Why RUNE was locked?
TLDR: Limited supply, not a pump and dump.
Some in the community have brought concerns about minting more $RUNE. The original plan was for this to be a standard farm, which mints its own token. Similar toPancakeSwap, GooseDefi, and many other projects. And at the perfect opportunity lock minting:
However, there has been confusion over the “max supply”, as a few moderators stated that the max supply was 10k. It was at the time of the initial launch, however that was before the launch of Rune Farm, which distributed newly minted $RUNE to people providing liquidity. We have updated the community with the correct supply of 22,530.
Does self-minting work?
Very few are successful. There’s constant sell pressure on the token. So some new farms are only minting new tokens, for example TreeDefi only mints SEEDs not TREEs. This fits the vision of RUNE well.
So what to do?
- Allow $RUNE minting in farms. Never stop.
- Allow $RUNE minting in farms. Stop supply at some point.
- Don’t allow $RUNE minting at all. Only mint runes.
- Mint 1,000,000 $RUNE and airdrop them. Seems great, but the first to notice will sell and eat up all the liquidity.
- Mint 1,000,000 $RUNE for the team, sell tons to get liquidity, then add liquidity back. Not an ideal scenario.
Since things are going so well, we would rather do nothing. If people like the project enough to bring $RUNE from $1 to $80 in 7 hours, then they’re probably going to like it even more when we tell them minting it locked and the supply is capped. This option seems to be favoured as well, as it’s been brought up multiple times:
- Don’t mess with the $RUNE token.
- Reward $RUNE believers with more $RUNE, but not an extreme amount.
- Give the small guy a chance to farm, and whales a chance to reduce their positions (relatively).
- Stop minting $RUNE sooner, and focus on minting EL-ZOD runes and the rest of the platform.
And so the $RUNE contract has entered the Void, where it can never mint again. The only thing we can do with it now is change the fees, which have a hardcoded maximum of 1.2% (1% to vault, 0.1% to dev, 0.1% to charity). And we will try to keep the fees off most of the time, unless the vault is in need of funds for building the team, audits, etc. (heavily based on community polling).
Now, we can only touch the dev fee hardcoded max of 0.1% of transfers. And someday we will throw that in the Void too. So now $RUNE is out there, untouchable, unstoppable. Kind of like Bitcoin.
LETS RAID SOME RUNES!