$SUSHI Update Version: On Rug-Pulls and the Science & Art of Degen.VC
It has been a fascinating 24-hours in the DeFi world in specific, and crypto world in general. Irrespective of the price corrections almost universally across the board, it seems that the phenomenon of rug-pulls is becoming ever more pervasive, and perhaps more chillingly, quite advanced. These more advanced are what I’m calling next-gen-rugs (TM).
The purpose of this short note is not to analyse the rug-pull mechanics of each of $YMO, $SYFI, $HOTDOG and $PIZZA to name the recent few with a combined pull amount: >1,000ETH+ (btw — $SYFI is looking next-gen-rug (TM) so will keep an eye on that. As a really smart member of the #degenhorde told me: “It was a thing in the contract. They exploited the pull at the same second of rebase.”).
Update: Chef Nomi, the unknown founder of $SUSHI (anyone see a trend here??) rugged almost 20,000 ETH…count that if you will, and then said it was to protect his investors from impermanent loss. #nocomment
It is to expound on the science & art behind what we are building at Degen.VC and why the concept of the rug pull is ridiculous to us.
It is worth repeating our mantra: VC’s are not a positive force for the investment world. They capture the largest investment profit-share of the most innovative and important start-ups and due to their dominance in the industry they secure a free carry in these companies by the time Series B rolls around, all while already having earned>10x returns on their initial investments. This creates a near-infinite return scenario for an infinitesimal number of people. This relationship is absurd.
At Degen.VC we believe these near-infinite — in fact infinite — returns should accrue to you, the retail investor. We do this by giving our dedicated #degenhorde a share in every single airdrop—with $0 investment by you — that we launch through our platform in the ratio of their liquidity pool holdings of $DGVC. We want every single person to be financially empowered and to enjoy the same benefits as the select few. Democratisation of investing is now.
That is the science. The art is simple. Fraser and I are fully doxxed—we have highly visible profile in our networks and communities by virtue of our status as ex-Olympian and regulated Bank Treasurer in 3 markets respectively. These profiles are extremely hard won and not for sale. It took us almost 2-years to get here — the long way around — and we’re here to stay.
We operate in a world of transparency. Our roadmap is clear — and if you follow this link: https://t.ly/jDxR you can track the deadline when our first project launches.
The excitement of our first launch — Project Alpha — is palpable within our team. An announcement of Project Alpha and release of all relevant information will happen in advance of the deadline date.
We want as many people as possible to have the opportunity to receive the airdrop of this game-changing, globally aspirational project.
#Degenhorde — we are here to serve you, and always will be.
