Hey ROOT community, we’d like to apologize for our lack of communication lately. Unfortunately, some of the team got sick due to normal change in weather. However, it’s come & gone and we’re ready to get back to work.
We’ve also received multiple DMs from individuals worried that we’ll just leave after governance is implemented (like so many other dev teams do).
Let me squash that FUD bug immediately by saying that we do not plan on quitting the project. Rootkit is something we plan on working on for a very long time and expanding the ecosystem into a more robust product. The goal is to completely change how AMM DEXs work.
- Team Expansion — We have grown our team & brought another developer onboard.
- Exploring ChainLink integration.
- Website performance and UX improvements. News page and landing page stats added. Various improvements to the learning sections.
- Arbitrage paths updated, and 10 ETH vault gains so far!
- 420 ETH Buyback Ongoing — 20 ETH per day, until 12/25/2020 (Christmas!)
We’re reaching out to Arcadia for an audit. Audit will be done immediately & paid out by the vault.
Hire PR firm to increase exposure while we continue development. Schedule AMAs with well-known legitimate influencers & communities. Construct & fund a community ‘bounty’ program for shillers.
We need to come up with something like “Link Marines”, but for the Rootkit Community. If you got any ideas, let us know in Telegram channel.
3. Calculator Update
We’re making a big update to the calculator that should unlock a lot more ETH for the vault. Don’t have the math in front of me, but it should be upwards of 500 ETH. We’re also implementing additional safety measures. We’ll provide an in-depth article on this closer to release.
4. Increase wETH LP
We are aiming to increase the wETH LP by the end of the month. This will be possible with the new Floor Calculator upgrades, as well as a steady stream of buy-backs using vault funds.
5. CodeName: “Ape Planet” (Launchpad)
The launchpad is the first step towards expanding the Rootkit ecosystem. Anyone will be able to launch an LGE with the ERC-31337 protocol integrated. Each token generated will automatically create liquidity pool pairs with kETH, wETH and ROOT. They will also have their own private vaults. This will be further explained in a 3-Part Article released over the next 2 weeks.
After the ERC-31337 Token Generator is complete, we’ll be hosting a hackathon for developers to launch strategies that helps promote trade volume and vault growth. The winner will win a pot of ETH from the vault & their strategy may be implemented on $ROOT.
7. CodeName: “Project Mayhem” (DEX)
Do you hate getting rugged? Yea, we do too. So, we’re making our own AMM DEX that hosts ERC-31337 kETH pairs. The DEX will have trade compatibility with Uniswap & SushiSwap. The goal is to bring adoption towards ERC-31337 in a passive manner & provide a rug-proof trading environment through kETH.
What we’re building is big, and we’re going to need strategic partnerships formed along the way. Once the MVP is released, we can focus time on making the product more robust through partnership integration. Already in discussions to create an RFI pair, as well as another unreleased token. Lots of planning & discussions to be had before we commit to anything.
9. GROOT Update
The GROOT experiment did not go as intended, but we still believe it has potential. We intended on upgrading GROOT with various internal & community ideas, but there wouldn’t be much value as the most important aspects were tested. The rebase and how the market would react to the 5% burn were already tested, giving us a lot of needed data. Releasing an update would give the Rootkit community a token to speculate on while we spend time building the ecosystem, however, after further deliberations we’ve decided to put it on hold.
kETH has been widely ignored by the community simply because they cannot use it for speculation. However, another diamond of the Rootkit project isn’t $ROOT, but kETH itself. By building upon the kETH ecosystem $ROOT will naturally be rewarded through automated expansion of trading pairs, arbitrage & volume. $ROOT will also serve as the Governance token for the entire ecosystem’s development, including “Project Mayhem”.
We’re also exploring the possibilities of DEX fee dividend shares to $ROOT holders, or dividends in the form of LGE airdrops (maybe both). The potential for the ERC-31337 ecosystem is virtually limitless. Although the ecosystem & project will expand much further than $ROOT itself, one could say that it will always be at the $ROOT of all things….
All jokes aside, we aim to completely upgrade the DeFi environment. Uniswap’s AMM platform is revolutionary, however we dare to push the DeFi genre further with our ERC-31337 ecosystem. The current DeFi ecosystem is flawed. There’s no protection for retail investors from rug-pulls, exit scams and exploits. “Project Mayhem” & “Ape Planet” aims to fix this all by controlling the generation of tokens, as well as their liquidity (in a decentralized manner).
Initially, we will implement trade pairs with wETH for easier adoption, however, once the ecosystem grows big enough, we won’t have to. Investors will never have to worry about rug pulls because the liquidity under the floor will be unbacked. All of the Ethereum invested during a token’s LGE will be automatically re-injected into the markets, creating automated buy-pressure immediately upon listing.
Imagine a DEX, where everything that lists is guaranteed a pump.
(Will be further explained in detailed articles)
There’s so much that we can & will do with this. We have the talent & experience required for a project of this magnitude.
If you’re in from our initial LGE. Hodl strong.
We’re all gonna make it.