Any questions about our launch, team wallets, liquidity providers? All the answers are here.
GM duckers, I hope you are well. This article aims to bring you all the details of the Duckereum launch that took place yesterday. Legitimate questions have arisen on the community, and we want to bring you full transparency.
Before the launch…
As already explained in detail on the website and the first Medium article, Duckereum was born out of a simple observation: today’s meme currencies aren’t really meme currencies, and the crypto world has become boring, repetitive, and cruel. Duckereum has no other objective than to bring fun, joy, and goodness.
Some of the more observant members of the community have noticed that the first tweet published by the official Duckereum account was in April. That’s when I created the Twitter account and posted a simple “quack”. The project was already perfectly clear in my mind, and it was time to start work.
I was joined by two friends I met in another project, Warren Duckett, and M0THERducker, without whom Duckereum would not have been possible. We finalized everything together: the website, the logo, the Medium articles, the tokenomics, the contract… Then came the question of the initial liquidity, and the tokens distribution. This is probably the part you came here to read, so I won’t waste any more of your precious time.
The initial liquidity
We wanted to provide the utmost security to those who would like to join the Duckereum adventure. It was therefore obvious to us that the contract would have to be renounced, and the liquidity burned. Doing a classic pre-sale? It’s the assurance of having a dump at the start, and even if the price of the token is only secondary for us, we know that it would hurt the community.
So thanks to Warren, we found a deal that seemed perfect. There would be a fundraising of 11 ETH, in exchange for 3.6% of the supply, spread over 4 wallets, at a rate of 0.9% per wallet. 1 ETH that would be used to pay for all the launch costs (contract deployment, tokens transfers, contract interaction, etc.) and 10 ETH for liquidity on Uniswap.
Those who provided this money were therefore in the negative at launch, and would have to wait until Duckereum reached a minimum marketcap of $360,000 to break even (starting with a marketcap of about $10,000). They accepted, because they love the Duckereum vision, and trusted us.
Here is the list of the 4 wallets, which each received 0.9% of the supply right after the contract was deployed:
These wallets are free to sell whenever they want. But, according to them, that’s not about to happen… 🤷🏻
The deal also required that if there was any money left over, after paying all the fees and adding the liquidity, that money would have to be returned to the liquidity provider. This has not yet been done, and that is why at the time of writing there is still money (in ETH) on the deployment wallet. This money will be sent back.
There is a trend among “meme” tokens that the team doesn’t take any part of the supply at the beginning, “no team tokens”, “no team tokens”, they say. They then have to buy at launch, just like everyone else. In my opinion, this is a big danger, and I will explain my position.
In this kind of launch, the team buys tokens at launch with anonymous wallets. So they can get a significant part of the supply, while letting the community think that these are purchases made by different people. That’s the first problem. The second problem is that since these wallets are anonymous, no one can know whether the team has sold its tokens or not. And in DeFi, when the team sells, it is a very bad sign… Will they continue to develop the project if they have no tokens? Will they continue to support the community? How do you know, in this kind of launch, if the team has not sold its tokens in the first hours?
On the other hand, is it reasonable that a team that has worked for weeks or months on a project has no part of the supply? It would be like creating a company, without having any shares? Are there projects that want to develop for years where the team has nothing?
That’s why Warren, MD and I decided to take 1% of the supply each. We are committed to developing Duckereum with the community for years and years, and having tokens provides the joy, drive and motivation to make that happen. Moreover, the whole community will be able to monitor (and I’ll explain how to do this below) whether the team starts selling their tokens, or not. And believe me, we are here to stay.
Here is the list of our wallets:
- Mark Duckerberg: 0xAd24d0d6Acb23D56660C94b4fD3Ac6c00A4a8dd4
- Warren Duckett: 0xc2E2e140F816E31D7BD319129CAb0922336E5edd
- M0THERducker: 0x273403B6B68d695D1Ad440cd4a15a9595957f485
We know that there are many snipers on Uniswap, and we wanted to prevent them from getting too many tokens for a few dollars, in order to resell them afterwards and dump on the community. MD had therefore set a limit of 1% for wallets at launch. No one could buy more than 1,000,000 Duckereum. MD also thought of adding a second security to the contract, which was that trading could only start when we manually authorized it, and not immediately upon adding liquidity.
When we deployed the Duckereum contract on the Ethereum blockchain, snipers immediately joined the Telegram group. There was nothing we could do to prevent that. When trading started, they immediately bought as many tokens as possible.
When the price of Duckereum went up, we removed all limits, because we believe that everyone should be free to buy or sell what they want, without restrictions. This is the true spirit of DeFi. We then gave up the contract, and burned the liquidity. And the adventure can finally start.
How to monitor a wallet?
If you want to monitor the wallets listed above, to check if the team is selling its tokens, Etherscan makes it very easy.
First, create an account on Etherscan, at this address: https://etherscan.io/register. Once logged in to your account, hover your nickname in the upper right corner, and click on “Watch list”. Then click on the blue “+ Add” button on the right of your screen.
You can then enter the address of a wallet (starting with 0x), a small description (such as “Duckerberg’s wallet”) and then choose when you want to be notified of movements on this wallet. You will then receive an e-mail when Etherscan detects the movement you want to be notified about. D*cking easy!
Now you know everything. If you have any questions, feel free to ask them in the community, and we will gladly answer them.
Thanks for reading!