1st May 2025

$POOBAH Liquidity: What Happened, What We Fixed, and What Comes Next

A deep dive into the past 20 hours of $POOBAH liquidity confusion, the migration to Uniswap V4, and what traders and LPs need to know now.

$POOBAH Liquidity Pool Confusion: A 20-Hour Breakdown

The past day has been a whirlwind for the $POOBAH community. If you noticed odd prices, vanishing tokens, or a sense that something fishy was going on (apart from our usual sacred nonsense), you weren’t imagining things. Here’s the full breakdown of what happened, what caused it, how we fixed it, and what’s next.

The Goal

We set out to strengthen $POOBAH’s on-chain liquidity by adding 2.5 billion $POOBAH and 1.12 ETH to the existing ETH/$POOBAH liquidity pool. Our intention was to bolster price stability, encourage trading, and give $POOBAH a healthier, more appealing presence on DEX aggregators.

What Went Wrong

1. SushiSwap Accidentally Created a New Pool
Using the SushiSwap “Add Liquidity” interface, we attempted to join the original pool (already seeded with ~3.5B $POOBAH). But instead of adding to it, Sushi’s interface created a new pool entirely. No warnings. No confirmations. Just… new pool.

2. Liquidity Fragmented
Now there were two pools: the original, and the accidental duplicate. This split trading activity, confused indexers like DEXTools and GeckoTerminal, and destabilised price discovery.

3. Whale Trade Created Price Shock
During this time, a large ETH-for-$POOBAH swap hit the Sushi pool, draining a substantial amount of tokens. To outsiders, it looked like $POOBAH had been sold off or rugged. But in truth, it was just poor visibility due to the split.

4. Only Partial Liquidity Accepted
We attempted to add 2.5B $POOBAH to the pool, but due to pricing imbalance, only ~1.54B was accepted. The rest didn’t appear in the wallet. This added to the confusion, making it look like 1B $POOBAH had vanished.

5. Uniswap V2 is Deprecated
When trying to migrate back to Uniswap for clarity, we ran into another problem: the V2 interface is now disabled. Most routes redirect to V3/V4, and you can’t easily rejoin V2 pools even if you wanted to.

The Resolution

1. We Withdrew From the New Sushi Pool
We pulled our liquidity (1.83 ETH + 1.54B $POOBAH) from the accidental pool, recovered what we could, and verified swap fees earned.

2. We Re-Added Liquidity on Uniswap V4
Using Uniswap’s latest V4 interface, we established a new, stable ETH/$POOBAH pool with the correct value ratio. We are now actively trading and earning fees there.

3. We’re Consolidating on V4 Going Forward
To avoid future splits and interface confusion, all official liquidity will remain on Uniswap V4. We will no longer use SushiSwap.

Current Official Pool

You can add liquidity, trade, and track performance using this pool. This is the one recognised by indexers going forward.

What About the “Missing” $POOBAH?

After further investigation, we’ve traced the missing 1 billion $POOBAH to a DEX arbitrage bot. It bought 826M $POOBAH from the Sushi pool at a low price and instantly sold them into the Uniswap V4 pool at a higher price — all within a single minute. That $POOBAH wasn’t lost; it simply moved via arbitrage and now resides in the Uniswap pool as ETH liquidity. The event helped rebalance prices between pools, but also explains why our $POOBAH recovery was lower than expected.

What We Learned

  • Always double-check the pool contract before adding liquidity

  • SushiSwap’s UI doesn’t always route you correctly

  • Uniswap V2 is dead. Long live V4.

  • Communicate early and often with your community

Going Forward

  • We’ll be submitting the Uniswap V4 pair to DEXTools and GeckoTerminal

  • Official links will be updated everywhere (X, Telegram, Website)

  • An FAQ will be published for token holders and LPs

Thank you to everyone who stuck with us through this liquidity labyrinth. $POOBAH remains sacred nonsense with an honest heart.

All Hail the Poobah

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