Hi there PoorRug fam! It has been a crazy week since we first appeared as a one-to-one swap of the PoorFag token. We are very humbled to see over that over 450k $FAG have taken the leap of faith with us and have burnt their tokens in exchange for the $Poor token. The max supply of PoorRugs is 791,210 $Poor. As a community project, the PoorRug team have decided to be fully transparent about our developmental progress, and would like to share with you what we have been working on in the past week. We are working at breakneck speeds to develop new and exciting features to the PoorRug ecosystem.
PoorRug liquidity mining
As previously announced, we are about to kickstart our liquidity mining of 270,000 PoorRugs. These PoorRugs will be distributed to people who stake their Poor/ETH LP tokens over a 10 week period. In order to allow people to purchase PoorRugs from Uniswap, it is crucial for there to be sufficient liquidity in the market, and we believe that the liquidity mining pool will incentivize $Poor token holders to provide liquidity. The official date of PoorRug liquidity mining will be 1 November 12:00 P.M. (UTC), this should be sufficient time for all existing $Poor holders to make all the necessary preparations.
New Website
We have recently onboarded a new designer who has given us valuable insights on how we can improve the UI/UX of the PoorRug website. We believe that a good user experience is vital for the success of PoorRug, therefore the website will be redesigned from the ground up. We are currently consuming heavy doses of caffeine to make sure that the new website will be launched just before liquidity mining starts. Here is a sneak peak of the mockups we are working on (still in development and subject to change):
NFTs
As previously announced, a core utility of PoorRug will be the creation of NFTs through staking. There will be two pools that will allow users earn and mint NFTs:
- $Poor Farm
- $Poor/ETH LP Farm
Staking in the above mentioned pools, will earn you $Ruggies, a token that will be used exclusively for the creation and minting of NFTs. Once you earned the required number of $Ruggies you will be able to mint the NFT of your choice. We will announce the first batch of our exclusive NFTs after the start of the PoorRug liquidity mining.
Vaults
Unlike most projects with vaults that are completely unrelated to the token. The vaults we will be releasing will involve the use of the $Poor token. $Poor can be applied to vaults, allowing users to amplify their staked funds in the vault and against other participants. However, this amplification in vaults will be effective for a certain amount of days from purchase, which at expiry will reset the user’s yield to the original amount before boosting. Withdrawing funds from the vault will also lose the effect of amplification.
For example, if I deposit $1000 in the vault and amplify my vaults earning with $Poor, I have effectively $1030 worth of value to receive rewards and dividends from the strategies of the vault.
The amount of $Poor tokens I will need to amplify my earnings by 3% will be proportional to the amount of funds locked inside the vaults , also 1% of vault earnings will be used buy $Poor from uniswap and burn $Poor, further reducing the supply of $Poor.
Community
In the coming days we will be introducing several community bounties in order to help spread the word and help push the project forward (Memes, marketing, development). These will be coordinated via telegram and twitter, if you are interested feel free to reach out to us on Telegram!
Future Roadmap
We are currently exploring layer 2 solutions for $Poor using technologies such as Matic or Skale. This will allow us to bring more utility to $Poor such as realtime gaming / gambling.
Well that’s it for this update.
We will share more exciting news for you next week!
Twitter: twitter.com/PoorRugOfficial
Website: PoorRug.com
Telegram: t.me/PoorRug
Token Address: etherscan.io
Uniswap: info.uniswap.org
