The official announcement shows the solution to save our ToxicDeer.
After the recent incident, we would like to give an official statement from the development team.
The content of this article consists of 4 parts:
- What happened with ToxicDeer?
- The reason
- The solution
At around 2:30 p.m. on June 14 UTC, both ToxicDeer tokens $DEER and $XDSHARE were heavily dumped, DEER suffers below peg, and the issue is still ongoing.
There is a lot of speculation from users about the cause of ToxicDeer being attacked. However, in short, there are 4 main reasons as follows:
- Whale attack
- BTC dump
- Panic sell
- Third-party attack
The simultaneous occurrence of these 4 conditions has a significant impact on the price of the Token. Causing all the tokens of our ecosystem to be heavily dumped.
The project team took some time to figure out the reasons, but didn't dig too deep. The SOLUTION, or how to bring the project back to its original state, is what we devote the majority of our time and intense concentration to. This is our strategy.
Key words: "Rising ToxicDeer gradually and in stages" (*)
Analyzing the current situation of the project, we have 2 groups of Holders:
- Group 1: Bought DEER from 1 $USDC or above
- Group 2: Bought DEER from price < 1 $USDC(Even price as low as 0.3)
Stand between different decisions like bringing $DEER to peg immediately or gradually. We choose the direction to ensure the safety of everyone and the health of our project.
We found that, if $DEER goes to peg IMMEDIATELY, it means that the project will 90% face instant death. Therefore, we choose the direction above (*).
Following the direction (*), The Dao fund this time will be operated based on the following principles:
- Dao fund will work GRADUALLY, To ensure capital for DAO fund in the upcoming activities, and avoid our project being dumped hard.
- The DAO fund will be used in a calculated way, closely following the release of new features.
- The entire Dao fund will be spent on our project (Use until the last coin).
Before ToxicDeer was attacked, we had a series of plans in place, and the coding process was gradually improving, but the developers will consider the sequence of features to make the most reasonable decision at this time.
We haven't announced the sequence of features yet because it will work smoothly to suit with DaoFund.
In the next 48 hours, the details will be revised and publicly publicized.
17th June 2022, update 1st feature - MULTIPEG
Considering the options, we decided to launch the first Multipeg feature in order to broaden the variety of use cases for both the $DEER and $XDSHARE tokens. We would like to introduce $TDEER token, the first Multipeg token, which is pegged to $USDT.
The reasons why we chose to launch this feature at this time are outlined below:
- The new Launchpad Multipeg token, which is pegged to $USDT, is also a STABLE COIN, which means the DAO fund can help to maintain the stabilization of the new token’s price.
- Increasing token usage and profitability by adding a pool farm for $DEER and $XDSHARE.
- Effect on $XDSHARE token: The new token will keep the peg, so $XDSHARE in Boardroom has rewards for holders. As a result, this keeps the price of $XDSHARE stable as well.
- Effect with $DEER token: Supporting $DEER in moving towards peg, resulting in a price increase for $DEER, as well as an increase in the price of $XDSHARE.
During this time before DEER returns to the peg, we recommend $DEER holders to join DinoPool for the following reasons:
- Active DinoPool will benefit the entire ecosystem, helping to maintain it stable as it progresses toward peg.
- Holders of $DEER and $XDSHARE can earn additional profits while ToxicDeer has few rewards.
- Devs will support bringing DinoPool to peg and keep the peg.
Information about ToxicDeer's new Boardroom
- Multipeg boardroom:
Mechanism: Stake $XDShare to get $DEER and $TDEER when the tokens are above peg.
+ No deposit fee and withdraw fee
+ When withdrawing from the Boardroom, the entire reward will be burned.
- The old Boardroom:
Since then Multipeg Boardroom is activated. The old Boardroom will cease to be effective immediately. The role of the old Boardroom at that time will be only for Withdraw.
During Withdraw time:
+ Withdraw fee = 0
+ Lock up will be removed
Note: When Multipeg Boardroom opens, users will need to withdraw $Xdshare from the old Boardroom and deposit into the new Boardroom which is Multipeg Boardroom.
Above are the upcoming plans of the development team, which we present so that all users can aware of the strategy to save our project.
Hope to always have the support from you with ToxicDeer.