Rootkit Updates: Nov 20, 2020
Recap of Recent Events:
- We conceived the idea of Rootkit less than a month ago.
- Our seven day Liquidity Generation Event was a huge success. We brought in 5,107 ETH, with over 4,000 of it coming in the final twelve hours.
- We made some changes during the LGE to limit our abilities to control things.
- We made countless great updates to the site that were universally lauded.
- We proved that ERC-31337 works, and that we can spend ETH twice under specific conditions when Uniswap pools are created.
- We created a second pool, bought for the group, paid the devs, and had a big stack left over.
- At community request, we used half the leftover ETH to create a third pool.
- We found a one-button rug before the sale ended. After five days with a lot of people looking for exactly that, no one else seems to have found it. We are not going to rug, we never were. The size of the raise is irrelevant, this will be fixed.
- Q: When will APY be put on the site?
- A: It’s very high on the list.
- Q: Do you have a roadmap?
- A: The team is finalizing the roadmap for release shortly.
- Q: How can kETH be pegged 1:1 if it only holds half the ETH needed to redeem it all?
- A: The kETH that does not have any ETH backing it can not be redeemed, because it is stuck under the price floor. All circulating kETH can be redeemed 1:1 at any time. It is not possible to retrieve the kETH from the ROOT pair below a certain price, because not enough ROOT exists to sell into the pool.
- Q: What’s happening with the ETH/ROOT pool and LPs?
- A: The LPs will be distributed to LGE participants the same way the others were. They provided the ETH that was used, and this plan was made before the LGE ended. Pool rewards will be activated shortly after distribution happens. Exact time will be released with our roadmap.
- A: Will the wETH pool get more liquidity?
- Q: We are going to move liquidity from the wBTC pool and are currently deciding on the best way to do it. This will create more LPs to distribute, and is the main reason for the delay.
- Q: How much is in the vault?
- A: After the team is reimbursed for creating the second pool, there are 600 ETH remaining. Another 70 ETH can be swept into the vault at any time as well.
- Q: Where is the ETH now?
- A: It is being transferred back to our control. We only locked it away to make users feel better, it was never under any risk.
- Q: When will you start using it, and what are you going to do with it?
- A: Our first priority is liquidity migration and LP distribution. Then we will decide which plan to try out first while we build governance. We want to utilize it, not spend it. The bigger the pile of ETH it holds when ROOT holders are put in charge, the better.
- Q: Will there be a buy back?
- A: It’s one option we’re discussing, but we want to do more interesting things.