Rootkit Community Update & Roadmap — #2

rootkitfinance
4 min readJan 7, 2021

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AMM Utilization, Market Adoption & Activating Investment Strategies.

(It’s an inverted Glider… because, reasons.)

Happy News Years everyone. It’s been an amazing start to the new years. Both Bitcoin + Rootkit have broken ATHs and it seems like Ethereum’s ATH is right around the corner.

The team has gotten together post-holidays to discuss about A LOT of different subjects which I will be breaking down in this article. Most will be good news, some bad.

So let’s just rip the band-aid off and start with the bad news….

1. Launchpad is Delayed

(Ok band-aid is fully ripped off & before the pain sets in, allow me to give you a ‘lollipop’ distraction by saying that point #2 announces a 2,000 ETH buy-back!)

There’s a lot that comes with creating a launchpad, a lot more than we originally thought. When we gave our launch date on the previous community update, we didn’t fully understand all of the obstacles that came with not just creating a launchpad, but creating one that can take full advantage of the ERC-31337 protocol. The functionality that kETH brings to the table is so groundbreaking that we’re still coming up with new ways to really take as much advantage of it as possible.

While we’re still actively learning things that can be done to ‘hack’ the system, there is also new amazing technology that has released on other projects. Technology like ‘Frictionless Yield Farming’ by Reflect Finance has really brought a lot of interest to the community and our development team due to it’s brilliant use of rebase mechanics. Although it’s entirely too late to incorporate this on $ROOT itself, we think it may be possible & mutually beneficial to spend further time researching this technology for implementation on the launchpad. We’re currently closing a partnership deal with $RFI & have closed deals with multiple other teams. Implementing a robust network of farms can help not only create a user-friendly farming environment but also stimulate further volume for a more robust ecosystem.

We are looking into Frictionless Yield Farming, but please be aware that we have not committed to anything as of yet.

Another issue that has delayed the launchpad is the fact that we simply don’t want to rush in order to be ‘first to market’. Our original plan was to push towards being ‘first to market’, but rushing is what leads to bugs and a failed product. We worked fast to release $ROOT, and although we are very proud of what we’ve created, it’s clear to remember that the launch definitely had some kinks. If we’re going to produce a launchpad, we want to make sure that it’s as smooth as possible. With that being said, we are aware of some projects who have decided to STEAL (and I say steal only because they don’t give credit) Rootkit’s technology for their own launchpad. It’s a bit unfortunate because if they simply asked, we would be more than happy to help.

With that being said, instead of competing to release a rushed product, we’re actually simply going let them release their products first, see what they did good/bad…. and then release a better one.

So, for the time being the launchpad is delayed.

2. 2,000 ETH Buyback

When we built the kETH system on top of $CORE’s LGE technology, we knew it would open a wide array of doors. However, after continued development and our ‘trick’ of wrapping the LP tokens, we’ve learned that the rabbit hole can go much, much deeper than originally thought.

Most individuals have not noticed (except for Nesh lol), but the kETH Floor Calculator has been upgraded multiple times. These upgrades allow us to push the limits of ETH usage for recycled buy-backs. Every time we perform a buy-back and add to liquidity; we, in a sense, receive a refund from that new liquidity being added. This has turned out to be extremely ‘OP’ for bullish buy pressure. There’s a lot that goes into this and our Team Lead will be writing out detailed articles under a new unique pseudonym (not just ‘Dev’).

3. Algorithmic Trading Strategy

The vault & kETH system is very powerful, but it does have its limits. At some point, the ETH within the vault will dry up. With that in mind, we’ve decided to invest $100,000 of vault funds to an algorithmic trading bot that we have access to. This leverage trading bot will forward all profits past $100,000 towards replenishing the vault.

We’ve also thought of diversifying some of the funds into alternative strategies towards benefiting LP farmers & stakers. Some ideas include:

  • Buying back LPs on Balancer to increase the price & create a RL:kETH/ROOT LP onto Uniswap (like we did with wETH LP)
  • Incorporating direct ETH rewards into current yields so that LP farmers farm dividends in the form of ETH

As for trust and transparency, we will have the bot publicly displayed on CoinMarketManager. This will show the community that we are not only staying true to our word of using the funds for active trading, but also providing a direct connection to view the performance of the bot.

Look forward towards these changes coming live throughout the month. The Launchpad timeframe is currently pending. Once we have a date confirmed, we will release another announcement. In the meantime, if you have interest in using the Launchpad, please let the team know. One immediate problem is that we also have not gauged interest in individuals that would like to use the launchpad, should we release it. So, having a firmer understanding of the interest will definitely help us understand the target market better.

We’re also exploring Layer 2 for our DEX because of how bad the fees are going to get. -teaser

If you have any questions, feel free to reach us on Telegram at https://t.me/rootkitfinance/

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