To clear the FUD and doubts for those who wants to know how it all began.
Scott: So there were 4 tokens created
STA v1/2/3 and STAC
When I read up on balancer I thought it was such an amazing idea and what I had been waiting for, for other projects and had been testing an using it since launch. Then on their discord they were talking about thinking of cool token ideas that would work on this multiple token pool contracts. So I thought a deflationary token inside a rebalancing pool would be amazing as I had been watching it work in action and could see how it could increase the burning
Created STA v1 and told Abu about it who had been asking me for awhile about ideas on how to make deflationary tokens work. I made an error on the maths and weights on the first go and subsequently someone bought and sold for a sweet profit. So then, same day did STA v2 the real one that started all of this. Got the weights right, Abu I think wrote about it here and then did some article and nothing happened. Then all of a sudden it got on4chan around a month later and then it's started moving
Then issues started popping up everywhere, issues with balancer, issues with Uniswap, with the main one being that users could not sell STA which really made this look bad. Everyone was blaming us, so I thought I could come up with a quick fix whiles we waited for uniswap to fix the problem which they said could take 2 weeks
In hind sight wish it never this route but the short-term solution, which ended up creating way more confusion, was to create STAC. The theory was users can swap STAv2 for STAC and then sell it on Uniswap as it was not a deflationary token. The swap would take place using 0x relays which have no problems with a deflationary tokens.
Problem which now took place outside of confusion was users starting buying STAC which was not the intended purpose. Everyone was asking which is the real one, which is better.
Scott: So decided to make the third and subsequent final STA, now knowing that selling works fine on Uniswap v1 and the guys were working on the Uniswap v2 fix (which was fixed yesterday)
But now this 1:1 swapping. How could I do this when there were 2 tokens STA v2 and STAC with both having different values and liquidity.
So took all liquidity, added it to balancer. Looked at the pricing of the 2 and worked out that all liquidity which was represented as BPT (balancer pool) token be airdropped to all holders of both STA v2 and STAC
Doing the maths it was worked out that 88 of the 100 BPT was airdropped to STA v2 holders, and 12 BPT to STAC holders. Snapshot was taken, excluding dev obviously. Airdropped took place and the new STA V3 was now on Uniswap and inside a balancer pool in the hands of around 450 users.
The idea was to be as fair as possible and I do think this was the most fair way of removing STAC and the confusion and focusing on what this idea was all about and increasing the efficiency of this self-propelled system. Lots of people who received this airdrop might not know it actually has value and how to 'unlock' it and the underlying assets in WBTC / WETH / LINK / SNX / STA.
Evan Mitchell
PART 3 regarding ASH and BURN Airdrop:
As for ASH and BURN issue. I have mentioned that it was done 1:1 in usd value. Meaning if you holding $10 worth of Burn as at the time of release, you get the same amount in STA.
The swap is available for you on @TipGramBot now.
as at the time BURN and ASH was officially commissioned, the price for both was $0.0009.
However we made it $0.001 against STA $0.01 as at the time of Activating the swap on tipbot.
Austin Williams
Thanks for the transparency and being open about the situation. Clearly shows that the Devs care about the project.
Dylan Butler
Those devs are legit af. The only way is up now......
Luke Lewis
Bla bla bla pile of shit bla bla bla pile of shit
Benjamin Phillips
Scott is based
fud is baseless
Jonathan Gutierrez
It was handled really well. Fair to everyone and bullish that they care about us.
Andrew Wilson
Retard, just comment the above in stead of your blabla. This is 4chans problem, ppl like you
Ryder Smith
I'll admit I was worried about the lack of transparency and (seemingly) endless versions of Sta, but that explanation makes perfect sense. Scott seems like someone who's got his head screwed on.
I've got a 20k bag of Sta, and am definitely holding for the long term. I'm excited to see where this project can go.
