It’s time for DeFi to defend itself.
A Roadmap Update for Rugpull Prevention
If you know the history of our project, you would know that it was created because there was a need for us in the community. Unfortunately with growth, also comes greed and in other networks the greed, deceptions and lies are all too prevalent. Some cryptocurrency projects look so real and have such a complex scam in place, that you really cannot tell the difference unless you put some major time into investigating.
These are some reasons why we, as a community, should work together to PREVENT our network from becoming like the others in the first place! Rugpull Prevention needs your participation most of all, because we cannot do it by ourselves.
Sometimes it is not hard to see the greed, sometimes you only need to pay attention to how much project teams talk about the price of their own coins.
Since day one, Rugpull Prevention has been making a real difference. SINCE DAY 1 of INCEPTION we have been making a real difference. Can you name another project that can claim that? We now have a plan in place that will allow us all to make a difference, even if you do not know how the technology works.
It’s time for DeFi to defend itself. What better place to do this than the best DeFi Network there is?
This is where Rugpull Prevention comes in. We are going to build a self sustaining safety protocol that allows users to protect themselves.
We are going to build a DAO that will eventually offer everything from self serviced DeFi safety tools to a RUGPULL/AVAX pool that will distribute our valueless governance token. This DAO is going to do many things. We are still in the planning stages, but we will share everything with you when we feel that we are ready.
Our products and contracts are not going to be some copy and paste jobs. We will take our time and do it right, to the best of our abilities. With custom UI, unique blockchain technology, and in the spirit of true decentralization.
The timeframes of the objectives are only an estimate from what we know now. We will do our best to meet these estimates, but to be blunt, we care more about security and quality than meeting these timelines.
For now, we are still focusing on community and rewarding our early supporters. So, I am announcing that we will offer single staking RUGPULL in Quarter 3 of this year, rewarding our new valueless governance token. Only this is a different type of staking. It is fair staking. We will limit the amount of tokens that you can stake and will whitelist wallets to let them stake. After we are sure that a wallet is not trying to bypass our staking limits, we will whitelist them. But, absolutely no personal info will be needed to be whitelisted. Only your wallet address. More details will be shared once we have everything in place. There will be transparency as each of our team members would also like to participate in the distribution as community members ourselves.
Why a second token?
We need this token to perform certain tasks for the DAO to operate autonomously. Without the governance token, this would not be possible. Again, remember the history of our project. No one on the team created RUGPULL, and the developer that deployed the contract, renounced ownership on it, making this coin a full-fledged community token. Large amounts of liquidity have been burned, tokens have been locked, and now we aim to make this entire thing operate by itself too. We think the governance token will be very useful to the entire Avalanche ecosystem but, it is not intended to have monetary value nor will we offer liquidity, presales or other paid ways to get the token.
Anyone is free to stake and receive these tokens. We are offering this service to our amazing community of detectives! There will be no airdrops or token mechanics. They are intended to hold and allow holders to become a part of the community through the DAO and participate in a private detective group, giving people in the group exclusive access to alerts, investigative participation, and we will also offer exclusive content (more on that later in this article).
As you can see in our roadmap, we hope we can get this DAO up and running this year. We plan to launch with multiple features like
- A bounty system (maybe after launch)
- All of it on a brand new website built from the ground up
- RUGPULL/AVAX pool to farm the governance token
- More to be announced
As for our community coin RUGPULL, it is not going anywhere. Our self serviced tools are going to have a small fee in which you can only use RUGPULL to operate them. We may also add a burn mechanism into the tools so part of the fee gets burned. This is all still in the planning phase as we develop our two main objectives for Q3. Avalanche projects will also be required to “unlock” their detective scores using RUGPULL.
Detective Scores V2
Last month, Rugpull Prevention launched its first Detective score. A deep dive scoring system that involves the community and tries to accurately and honestly give a project a score based on many different metrics focusing on safety and communication. I am proud to say that the community has given us great feedback and we have more projects asking us to include them.
This is where our premium community of certified governance token holders come into play. They will be the ones that get to vote on the projects. We will no longer get our community vote from our main telegram chat room once we change this voting system. We will only ask our certified holders to vote and as the DAO is implemented, they will vote on chain, possibly with more weight than before (previously the community vote was worth 30% of the total). We will create detective scores for many different Avalanche Network projects.
We will do the same deep dive research and then we will release the final score to our premium community. The project being scored would need to unlock this score by adding RUGPULL liquidity and burning it. Once that happens, we will make the score public and we will also release all of the information used to decide the score, just like an updated version of how we do the scores now, with new features and scoring metrics.
Premium Community Benefits
Our premium community members will need to hold the Governance token to be able to be invited to the group and also to stay in the group. The members of this group will be involved in our project investigations, will receive up to date project red flag alerts, and will have exclusive access to Detective Scores. We are not abandoning our other communities. But we will have more focused discussions in our premium room, along with more benefits to be added in the future.
Our vision for Rugpull Prevention is a decentralized one. We plan to stay Avalanche exclusive and build an autonomous ecosystem that will give new and experienced DeFi users an advantage over the scammers.
We also hope that we can inspire others to also build safety tools for the DAO that we are building. Please feel free to contact us at any time, as we are open to all suggestions.
We will not stand idle while dishonest lead developers destroy the portfolio and trust of investors, while fake projects continue to hold presales, and project leads use deception and lies to lure in new investors. We will be ready, prepared and equipped for the Avalanche.