I’m sure some of you have heard that core is absorbing encore and will be adding an additional 9,100 eth that was originally locked up in encore into the next DAI/core LGE.
However, what I’m sure you haven’t heard is that they will only be valuing each encore LP at .5 eth each, even though the locked value backing each LP is 1 eth. One of the devs even said yesterday they would be worth 1 eth each, but have now arbitrarily changed this to .5 eth.
So they’ll escsentially be pocketing 4,500 eth (40-50%) as a dev cut, which will either be held in one of their wallets or added as liquidity, and then they’ll hold the created LPs.
A little shady imo. Encore holders, which were promised 1 eth per LP in locked value, are getting fucked. You can find out more about this on the encore vault telegram.
Plus they have to go through the trouble of fixing encore's shitty code and memory errors. And have had to put up with copy-paste clones of CORE rugging left and right. Encore holders should be licking our boots.
Yeah, that’s a really great way to absorb another community and create good will lmao. Let’s make sure they know they’re worthless scum
David Hill
They deserve a dev cut for sure, but 40-50% is ridiculous. No way riding the shitty code is worth 4500 eth.
Bentley Adams
Fixing* the shitty code
Chase Lopez
This is money, not a charity. We don't need your good will. If something is profitable, people will invest. It's not our fault you bought into an obvious scam.
I actually didn’t invest into encore. But I did buy the encore LPs yesterday on balancer when the dev first said they would be valued at 1 eth each since they were underneath that. And then they arbitrarily changed it to .5 eth each
Brody Turner
>Yeah, that’s a really great way to absorb another community and create good will lmao. Let’s make sure they know they’re worthless scum
lmao you should be glad your fucking scam fork is worth anything at all
Andrew King
Well nah I mean it had a literal price floor just like core. So there was no luck involved lol
Noah Jenkins
>Trusting code written by a leaf kid You're right, it wasn't a matter of luck. It was a matter of intelligence. But if you want to be butthurt, take your encore out of the pool and get nothing for it. Or accept the offer from the CORE devs.
Parker Thompson
Like I said, I didn’t invest in encore. I’m actually a huge holder of core, prob have more LPs than you. But I did buy the encore LPs yesterday when they were under .6 eth since the dev said they’d be worth 1 eth each. And then today they said it’ll be worth .5 eth each due to a dev cut.
So yeah, I’m admittedly salty because they mislead, and told people one thing knowing people would react to it. And then arbitrarily changed their minds
Robert Sanders
That's fair, but I got the same news as you and saw the same balancer pool, but wouldn't touch it with a 10-foot pole regardless. On the flip side, if encore was valued at 100%, OG core holders would have reason to be salty. As they HODL'd through all the fud and scam-forks and wouldn't want to see encore getting a favorable deal. This way encore holders gets better than what they had, and core holders benefit, having all the leverage.
Colton Baker
Are you retarded? It's .5 eth per LP because each LP was bought for 1 eth, but half of that value was tied up in worthless encore
Jason Allen
Lol, thanks for clearing that up.
Jace Hernandez
etherscan.io/tx/0x8edc06e3fa33f075178444f458ae30ab0119e5589a001ed9e76b705acf450345 Some insider bought 30 eth worth of Encore LP BEFORE the absorbing was announced. Though the liquidity was low, so he bought at 0.4 eth. He probably thought it would cost 1 eth per LP, and surely knew something as no one would buy 30 eth of worthless LPs.
Hudson Sanchez
core will be dead in 3-4 months, not sustainable.
Samuel Parker
> is literally going to $90k in 03/21 Stay poor
Landon Kelly
lol 30 eth is nothing
Jack Perez
As for now, each LP contains 1 Encore and 1 Eth. The price for one LP was 1 eth, and so was content of 1 LP at the start (and is now, as price is near the floor).
Brandon Fisher
Hahaha you don’t even understand uniswap liquidity, retard.
That’s not why it’s .5 eth each. 94% of all encore is sitting in the uniswap pool and there is still 9700 eth in the pool. When all encore is in the pool there is still 9000 eth remaining. Learn about uniswap, dummy.
It’s a fucking sham. It would have been way better to just unlock the liquidity and give everyone the eth back.
Owen Walker
The ENCORE team wrote that there is no such possibility in the contract.
Xavier Bell
Ok so how is the liquidity being moved from encore to core? There is a way they’re pulling it out of the LP tokens.
Nolan Adams
Regardless of what you feel you were promised, you bought garbage and are whining about your bad decisions. Trusting people at their word is a sure way to lose money in DeFi. The only thing you can trust is the contract. There's no community, or fair play, or handjobs for rug victims.
Eli Cox
Why should they give it to you? There's no reason for them to. Core holders benefit from this, the devs themselves benefit from this, and there's nothing to be gained from reimbursing anyone who bought into a copy-paste ripoff that had no extra work put in.
Nicholas Bennett
But they told me it was unruggable! Locked liquidity and sheet!
