19.3 C
New York
Saturday, October 16, 2021

Rootkit Brings upMarketCap, an Exclusive ERC-31337 Protocol Based Ecosystem Combining Best of Defi and NFT

Must read

Rootkit leverages the ERC-31337 standard — an open-source technology developed by the team which leverages liquidity captured from permanently locked liquidity pools to unlock new possibilities. It is building a complete crypto ecosystem in the form of upMarketCap quite similar to the popular CoinMarketCap but with so much more functionalities and use cases.

Rootkit acts as a highly deflationary, yield-farmable token that uses permanently locked liquidity pools to unlock new possibilities. The token utilizes the combination of the Uniswap pricing mechanism, a fixed-supply currency, and permanently locked liquidity pools, Rootkit creates a price floor that is easy to calculate and ensures a minimum lifetime price for that token. This allows for the reuse of the ETH locked in the system multiple times, pioneering past the expected norms of traditional economics. The firm promises to revolutionize how Defi and yield farming has been seen up until now.

The Rootkit launch is designed to be as fair as possible to all participants. After a one-week deposit period, the funds received will be paired with the full supply of Rootkit to create the first Uniswap pool. Since the liquidity pool is created with all possible supplies inside of it, it starts at the lowest price it can ever reach. Some of the ETH is then reused without affecting the Uniswap market to create 1 or 2 more trading pools, wBTC, and DAI.

Price Floor is a term used in both traditional and crypto circles, which refers to the lowest possible price an asset can reach. Often what guarantees that price is a centralized trusted authority like a government or the asset issuer. In these cases, the floor isn’t real, because that authority can change its mind. Rootkit creates the floor based on math and nothing else, removing the need for trust and giving anyone the ability to verify.

The upOnly Ecosystem: An ERC-31337  Based Liquidity and Defi Solution

ROOT was the first project to successfully utilize the ERC-31337 protocol, demonstrating what is possible by enabling access to permanently locked liquidity within an AMM (Automated Market Maker) system.

The upOnly ecosystem aims to incorporate the ERC-31337 protocol into as many tokens as humanly possible. This effectively reimagines the entire cryptocurrency landscape with the vision to only go up (against their respective base pairs). This mammoth task would be completed by accessing the locked liquidity and redistributing it among market participants and bring a new age of Defi 3.0.

upTether:

upTether would be the native stablecoin of the ecosystem that will be paired against other ERC-20 tokens including the USDT. a Market Generation Event (MGE) will occur where the base ERC-20 will be raised to generate the initial market. The ERC-31337 protocol will then be deployed to gain access to the underlying value, which is then recycled back into the market to redistribute among MGE participants, all while keeping the integrity of the price floor. The Market Generation Event contracts are the best way to show the power of spending the same value twice using the ERC-31337 token wrapper.

The initial five MGE launches will be chosen by the Rootkit Development Team. Afterward, the Rootkit community will govern future ERC-31337 launches, alongside a base transaction tax rewarded back to the $ROOT ecosystem. The creation process of the first upToken is complete with over 750k USDT collected by the MGE contract.

upBNB:

The first ERC-31337 token on Binance Smart Chain. upBNB will be the cornerstone vault for the upToken ecosystem on BSC. upBNB will carve the path forward for tokens on the Binance Smart Chain. Paired against BNB, the upBNB token will provide exposure to BNB price action while integrating ERC-31337’s pumpanomics to create a completely new speculative asset on BSC.

upNFT:

The upNFTs will commemorate a launch or an event, and the rare ones can be staked to receive a small cut of future MGE tokens. Select MGE’s in the upToken ecosystem will have a new NFT released with them. There will be a total supply of 420 NFTs given to different user groups each time. Users can combine 5 NFTs to create the rare version. The Rare NFTs can be staked for a small share of all future MGEs.

UpMarketCap:

The next phase will be focused on creating the necessary toolset for the new mirrored system called ‘UpMarketCap’, a 1:1 mirror of CoinMarketCap which tracks ERC-31337 tokens, as well as ‘UpSwap’, allowing users to directly trade tokens within the ecosystem. At the centerpiece of all these tools will be the heavily anticipated ERC-31337 launchpad. The firm aims to provide the tools and an intuitive interface for other market participants to participate in MGE’s for ERC-31337 tokens or the capability to launch their own.

This bull season has brought a wide range of opportunities especially for Ethereum based products and protocols including Defi. Rootkit Finance is aiming to carve an alternative crypto ecosystem apart from ERC-20 in the form of ERC-31337. The platfrom cum ecosystem aims to create as many synthetic tokens as popular ERC-20 tokens. The upEcosystem is the beginning with UpMarketCap and Defi 3.0 as the firm plans to expand the reach and services. 

To learn more about Rootkit Finance visit rootkit.finance

Telegram : https://t.me/rootkitfinance

Twitter : https://twitter.com/rootkitfinance

Medium : https://rootkitfinance.medium.com/

- Advertisement -spot_img

More articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisement -spot_img

Latest article