Drip Announcement 5 September 2021
I heard someone was complaining about liquidity being removed. People who are worried about how much liquidity is in the pool with out paying attention to the make up of that liquidity are missing the whole point. If you want price appreciation you do not want a ton of tokens on the ask side of the orderbook which limit the price impact buyers can have, you do want a maximal amount of liquidity on the bid side which lessen the price impact of sellers. I’ve always said that I will use the funds associated with the dev wallet to benefit the project as a whole, whether it’s the liquidity in the pool, or rewards sent to the dev wallet from referrals or funds collected in presale allocated to marketing and development.
The vast majority of the liquidity is decentralized or locked and cannot be removed by the dev wallet even if I wanted to. A small % of the liquidity associated with the dev wallet was removed and sent to pancakeswap so I could set the price when we first listed on pancakeswap to avoid heavy arbitraging because arbitrage bots would only leach value from our system. Another small % has been used for buybacks where the DRIP removed was sent directly to the tax pool where it’s sat untouched and will sit untouched by me forever. This deepens the pool which pays out the rewards and in the long run will strengthen the price greatly. Those tokens are much better in the tax pool paying out rewards than in the liquidity pool limiting the price impact buyers have. The BNB which was removed was and is being used to buy DRIP and again sent that DRIP immediately to the tax pool. This causes price appreciation and adds more BNB to the liquidity pool which reduces the price impact sellers have and again adds more DRIP to the tax pool to pay out rewards instead of having them sit in the liquidity pool limiting the price impact of buyers.
The reason why there is some obfuscation used between the liquidity removal and the buy back and why I don’t do it immediately is because this could be gamed and people would just front run dev wallet immediately after the liquidity was removed knowing a buyback is about to happen and worse they could just front run all buys coming from the dev wallet using bots, which is what happen to almost every other project that does buy back! As usual we have thought all of this out and are going about our buy backs in a way that cannot be gamed. Some fudders who think they are smart did half ass on chain analysis and realized liquidity was being removed but didn’t take the time to track how that liquidity was actually being used. 100% of it has been used to benefit the project either by migrating liquidity to pancakeswap or buyback! It’s all on chain and if someone wants to take the time to do a serious look into the chain analysis they will see this, the chain doesn’t lie. These buybacks will continue and I will always use the funds under the control of the dev wallet to benefit the project as a whole, as I have promised to do since day 1.
With that said, the development of the next project which we will be partnering with and that I helped develop is finished!! The reason why I haven’t been as active in the chat for the past couple weeks is because I’ve been working all day every day to get this project out while also working on the NFT battle game. Both of which will be great for DRIP. I’m also currently in talks with a the largest casino dapp on dapp radar who want to partner with us, allow people to play their games with DRIP and the best part about it is that all DRIP the house wins will be burned💧🚀
We are going to be doing the private sale for the farm project which is the project I’ve been helping develop in the R34P DAO group next week. The documentation for the project will be released this week and the public sale will be hosted on the website shortly after the public sale. We will have RugDoc and other paid promotion who will be promoting the presale and launch , plus audit publications leading up to the public sale. The farm will have tax free DRIP pools meaning other than the native tokens DRIP will be the only other pools that don’t have a deposit tax. We are also working on something which could make adding liquidity to pancakeswap a little cheaper as far as the transaction tax goes but in a way that is not gameable for people who would try to take advantage of this. All this week I’m dropping more info about this partnership and how Drippers can get involved but now that development is finished 100% of our efforts will be put into promotion of DRIP and our partnership. I have 3 interviews already lined up this week and a meeting with the most popular casino on dapp radar about integrating DRIP into their system.