September 1st, 2021
Well, that didn’t go as planned…
TLDR: Ledger issues prevented on-time adding of liquidity and farming UI bugs caused some trouble. The prohibitive issues are now resolved and the remaining smaller ones will be tidied up asap
At 8pm UTC, the BUSTA Team Ledger that was authorized to send the funds from an IDO partner to PCS for the initial liquidity failed to process the transaction required. Over and over
While trying to solve that problem, someone who had received their tokens from elsewhere (not pre-sale) created $20 of liquidity on PCS at a high price so we acted fast and deployed our own liquidity on BUSTA DEX — which was always part of the plan
After that we manually added a small amount of liquidity (about $60K) to PCS so those who want to trade there can. The majority of our liquidity is on BUSTA DEX: $314K on BUST-BUSD and $396K on BUST-BNB. So it’s about a 90/10 split which was also the initial plan
With some other Ledger / Metamask / BSC issues as well, this all took much longer than planned to deal with but in the end we’ve ended up with a good liquidity split across the two platforms and the price impact of trading is significantly lower on BUSTA DEX compared to PCS
Until the liquidity was live, we instructed our escrow to freeze the pre-sale distribution to avoid compounding any issues — this has now been completed
Unfortunately there was a lot of panic and fud around these issues and that caused a lot of the initial BUST holders to sell
Where to from here?
Here’s the good news:
TVL is looking good with just over USD$1M staked across the 3 pools.
APR is high at:
2434% for BUST-BUSD
2481% for BNB-BUST
505% for BUST single pool
BUSTA CRASH is still going strong and has just under 20BNB (double past few days) sitting in the House Edge pool ready to be used for burning BUST etc. — not bad for a game with a small initial player base running for 10 days or so. Expect more BNB revenue coming from that as the player base ramps up
Since trading started on BUSTA DEX it has been accumulating revenue and we’ll be using that revenue as planned for burning BUST, adding liquidity, additional staking rewards and adding to the game bankroll etc. We’ll have some more solid numbers to give out soon
We’ve got a whole lot of BUST to burn!
As planned, all of the unsold tokens from the Private Sale and IDO will be burned, we’re still collecting data but you can be damn sure that we’re going to announce the total amount when we’ve got it!
Obviously this is not the launch we wanted and we’re sorry to those of you who invested in BUSTA and are at a loss
Somebody in our community made a great joke with this image;
I guess since BUSTA has live utility with a functional crash game, DEX and Staking already, we just skipped stage 1 and can focus on moving to stage 3 :-)
Aside from the troubled launch, our vision, goals and plans (fundamentals) have not changed and we will continue to build, improve and expand. You will be seeing regular content, releases, partnerships and announcements. BUSTA is not a project you have to wait months to see traction
We hope you stick with us on this journey
Onwards and upwards :-)