Super Pepe Bros Current Situation
Detailed run down of what is going on, and the plan moving forward.
Hey everyone. It’s been a rough couple days since launch. I want to breakdown what we think happened here, explain some issues we are facing with $SPB bros and explain what needs to be done.
What we believe happened:
At first, the launch of $SPB seemed to be going well. The price pumped to $16 and hovered in that range for a few hours before collapsing hard. We believe the reason of the collapse is a combination of the following:
- We over compensated SMOKE holders and they were printing entirely way too much $SPB, which caused a very harsh dump in the price. This was my fault, I felt bad that not all SMOKE holders got into the presale so I wanted to make sure they all got rewarded. Unfortunately, I rewarded them too much.
- The reward harvesting issue. This is an issue with our Smart Contract logic. What basically happens is, only one user per block can harvest rewards from each pool. When you click harvest, you’re basically put into a battle royal match with everyone else in that pool ( for that block ) and the winner takes all the rewards! Surprise, we’re now an online competitive game. This was not intended. Luckily, since we are on Binance Smart Chain and the blocks are incredibly fast, we do not see this issue very often. The best way to mitigate this for now is the increase your gas to 20–30 gwei. This issue was not seen in testing, as it is much more obvious when there are many people trying to harvest rewards.
- The non native single asset staking options do not work well with the leveling aspect of this game. They either need to be significantly reduced EXP, or completely removed. People stacking tons into these pools and earned alot of experience risk free. This does not work with our tiered leveling up system.
What is being done now?
We are working very closely with our auditors on the fix to the smart contract logic to fix the harvesting and reward system. We are very close to a complete fix and just require additional testing to make sure. However, this does require a redeployment of the smart contracts. What we plan to do is create an easy one click transfer button from one token to the new one with the fixed contracts. We can not transfer the LP tokens easily as we have no migrator option, so the user is responsible for unstaking and removing their liquidity when the time comes, transferring their SPB to the new version that is fixed, and reapplying the liquidity to the new contract. Then the user can restart or resume ( we will leave this to a community decision ) the levels. The team will reuse the liquidity from the original presale, and also provide a large buyback, then we will add that to liquidity and burn the LP pairs. This will be done from their personal funds once the new coin is situated. This new version will have only one single asset staking option available, and that is for the native token. All non native LP pairs will be at a 1x multiplier to incentivize moving liquidity into the main native pairs. We really saw stability return and the price recover once we made the changes to reduce rewards to all other options so we do see it is very effective.
We are working with our auditors very closely to make this transition as easy as possible.
Apology:
I take full responsibility for the bad decisions I have made. I wanted to make everyone happy and that back fired horribly. I realize now that it is not always an option and tough decisions need to be made for the health of the ecosystem. I will find other ways to incentivize SMOKE holders in the future without jeopardizing the entire project. I will make sure to fully stress test all my smart contracts in anyway that I can. I feel like I really dropped the ball on this one and I will do everything I can to fix this.
Sorry again bros. No rest for me until all of this is fixed and we make it to the promise land.
I will make a separate article addressing SMOKE and the plans with that and all the future things to come. Stay tuned.
