2022-09-07 22:33:30
When the DAO Core was originally formed from its Community Members, we decided to be as transparent as possible on all developments. This came with challenges because as we were developing and looking closely at the Project, we would find new problems/issues behind the scenes. We couldn't fully tell the community what was happening because we had no control, and at the time, it felt like we could risk losing all remaining Treasury funds if we were to speak out.
As you read the below, you'll notice this only speaks on the development process and not all the hard work and time our DAO Core Community members have been putting into Social Media marketing, community engagement, Bulls PayDays, running PayDay Scripts, the Claim Free Token smart contract, the Bulls App (in Beta) and seeking out future partnerships.
First, it started with us realising that the original team were paid a chunk of BUSD and ETH first-up from the presale/mint at an equal eight-way split - no token locking or release schedule. We also confirmed that each team member had access to eight or more presale allocated spots, and half of the team had been dumping these BSCWIN tokens while prices were between 40 - 20c. It all started when the team behind the scenes had a fallout due to silly reasonings, and in the end, it came down to the Dev and marketing team weren't operating moderately or putting in equal amounts of work.
The second thing we realised was that while a couple of the original team members were dumping (creating big candle sell-offs). They were trying to hide the sell impacts by using DAO liquid BUSD & ETH funds to "buy the dip", so if one of the members were to sell $10,000 of BSCWIN, the DAO/Team Treasury would buy $10,000 with liquid project funds. This is why the DAO Treasury now possesses lots of BSCWIN and, of course, not as many liquid funds as we expected. Nonetheless, we copped it on the chin and worked 100% to get control of the Project before the community were left with nothing because that's how the trend looked. This was an unfortunately long process and wasn't exactly straightforward due to communications.
Thirdly, one of our DAO Core members found out that an anonymous account/wallet was taking full advantage of the Trigger Lottery function and had set up 4+ different wallets and uploaded a bot to trigger the lottery. 90%+ of the time, it successfully triggered the lottery and immediately sold all BSCWIN rewards from it. I can't remember the exact number, but it was absurd, like USD $80k+ estimated yearly profits. We first ended it by dropping the BSCWIN trigger rewards by half and changing the lottery from 4x to 2x per day. This was essential, as too much money was being drained from the liquidity pool each day, and there was no growth to match it. After a month or so, the bot started back up, so this is why we froze all trigger rewards payments for a few weeks.
Fourthly, Once we were happy with the amount of control from the Project we had gathered, we started to put together our minds and discuss ways we could improve the tokenomics and functionality. We looked towards the community to what ideas had been previously brought up in the ideas channel, and we intertwined them. Once we had done that, we started looking for developers. While this was all happening Designer (Original Team Member) had been reaching out to us with a helping hand. Though there were doubts among the DAO Core, it only seemed reasonable that we should use him as our paid Dev because he knew the Project and how it all worked.
They began starting the token staking, token swap and NFT staking contracts. Then we set out the layout for the Lottery Functionality, which took quite a while as we had to ensure everything was thought of before we started building. After a month + of planning and building, we had a "tested" working lottery.
While this was happening, we created a roadmap and partnered with the GenX marketing team to plan our marketing campaign. After paying and preparing, we were all set in motion, ready to initiate all the hard work we
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