TRUNK KEYS ARE RENOUNCED

With keys renounced and mint whitelist scrubbed, the sky is the limit for TRUNK

TRUNK Token’s Administrative Key Renouncement

April 30, 2024 — Elephant Money, the pioneering decentralized finance (DeFi) platform, is thrilled to announce a groundbreaking development for its native token, TRUNK. Effective immediately, the administrative keys for TRUNK have been renounced, ushering in a new era of security, transparency, and community empowerment.

Why Is This News Significant?

Enhanced Security:

• The renouncement of administrative keys means that no single entity or individual holds control over TRUNK. This decentralization significantly reduces the risk of malicious actions, such as rug pulls or unauthorized minting.
• With the keys now discarded, TRUNK’s fate lies in the hands of its community — a collective force committed to its success.

Transparency and Trust:

• Transparency is the bedrock of DeFi. By renouncing the keys, Elephant Money demonstrates its unwavering commitment to openness.
• Investors and users can verify the renouncement on the blockchain, ensuring that no hidden privileges exist.

Community Empowerment:

• TRUNK holders are the true stewards of the token. Their influence extends beyond mere ownership; they actively shape TRUNK’s destiny.
• Decisions related to upgrades, proposals, and governance will be community-driven, fostering a sense of ownership and responsibility.

What Does This Mean for TRUNK?

Price Independence:

• TRUNK is no longer bound by price limits. It trades freely like any other token, responding to market dynamics.
• The removal of minting ensures that the token supply remains fixed, contributing to its deflationary nature.

Streamlined Ecosystem:

• STAMPEDE and FARMS have been discontinued, simplifying the ecosystem. Users can migrate their STAMPEDE balances to TRUMPET and withdraw from FARMS.
• TRUMPET, the sole yield mechanism for TRUNK, offers attractive rewards.

CEX Listings and Exposure:

• TRUNK’s journey to centralized exchanges (CEXs) begins. Exposure to a broader market and increased liquidity awaits.
• As an advertisement for the entire Elephant.Money ecosystem, TRUNK paves the way for ELEPHANT token’s growth.

Migrating Stragglers from Stampede to TRUMPET

An automated migration tool was built to migrate stragglers from Stampede to TRUMPET. Stampede has been retired for over 6 months at the time of writing. The only user actions available were to upgrade from Stampede v5 to v6 and then migrate to TRUMPET manually. The tool was ran and migrated 5220 users and minted 11.36 TRUNK. The total supply of TRUNK spiked from 111M to 124M.

11.36M TRUNK was minted for the final time

Here is a link to the StampedeMigration contract with source and transactions executed during the migration:

https://bscscan.com/address/0x49241ea8ec03ffa5521ad8717579e396ceb02400

Renouncing TRUNK

Below are the actual contracts and transactions executed in the last 48hrs at the time of writing to renounce TRUNK. The first step to renouncing was doing an audit of what smart contracts were on the whitelist to mint TRUNK. After a custom tool was built to confirm the status of the contracts and remove them.

The tools verifies the audit against all added addresses, can then scrub the addresses that are still active, and then verify the final status

Finally, to complete renounce ownership of TRUNK the owner was changed from the Elephant Money Deployer (0x16E76819aC1f0dfBECc48dFE93B198830e0C85EB) to the ZERO address (0x0000000000000000000000000000000000000000) via the “renounceOwnership” method.

Due to a bug in lock / unlock functionality its possible for the last owner of the contract that called the lock method to unlock the contract and regain ownership via a previousOwner private variable. Renouncing is not a issue if the contract was never locked. To prove there is no issue I have provided a set of transactions:

• Contract Creation which is the first record of the “OwnershipTransferred” event being logged — https://bscscan.com/tx/0x32ca0be261688690c5a36355e22600172e1b5aeff48be9f8c8b6ffda89f13090#eventlog
• Calling the “renounceOwnership” method which is the second / last instance of the “OwnershipTransferred” event being logged — https://bscscan.com/tx/0x486b87e5d8245dd3a102fe89d2b631daa1b408fea6a86cf31f8eb1cfce07bc12#eventlog
• The only two transfers of ownership are accounted for so therefore lock was never called and therefore the _previousOwner is not set.

TRUNK (0xdd325C38b12903B727D16961e61333f4871A70E0) is renounced!!!

Get Involved!

Hold TRUNK:

• If you already hold TRUNK, there’s nothing to do. You can use it to mint TRUMPET or trade it like any other token.
• TRUNK’s scarcity and potential make it an exciting investment opportunity.

Ground Floor Opportunity:

• TRUNK’s excellent holder distribution and liquidity position it for success.
• Be part of the journey before it hits CEXs.

Learn More:

• Explore the Elephant Money ecosystem and discover the power of TRUNK.
• Visit the official TRUNK documentation for detailed insights.

About Elephant Money: Elephant Money is a DeFi platform committed to innovation, transparency, and community-driven growth. Our mission is to empower users through financial sovereignty.

For media inquiries, please contact: Press Relations Email: press@elephant.money

Disclaimer: This press release contains forward-looking statements. Actual results may differ materially from those anticipated in these statements. Readers are urged to conduct their own research and due diligence.

Elephant Money Empowering Financial Freedom

1: An overview of TRUNK token — Medium 2: YouTube: TRUNK Token Supply Shock Due to Futures V10 Update? 3: Elephant Money’s Big Shift: Understanding the Changes in Trunk and the Ecosystem