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Experimental Collaboration with AutoShark
RugZombie is all about restoring value to victims of rug pulls, scams and hacks. We are pleased to announce an experimental collaboration with autoshark.finance ($JAWS) after a successful audit and our initial launch.
AutoShark is a yield optimizer for Automatic Liquidity Acquisition Farms & AMMs on the Binance Smart Chain. It is forked from PancakeBunny, and offers unparalleled access to farming opportunities through the use of superior yield strategies and auto-compounding vaults.
Upon a successful launch and initial partnership with pantherswap.com, AutoShark’s platform was exploited in the same manner as PancakeBunny ($BUNNY), Bogged Finance ($BOG) and others through a flash loan attack. You can see their team’s full write-up here on their medium channel.
Autoshark launched with their initial token $SHARK, but since the exploit collapsed the price, and the hacker maintains a significant amount of $SHARK, their token was simply not usable moving forward. They have since redeployed utilizing a new contract ($JAWS). The RugZombie team had planned to allow holders of $SHARK to deposit in our vaults, but it became clear that most users would be off-loading their $SHARK, and considering that the Autoshark team has been professional, active and is a long term project with great developers, we reached out for another solution.
How Is RugZombie helping?
- The Autoshark team is issuing a special token called zSHARK that will be utilized in cooperation with RugZombie’s unique NFT staking GRAVES. This zSHARK token cannot be traded on the open market (there is no liquidity) and is issued from Autoshark team to *all affected users*; it is an optional, fun, and cathartic way to restore a bit of value to $SHARK users affected by the exploit.
*Edit: there has been some confusion over who will receive zSHARK. Some users mistakenly assume that RugZombie dictated who receives this airdropped token. zSHARK is issued by the autoshark team (not by RugZombie) only to legacy shark holders who were compensated according to autoshark’s compensation plan. If you did not receive zSHARK, it is because you were not initially entitled to their compensation plan. If you believe this to be in error, check first with the autoshark team to ensure you were entitled to compensation in the first place. This is NOT a part of their restoration plan, just an additional collaborative experiment to help legacy SHARK holders. The details of their compensation plan are layed out according to this post.
2) RugZombie will open a limited-time GRAVE exclusively for holders of zSHARK wherein they will deposit any amount of our native token (contract and ticker withheld until launch) and zSHARK (for verification purposes) to mint a custom exclusive NFT called “Zombie Shark”. We have commissioned an artist from DeadLast for this exclusive NFT launch. Consider this a consolatory prize for being exploited in defi.
3) As all of our GRAVES require an initial deposit fee (we gotta keep the lights on somehow), the RugZombie team will be sending 50% of the deposit fee straight to the Autoshark team for their restoration and compensation efforts to their users. We are not responsible for the manner in which their team uses these funds, but we trust they will do what is right.
We want to stress that this effort on behalf of RugZombie is completely optional. No one is required to deposit in our graves or to mint their NFT to be compensated by AutoShark’s restoration plan. This was a good faith effort between RugZombie and Autoshark to create a cleaner, better BCS ecosystem.
When will the zSHARK GRAVE be launched?
Our contract and masterchef are currently under audit and we have not released a launch date as of yet. But we are targeting mid-late June for the opening of our zSHARK GRAVE after our mainnet launch mid June.
We have not announced our token contract address or our ticker, anything you may see right now is a scam. Why announce anything right now before you are deployed and audited?
We hadn’t intended to announce anything regarding this experiment with AutoShark until the successful launch of our platform, however an eager beaver with the AutoShark team airdropped some zSHARK in a test, and some observant sharks started asking questions, and thus we were all forced to provide an answer.
What can the “Zombie Shark NFT” be used for?
The NFT we are having commissioned is created by TunnelRat ( you can follow him on twitter) from DeadLast. While the NFT itself is an exclusive piece of art and it’s value is difficult to determine, our RugZombie team has plans for our NFTs to have utility in some of our upcoming projects on our platform. You can read more in our other documentation. (see below)
How long do I need to stake to earn the NFT?
Our standard staking time to earn our NFTs is 30 days, however our team is discussing speeding up this time-line for zSHARK GRAVE only. Stay tuned for details on that, but plan for 30 days.
Will I earn anything else other than an NFT?
Surprise! Our zSHARK GRAVE will also emit a yield, determined by the staked token amount in our native token. So in addition to your NFT you will receive a staking amount in our token, just like other yield farming contracts.
Why pay a deposit fee?
While the RugZombie team plans to discuss our own AMM in the future, at the moment, our main source of funds for the project comes in the form of small deposit fees. With these deposit fees, we are able to do a number of things from our treasury, such as pay our artists well (this stuff is expensive), buy back and burn our token, and more.
For our collaboration with Autoshark, 50% of the deposit fees are going right back to their team to additionally compensate their users. The majority of the rest of the fees will be used to buy back and burn our own token.
Do I have to?
Obviously not. RugZombie’s effort is completely optional to zSHARK holders. Do your own research, and do not consider anything we offer as financial advice. Part of the reason there are so many rug pulls and hacks in defi is the majority of users are not properly educated on the risks, or have overextended their position in the market to the point where the scams and hacks really affect them.
Stay tuned for more details regarding this upcoming collaboration. Zombie On!
See more about RugZombie in our other posts on Medium or Publish0x:
The information shared in these docs, our roadmap, our lite paper and white paper, and social channels such as this blog, is not financial advice and should not be misconstrued as such. The primary purpose of these documents is to provide potential token holders with pertinent information in order for them to thoroughly analyze the project and make an informed decision. Engaging in cryptocurrency projects involves substantial risk and it is strongly advised that you consult with a financial professional prior to your participation. These documents do not constitute a prospectus or offer document of any sort and is not intended to constitute an offer of securities or a solicitation for investment in securities in any jurisdiction. Neither RugZombie nor any of its contributors or creators shall be held liable or responsible for any errors or omissions concerning this project or for any damage you may suffer from your participation or as a result of failing to seek competent financial advice from a financial professional. This white paper is not in any way intended to create or put into implicit effect any elements of a contractual relationship.
Originally published at https://www.publish0x.com.