with the newly launched PulseX.
On May 30, Redditors reported that there was a bug in the latest offering from Richard Heart. The recently launched Uniswap fork PulseX reportedly has a code bug preventing liquidity providers from earning fees.
“Basically, they take on all the risk and have zero upside. The only possibility for them is loss,” said Redditor ‘002_timmy’ in the r/cryptocurrency subreddit.
Another Blow for Heart and HEX
PulseX is a Uniswap fork deployed as a DEX to provide liquidity to PulseChain, a recently launched Ethereum fork. The pair of DeFi doppelgangers went live earlier this month amid much hoo-ha from the crypto community.
In his usual mode of response, Heart played down the issue, confirming the bug. “It appears that the PulseX buy and burn gets all of the fees, leaving none for the LP,” he said.
“In summary, if you are an LP in PulseX currently, then you are not earning fees, unless you are in a farm, in which case you’re earning INC.”
YouTuber ‘yourfriendsommi’ told his 15,000 subscribers about the bug, saying it has been around for three years. Furthermore, he said liquidity providers were supposed to earn fees to compensate for impermanent losses. “They weren’t coming in,” he added.
INC is the incentive token for PulseX, this is what is earned instead of LP fees, provided the collateral has been added to a farm. Additionally, the Youtuber described how to get around the bug to earn the INC tokens.
It is unclear whether this bug has been implemented purposely to deprive LPs of fees. Or it may be just a case of bad communication and documentation on how to use the platform on the part of Heart and his team.
On May 31, the crypto influencer revealed that early project supporters were pulling out.
“One of the biggest PulseChain sacrificers, RackhamRishel, just dumped 2 billion $PLS & 25 billion $PLSX. He has over 150 billion $PLS left (Total = $21 million USD). As I said, if you honestly want to hold your full stack for 1000x from Day 1 Sac… Good Luck.”
Earlier this week, BeInCrypto reported how Bitcoin prices surged to $70,000 on PulseChain, which has been branded a pyramid scheme along with Heart’s HEX project.
HEX and PLS Price Plunges
It seems HEX holders may be getting the message, as the token has dumped 15% over the past 24 hours. As a result, HEX was trading at $0.012 at the time of writing, down a whopping 75% over the past month.
PLS tokens were also getting dumped, with prices shedding 18.5% on the day. Moreover, PLS was changing hands for $0.00013 after getting smashed 50% since its launch less than two weeks ago.