Hedget is happy to announce our Ape Conservation Programme! Unrekting the rekt, one option at a time!
Earlier this week, the BEP20 version of the Hedget token was listed on Pancakeswap 🥞
Since there are fewer Hedget tokens that exist on the Binance Smart Chain, the initial listing had a relatively low level of liquidity.
What followed can only be described as an ape-fest of epic proportions: Several users began to rabidly buy up the BEP20 token, without realizing that the Hedget ERC20 token already had a well established price, around 5 USD. Amazingly, the price of the Hedget BEP20 token was pumped to over 30 USD very quickly. 🦍 🦍 🦍
In efforts to bring down the price and keep the markets in line, the Hedget team was forced into action and began selling tokens into the pool while simultaneously adding more HGET and BNB to increase liquidity.
Unfortunately, some users had already ‘aped in’ at exorbitantly high prices- and when the dust settled, these users were left with losses.
This problem is a complicated one with many layers:
a) since the bridge between BEP20 and ERC20 Hedget is not yet active, there was no way to for users to naturally correct the BEP price via arbitrage
b) the Hedget team controlled most of the BEP20 supply due to the burn and mint event that occurred on November 23rd, 2020. Since the users buying the token were not checking the price history of the Hedget token before buying but instead simply ‘following the crowd’, they created a situation where the team had to decide how to prevent more people from buying an overpriced token.
We feel that the primary responsibility in trading is on the trader, but we do sympathize with the users who were left at a loss. To try and make it right, we are announcing the Hedget Ape Conservation Programme. Here are the details:
1) The promotion will run from February 5-February 12 2021
2) On Friday February 12th 2021 Users will be compensated in HGET for the value of all options purchased during this period
3) Users will be compensated up to the maximum loss incurred by a user as a result of good-faith trading on the listing day (Wednesday February 3)
4) If you suffered a loss and want to participate: retweet the original Pancakeswap announcement tweet with your BSC address. In case you don’t have a twitter account, just post your BSC address into the Hedget Official Chat
5) All accounts that continued pumping attempts after our official announcement regarding the problems surrounding the listing will be excluded from the program
Peace y’all! 🙏
