The following post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga.
The booming of the decentralized finance market has motivated different projects to seek innovative ways to revolutionize the ecosystem and make it more profitable to users. One of these innovative projects is Rootkit Finance, a deflationary, liquidity-locked, yield farming system. The system is designed to utilize permanently locked liquidity pools to create new opportunities in liquidity mining.
Rootkit Finance is opening up more opportunities in the DeFi yield farming sector by creating a new token known as UpTokens. With these tokens, liquidity miners can reuse liquidity to pump the price. The tokens also provide buyback opportunities for their pairs. Rootkit Finance already launched UpTokens like upBNB, upUSDT, upMATIC, and now they have added UpCake to the list as they aim to expand their UpTokens.
Overview of UpCake
UpCake is a synthetic BEP-20 token that utilizes the ERC-31337 standard to reuse liquidity below the price floor to go up against CAKE, the native coin of PancakeSwap. PancakeSwap is the leading decentralized exchange on the Binance Smart Chain (BSC). The CAKE token gives users exclusive ownership of their crypto assets, unlike what is obtainable with Coinbase and Binance. What the Rootkit team is aiming to achieve with UpCake is never to allow its value to go down below a designated floor price.
Rootkit aims to wrap the CAKE tokens with ERC-31337 to help users maximize their portfolios. The UpCake token goes against its parent coin CAKE; it benefits from Rootkit’s buybacks that pump the price. The UpCake is designed for the current holders of the CAKE coin or those who want to speculate on the future value of the CAKE coin.
The UpCake Market Generation Event (MGE)
The UpCake Market generating event is already a few days away, will take place on October 21, 2021. Therefore, you need to keep an eye on the MGE if you hope to be a part of it. One of the fairest ways to start a new token and its market is via a Market Generating Event. When markets go live, one of the biggest challenges is that bots quickly buy up the price even before people can click on the buy button. Rootkit team is leveraging MGE to solve the problem by using the exact value that provided the liquidity to purchase from the market. A contributor will send value to the MGE contract, and after the complete function has been executed, the following will take place:
They will mint the full token supply.
Then all minting will be suspended.
The newly minted token will be paired with 100% of the value raised during the MGE.
ERC-31337 standard will be used to “sweep the floor.” Since there is no circulating supply, all the values will be received back.
Using the value received back, contributors buy from the pool that has just been created.
Every token bought will be distributed among the users according to their contribution.
All these take place almost simultaneously, so users don’t have to worry about receiving the maximum value for their contribution. Meanwhile, there are series of options as each MGE functions slightly differently. The UpToken Market Generating Event is only a few days away from its official launch; you can connect your wallet now to be a part of it. It is true that the advent of UpTokens, like UpCake, is relatively new in the crypto and blockchain space. However, the impact in the crypto space can be enormous, especially if it can help investors make more money without the fear of crypto market volatility.
Image Sourced from Pixabay
The preceding post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga. Although the piece is not and should not be construed as editorial content, the sponsored content team works to ensure that any and all information contained within is true and accurate to the best of their knowledge and research. This content is for informational purposes only and not intended to be investing advice.
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