From your first day of trading Binance Smart Chain (BSC) tokens, you will quickly get slapped in the face with the realization that this space is flooded with scams from every possible angle – rendering a tainted name for BSC. Every single day, there are hundreds of rugpulls and honeypots that are being deployed to deceive you and take your hard earned $10.
Rug Muncher is set out to join the fight against rug pulls and contribute to cleaning up the BSC space, allowing investors to safely enter into new launches without the stress or worry that it might turn out to be a scam.
Here is an exclusive Degen Clinic in-depth interview with the leader of the Rug Muncher team, Stephen, where we discuss more about their plans for the project.
Rug Muncher’s goal is a safe, trustworthy, and reputable platform for investors like you and me who frequently invest in new projects being launched on the Binance Smart Chain.
The problem of rugpulls and honeypots continues to exist even though there are many tools to help traders. You can ask anyone who’s been actively trading in BSC – we’re all sick and tired of getting rugged.
Sometimes even some of the projects that are not memecoins and look totally legit, turn out to be a rugpull a few days later. A fat spontaneous red candle because someone pulled out a few hundred grand out of the liquidity pool.
The project came into fruition from the team’s own advocacy of investing in new projects.
I love investing in new projects. As technology improves so fast, it means that some of the ideas and tech that these new projects offer can be ahead of what the established tokens have to offer.Stephen, Found of Rug Muncher
That being said, Stephen also aknowledges that investing in new tokens is risky. From his experience alone, he’s lost tons of money to rugpulls and honeypots – so often that he’s genuinely surprised when a project doesn’t turn out to be a scam.
So Stephen and the team went to the drawing board and got to brainstorming how to create a platform where the risks would minimalized to as close to zero as possible, which is when the Rug Muncher Launcher Protocol concept was conceived.
Rug Muncher is the team’s first kick at launching a project together. Although they’re coming from an unrelated background of engineering and management, the team has been actively investing in blockchain projects since 2017.
From their own personal experiences, they have realized the steady increase of rug pulls and honeypots and decided it was time to take some action.
Starting a project was not something we considered before, but due to the current rise of rug pulls and. honeypots, we felt that there was a real need for a project like thisStephen, founder of Rug Muncher
Key points on the Roadmap
Stephen mentioned that the roadmap is still a constantly evolving document. But one of their primary milestones would be the launchpad.
Currently there is no target set in stone for when the launchpad will go live. In order to implement their protocol, the team and project must establish themselves in the BSC and earn the trust from the community with the Rug Muncher project.
Another goal in their roadmap is the development of their DAPP, which is set to start once Rug Muncher’s market cap reaches $25,000,000 – Not an unattainable goal if they continue to persist. They are currently planning a strategy game in which players with $RUGMUNCHER will be able to prucahse NFT characters, arsenal, troops, build, etc.
The Fiat revenue generated form the DAPP will be allocated towards the DAPP’s upgrades and improvements, and to buy back $RUGMUNCHER tokens which will then be subsequently burnt.
So while some projects promise lambos and tessa, we decided that should we ever get to a market cap of 1 billion, then we will actually send one lucky holder to the edge of space on the Virgin Galactic. We would oviously love to use SpaceX to get the added Elon factor, but that may be substantially outside of our budget.Stepher, Founder of Rug Muncher.
Marketing always be a concern for every investor before entering into a new project, which is why I always inquire about plans in store for marketing.
Since the conception of Rug Muncher, the team has been focusing on partnerships and AMAs. After the token is launched, they will be selling small amounts from the wallet at appropriate times so as to not affect the price. These sold tokens will raise BNB which will then be utilized to get paid sponsorships and promotions from influencers of varying levels of reach.
Advertisements will also be a part of the marketing budget to help Rug Muncher grow and consistently attract new holders. The team also aims to do long-term influencer partnerships in exchange for $RUGMUNCHER (if possible). The team assures that this marketing wallet will be used responsibly.
Airdrop to Rugpull victims
Rug Muncher is going the extra mile to help victims of BSC scams. There will be an initial 2% airdrop specifically aimed at rugpull victims.
We wanted to do something nice for people so we set aside 2% of the total supply for our airdrop and it is open to anyone who has in the past been a victim of a rugpull or honeypot pot.Stephen, founder of Rug Muncher
Rug Muncher Launcher Protocol
The Rug Muncher Launcher Protocol aims to provide a start-to-finish service for new projects. By doing this, Rug Muncher can control the risk factor of all new tokens launching from their platform.
For all new projects launching through the platform, Rug Muncher will:
- Dox the team via ID and video call
- Carry out the coding and deployment of the token in-house to ensure there are no security issues and hidden extras.
- Work with a team that specializes in hack mitigation to add another later of safety to the tokens.
- Add liquidity to PancakeSwap and lock liquidity through the use of multisig (multisignature) wallets – this denies the team from ever pulling liquidity out.
- Maintain control of the contract so no changes can be implemented (such as freezing trading or removing liquidity)
- Allocate the new project’s team only the agreed wallets – such as Dev wallet or marketing wallet. Should they attempt to dump these in high percentages, Rug muncher can use the hack mitigation technology to freeze their actions.
- Market and promote the new token to their established community and assist in building hype for a successful launch.
In summary, a new project’s team can approach Rug Muncher with their idea, intended tokenomics, token features, and amount they wish to add to the liquidity pool. Rug Muncher then creates and lists the project, locks the liquidity, and provide them with only the team wallets.
The team also acknowledges that people may have amazing, innovative ideas for a projects, but unsure how to bring it to life. Rug Muncher makes it easier by taking the burden of the creation and listing process.
By providing this full-menu service, Rug Muncher can create a no-stress platform for everyone, which may attract new investors and developers into our sub-space of Crypto.
The Dev’s Perspective of BSC
I always ask everyone this question because to me it’s very important to learn everyone’s (especially founders and developers) perspective on the current state of Binance Smart Chain, and what future it has in our everyday Crypto lives.
Below is Stephen’s response to this question. I must say I do agree with him 100%. ETH gas fees are obnoxiously high, which means that not only are you losing money to rugs, you’re losing money while transacting with rugs. Binance Smart Chain is the best alternative by far.
With Ethereum (ETH) being so high in price it means gas is expensive. So BSC, with its lower fees, has massive potential for the years to come. It definitely needs a tidy up though. All the scams tarnish its name a little so we need to tackle these. Although I don’t want to see many regulations come in, a fear of prosecution would certainly help to do away with a lot of the bad actors in the space. But it’s up to us all to do our part, the cleaner the good projects can make the space, then the more appealing the network will be.Stephen, Found of Rug Muncher
As an investor in any new project, always consider the possibilities of both short-term and long-term. With the journey of every token, tiny steps and candles make up a journey to the big picture.
Rug Muncher’s team is currently focused on the short term. They aim to achieve a successful launch and will strive to establish themselves as a reputable project. They’re aiming to reach a milestone where they can start to release the launchpad and DAPP, after which they will continue to persist in growth and improvements.
Coming from our backgrounds of engineering and management, I suppose we have a super practical approach to this where we focus on the small details from experience we know if we take care of these then the long term goals are easier achieved. But long-term we want to become the most trusted launchpad on the Binance Smart Chain, launching tokens which are both safe for investors and great investments.Stephen, Founder of Rug Muncher
I support any project that attempts (whether successfully or not) to clean up the BSC space. In order for this sector of cryptocurrency to exist in the future, proper procedures and implementations must be established for us to get there.
Rug Muncher will launch on September 12th 2021 at 17:00 UTC after a small 40-slot presale of 6% of the $RUGMUNCHER supply through Chihua
Greaat interview ! Thank you for this amazing work!