End of TRP and Farmacy Finance
Despite our best intentions and efforts we are sad to announce the end of TRP and Farmacy Finance effective immediately. The team would like to address the people that have been with us throughout this journey in hope of providing everyone with an account of what happened that has led to this decision.
The team has not been paid since the beginning of the project. We do not have the resources to continue with project. TRP and Farmacy Finance does not have revenue that can help us continue our vision.
The Red Pill (“TRP”)
We launched a little too late and we were always playing catch up. We launched on the 16th of January 2022. We were supposed to launch early December but there were issues that led to the delay. If we had launched then, the confidence and price of the OHM fork would be much higher, where most tokens were hovering above USD100. We launched at the start of the crypto winter and two weeks after launch, the Wonderland scandal blew up.
We wanted to incorporate buy and sell taxes at the beginning, but due to the lack of time and money, we would consider doing that at V2. When we were working on V2 of the project, we were playing catch-up too. During that time, we noticed that the price of other similar OHM forks were hovering about USD2. The buy/ sell tax that we were about to implement would not be able to turn TRP around.
That was why we launched our Tomb Fork that was supposed to complement our OHM fork with a deflationary mechanism. However, a small group of people sold their SCT tokens during Genesis causing us to launch below peg. The worst part about this? Those people who sold could not even recover their 1% deposit fee that was incurred for taking part in the Genesis Event.
During the launch, we tried to defend the price of SCT.
At this point in time, we are still holding TRP, SCT and PSHARE, we could probably get USD200–300 from selling off these tokens. We do not think that that will be fair to the token holders.
It is important to note that treasury money has been used for marketing and advancement of the project. The core team has not gotten paid since the start of the project. We will be keeping the website active till 30th of April 2022. So do unstake your tokens before then. After that you will need to interact with the contracts directly to unstake them.
For those that are saying that this is a slow rug, or a rug pull, that is definitely not the case. The remaining amount of the treasury of roughly USD4,000 will be used to pay the independent contractors for their work.
The founders have lost money from this project and have not gained financially from it. The initial liquidity provided during the beginning of the project has not been recouped yet. Here’s a rough breakdown of what we have spent on the project in the last few months, https://docs.google.com/spreadsheets/d/1_avmGJtKwc2kAFjE6IJm7R3nWWpHn1AKSrt8dtiUhb0/edit?usp=sharing.
The project was launched for people to make money with a fun OHM fork. The team would like to apologize for the situation we currently find ourselves in. Despite our rough start on TRP and Farmacy Finance, the team had remained positive, kept their head down and continued working/innovating. However, we have come to the point where we have run out of resources to continue supporting the project.
The TRP and Farmacy Finance Team
Please understand the difference between dev and independent contractors. Do bear in mind that Render Trap, CryptoMedic, SuzaneJacobs and GlobalEnt are moderators and are not part of the core team.