/biz/ - Business & Finance

To clear the FUD and doubts for those who wants to know how it all began.


Scott:
So there were 4 tokens created

STA v1/2/3 and STAC

When I read up on balancer I thought it was such an amazing idea and what I had been waiting for, for other projects and had been testing an using it since launch. Then on their discord they were talking about thinking of cool token ideas that would work on this multiple token pool contracts. So I thought a deflationary token inside a rebalancing pool would be amazing as I had been watching it work in action and could see how it could increase the burning

Created STA v1 and told Abu about it who had been asking me for awhile about ideas on how to make deflationary tokens work. I made an error on the maths and weights on the first go and subsequently someone bought and sold for a sweet profit. So then, same day did STA v2 the real one that started all of this. Got the weights right, Abu I think wrote about it here and then did some article and nothing happened. Then all of a sudden it got on4chan around a month later and then it's started moving

Then issues started popping up everywhere, issues with balancer, issues with Uniswap, with the main one being that users could not sell STA which really made this look bad. Everyone was blaming us, so I thought I could come up with a quick fix whiles we waited for uniswap to fix the problem which they said could take 2 weeks

In hind sight wish it never this route but the short-term solution, which ended up creating way more confusion, was to create STAC. The theory was users can swap STAv2 for STAC and then sell it on Uniswap as it was not a deflationary token. The swap would take place using 0x relays which have no problems with a deflationary tokens.

Problem which now took place outside of confusion was users starting buying STAC which was not the intended purpose. Everyone was asking which is the real one, which is better.