RecoverToken — Waging a War on Rugs.
This past week has been an interesting one to say the least, we have had in my opinion the epitome of greed and misuse of trust. The rugpull by War On Rugs. I could write an entirely separate article on this, and just how bad it is for the crypto community. In short it goes to isolate the main problem with crypto…greed. WarOnRugs was there to help prevent rug pulls, but in the end it decided to do the unthinkable. Success without ethics is not success.Now more than ever, there needs to be a way for these victims to be helped, and thats where RecoverToken comes in…
Wow, thats a bold statement to make, so what does RecoverToken actually do?
RecoverToken was designed as a token which could be used to regain some lost funds, by migrating their rugged tokens over to RCVR. RCVR offers users the ability to swap their tokens for RCVR at a predefined ratio. That ratio is aimed to be better than what they would receive via PancakeSwap. As an example 370K GOMIX will get you +/-37RCVR. It doesnt sound like a lot but swapping the same amount via PancakeSwap will at the time of writing net you…0.06RCVR. These RCVR can be put in two staking and earn rewards. Ill cover the staking and rewards abit later
That sounds too good to be true, why the hell should I trust you?
The thing about trust in the crypto world, is that its extremely rare. I get that you have probably been bitten far too many times to count, but hear me out. I am too the victim of some horrendous rug pulls. You have insurance in real life, why not have a form of that in crypto, and thats where I like to think RCVR can come in. In terms of the normal standard requirements which are red flags we cover the following:
- We have locked liquidity for 6 months(at time of deployment): https://app.unicrypt.network/amm/pancake-v2/pair/0x759F4CC99Ab7f2519dD17F681b8bCCfd78C4e1F3
- The Dev has locked his funds for a year: https://bscscan.com/address/0xc8aeb5819305dc218a852d51b38d86e9873916eb
- All the contracts are verified on BSC Scan
- The developer is really active on the TG and is open and transparent. He has kept investors up to date with contract updates etc.
- He puts out a vote for each change and actively involves the community in any updates.
Alright that sounds good, I dont see any mention of there being no mint function or how the dev funds are locked. Are you hiding something?
Lets start with the Developer funds.
Currently he has locked up 50K RCVR in a contract until March 2022
The contract address is : 0xC8AEb5819305Dc218a852d51B38D86e9873916eB
The above is the method used to release the funds. It all hinges around the blocktime. That is a UNIX timestamp and the release time above translates to:
The release time is ONLY set at contract creation and cannot be be modified at a later date.
Okay lets cover the mint function:
Yes there is a Mint function, but before you panic, please let me explain:
Here is the method in the RCVR Token contract:
The main premise behind RCVR is to assist the community who have been rugged. Now given its unique mechanics, it has an initial supply of 10 Million tokens,and the goal is to have it remain at 10 Million tokens. There was a community voted change to up the supply to 10 million tokens from 1 million. 10 million being the finite amount we will ever mint. Initially the supply was 1 million, and that got used fairly quickly.
I still dont get why you need the mint function then. Can you explain please, why its there if minting has already been done?
The ecosystem of comprises of a set of the following contracts:
- The RCVR Contract — Which is used for rewards. The un-circulated tokens are in the contract itself.
- The Migration Contract (s)— Which handles the token swaps. This has RCVR tokens in it.Currently there are two — GOMIX and FAIR.
- The Staking Contract — Which handles the staking aspect. This too has tokens in it.
- A Chainlink Pricefeed Contract — When used as an Oracle for the BTC/USD price. There are no RCVR in this contract
- PancakeSwap price Oracle — This is used to retrieve prices for tokens on Pancakeswap. There is no RCVR in this contract.
The mint function is used to allow funds to be moved around.
Wait, what? Tokens move around? That sounds really shady, id like to see how you explain that one!
As the project has grown, the initial idea was that the tokens would remain in the initial staking methods in the initial contract. However as we have grown, the need to add features to the staking contract became very apparent. As we offer friction-less staking(More on that later), the staking contracts need to have RCVR in, to pay out rewards. So in order to move funds to the staking contracts/migration contracts the following process occurs:
1) We run the “burnTokens” method on the main RCVR Token contract, to decrease the supply by the amount we want to send to the staking contract.
2) We specify the migration contract/staking contract in the main RCVR Token contract
3) We run the “mintToContract” function with the option of true.
This process burns x amount of tokens to decrease the supply, and then we mint directly to the staking/migration contract
Okay, but hang on, the migration contract is a definable variable by the owner himself, so could he not just change the contract to an address and mint the tokens there?
Yes, that is absolutely doable, and it is done here:
Trust me when I say that the developer thought long and hard about this, but it has to be in place for the whole ecosystem to work. That is also why there is a burn mechanism built into RCVR so the circulating supply can be burnt to, it cannot be over minted. The developer believes in transparency, so that is why all of this is being laid out in this article. The other alternative is to mint them all to the deployer address, and manage them from there. That in my eyes looks VERY suspect. The above method allows moving of the tokens between contracts and never touching an address that is not a contract. The bulk of the RCVR tokens will remain in the RCVR contract itself.
Alright, that kinda makes sense, so tell me about the migration process, why migrate? Are you going to take all the rugged tokens, and cash them out? I dont see why your offering a migration in the first place.
As somebody who has been a victim of a number of rugs, I believe that there must be a way to even the odds.
We offer migrations from:
- Tokens which are transferable (Liquidity dump etc)
- Non transferable (Soft Rug, or Private Sale Scam)
Unlike other projects we offer a DIRECT migration to RCVR. Here is the process:
- You apply via out Telegram channel for adding to the migration whitelist for an applicable rugged token. In future I will be pre-loading the whitelist with the top XXX addresses so this step will be eliminated.
- You need to purchase 100RCVR and have it in your wallet at the time of migration and collecting vested RCVR. This was voted for by the community and it makes sense for RCVR to be required.
- There is a small fee of 0.001BNB per migration.
- You visit the website and migrate. If you have tokens, they will be taken and burnt, if its a private sale then you will receive a fixed amount and vested as normal.
- Each wallet can only migrate ONCE, once a migration has been triggered.
The rugged tokens generally hold no value, so reselling them is not viable nor is it ethical. The only thing that needs to happen to them, is for them to be burnt.
Wait a minute, are you saying I can get an amount of tokens for free, even if it is a small amount? Whats the catch, can I not just migrate and sell? What about private sale rugs and tokens which cannot be transferred?
That is correct. We operate a vesting contract for the release of funds:
Here is what happens:
- The user requests a migration, has 100RCVR in their wallet an pays the 0.001BNB.
- If its a normal rug,we will remove the rugged tokens from your wallet and calculate a swap ratio. If it is a private sale rug or one where the tokens are not transferable, then I will manually dictate how many tokens you will get at swap, but this is invisible and done by the developer once a white list request is made.
- You will then get XXX RCVR. This amount is then divided into 10 parts. The first 10% is paid out at migration.
- The remaining 9 parts will be paid out over 9 days. 10% each day. This is triggered by visiting the website and clicking the “Claim vested RCVR”
- You can then stake the funds in the two staking pools and earn further rewards.
There is no catch, all we ask for is the small fee. I have no interest in the rugged tokens. The reason for the vested contract is to eliminate the migrate and dump scenario. There is a feature in the Fairmoon migration contract and all migration contracts going forward,to disable certain wallets if they appear to be dumping excessively. As we are doing the community a service, there has to be safeguards for current shareholders.
So now that ive got RCVR, what can I do with it? Staking is there, but how are rewards calculated?
The entire goal of RCVR is to allow users to stake their RCVR and earn more RCVR, which will help them to recoup losses on the rugged tokens.
We currently operate two staking pools:
- The Safe Staking Pool: This pool tracks the price of BTC on the BSC chain. We can use Chainlink and have a custom contract to do that, however we opted to use the BTC token on BSC as a metric for the safe pool. This pool is designed to track a safer asset BTC in this case. It gets its price from the PancakeSwap custom price feed.
- The Risky Staking Pool: This pool tracks the price of a token which the community specifies. This is a token which offers more risk, in terms of price movement. We are tracking RCVR in this pool. The thought behind it is that it is in the best interest of the community to promote RCVR etc, with this comes more buys and more rewards for the entire community as the price goes up
We have coded a custom python timer which triggers a “rebase”. This timer interacts with the staking contract and causes the price to be checked for the tokens being tracked in the pools above. If the price has increase you get a 0.25% reward based on your current stake,if it decreases ,your reward amount is decreased by 0.25%.
We have what we call a whalelimiter in place, that limits the maximum rewards to 100RCVR per rebase. If you hold v2 LP tokens for RCVR (contract address 0x759f4cc99ab7f2519dd17f681b8bccfd78c4e1f3) you can get an additional reward added upon collecting rewards which isnt capped.
What is friction-less staking? It sounds alot like smoke and mirrors.
Ive never been a fan of the “transfer funds” to staking type contract. Instead we offer friction-less staking. That means that when you stake, the funds NEVER leave your wallet. You need RCVR in your wallet to stake but it never gets sent from the your wallet its all yours. For a token against rugs, I didn't want to manipulate the users funds.
So when there is a negative rebase, where is the 0.25 decrease applied against?
Thats a great question, and it gets applied against your rewards.
Let me explain it by example:
You stake 1000 RCVR. The rebase triggers and the price has gone up, you are due 2.5 RCVR which you can collect. You decide to leave it unclaimed. The next rebase triggers and the price has dropped. Your reward balance is now 0. Your RCVR in your wallet are never touched. It will only go as low as 0, it will never go negative.
Okay I think I understand it now,one thing ive noticed is that the Dev is anonymous. Why an anon dev?
I believe that a project like this does not require the developer to be made public. It is a charitable undertaking and the I as the developer believe that when giving money (in this case tokens) our for a charitable cause, it doesn't matter who donated it, its whether the donation is towards a worthy cause. In this case I cant think of anything more worthy then assisting those who have had their life savings taken from them, through no fault of their own.
In everything I do, I believe in transparency, so any question I will answer it. Ive been open with investors from day 1. I believe that just because a developer is doxxed, doesn't mean that they will do the right thing.
What about renouncing ownership of the contracts? That is a good gesture to win the trust of the community.
Due to the unique nature of the contracts themselves, there are variables which will always need to be changed, such as :
- Tokens to track
- Reward percentages
- Staking contract upgrades
And so on, and losing ownership to the contracts would be of detrimental harm to the day to day running of the contracts.
So if you cant renounce them, what accounts are actually being used for RCVR?
Here are the three primary addresses and their purposes:
- The Deployer address: 0xee5f9D777479A0FFC1Fedde04d375824C48c9456 . This is the Owner of all the contracts and the one that makes all the changes to %’s etc
- The Timer Address : 0xB283E7D0da95D78718B7E0713a8A08dFdE6b2241 . This is the timer address which causes the rebases to fire. The fees per rebase are around 0.002BNB per pool
- The Liquidity Address: 0x0E26a3EFDBC7584f791fc9eDebdFD126D6A29507. This is the address which receives the 0.003BNB Fee and the 5% RCVR reward for each reward collection.
Okay, what about Fee’s, what costs are there for me to pay?
I have tried to keep the fees as low as possible. The fees go towards liquidity and timer costs.
- 0.003BNB and 5% RCVR — That is for each Reward collection transaction in the staking pools
- 0.001BNB — This is the fee to migrate over from the rugged token
- 0.01BNB — This is the cost to Force a rebase on the safe pool. This simulates the timer firing on the Safe Pool
- 0.1BNB — This is the cost to Force a rebase on the risky pool. This simulates the timer firing on the Risky Pool.
That is it, there are no other fees to use RCVR and I believe they are very reasonable.
Are you affiliated with WarOnRugs or any other scammers?
No,we are not affiliated with them whatsoever. We are a separate entity, looking to undo some of the hurt caused to the victims of those rug pulls. The contracts have been coded from the ground up, they are a labour of love for the developer and all the features are ones which have been hand tooled.
