Developing the UpOnly ecosystem
ROOT was the first project to successfully utilize the ERC-31337 protocol, demonstrating what is possible by enabling access to permanently locked liquidity within an AMM (Automated Market Maker) system. To learn more about the ERC-31337 protocol, refer to: [The Power of a Price Floor]
After knowledge derived from pushing the system to its limits, we are happy to announce the upcoming plans we have in store for the community.
Aggressive Ecosystem Expansion
Starting with Tether, the goal is to now incorporate the ERC-31337 protocol into as many tokens as humanly possible. This effectively reimagines the entire cryptocurrency landscape with the vision to only go up (against their respective base pairs). We achieve this through accessing the locked liquidity and redistributing it among market participants. The new ecosystem, dubbed UpOnly, will mark the era of DeFi 3.0, creating new markets utilizing this innovative technology.
Tether / UpTether
In a more practical example, these “upTokens” will be paired against their existing ERC-20 counterpart. For example, ‘upTether’ will be paired against Tether and ‘upSUSHI’ would be paired against SUSHI.
In both scenarios, a Market Generation Event (MGE) will occur where the base ERC-20 will be raised to generate the initial market. The ERC-31337 protocol will then be deployed to gain access to the underlying value, which is then recycled back into the market to redistribute among MGE participants, all while keeping the integrity of the price floor.
Learn more about MGE (Market Generation Event) mechanics here.
Imagine holding upTether — a synthetic asset backed by the same USDT it is created from, with the added upside of buys made possible from reusing the locked liquidity. Why would you not hold the “up” version of everything you already own?
Participate in upTether MGE here!
Phase 1: Age of Forks
Expect the “up” version for every major ERC-20 token on CoinGecko’s Top 100. The initial five MGE launches will be chosen by the Rootkit Development Team. Afterwards, the Rootkit community will govern future ERC-31337 launches, alongside with a base transaction tax rewarded back to the $ROOT ecosystem. As we move towards the initial five MGE launches, we will be releasing an algorithmic stablecoin, “FIAT”, with full utility and integration within the UpOnly system.
Phase 2: DeFi 3.0 SwissArmy Knife
This phase will be focused on creating the necessary tool set for the new mirrored-system such as ‘UpMarketCap’, a 1:1 mirror of CoinMarketCap which tracks ERC-31337 tokens, as well as ‘UpSwap’, allowing you to directly trade tokens within the ecosystem. At the centerpiece of all these tools will be the heavily anticipated ERC-31337 launchpad. With this, we aim to provide the tools and an intuitive interface for other market participants to participate in MGEs for ERC-31337 tokens or the capability to launch your own!
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- Follow us on Twitter — https://twitter.com/rootkitfinance
