Oct 22, 2021 (AB Digital via COMTEX) -- 22 Oct, 2021 - A new project, RugZombie, is aiming to clean up the defi sector of dishonest cryptocurrency, beginning on the Binance Smart Chain. RugZombie deposits such tokens in exchange for unique NFTs commemorating those token events. RugZombie is beginning with a large list of “graves” (the RugZombie version of a staking pool) including Bitconnect, Merlin Lab, Fairmoon, and Save the Kids. They plan to add more and more “graves” as they add users.
There are millions of dollars worth of value lost in rug pulls and exploits. Binance Smart Chain and other gas-friendly blockchains proliferate the problem because of how easy it is to deploy new projects on these chains, leaving many of the so-called “apes, and degens” holding bags of worthless rugged tokens. This experience is causing a net negative effect on the defi sector, and due to the ease of access to such rugged cryptos, the overall reputation for defi is suffering.RugZombie has listed some “graves” for rug pulls while expanding their reach into other disappointing events, such as projects that have been exploited by outside attackers through code vulnerabilities; (PancakeHunny for example). Their native token, $ZMBE, is required for using “graves” and additionally serves as a yield farming option for all users, regardless of whether they have been victims of a “rug pull” or not. RugZombie also boasts of some large partner projects with ApeSwap, Autoshark, and Euler Tools to name a few.
How Does RugZombie Restore Value?
Rug Zombie’s creative lead and business developer (Emperor Zombietine) said, “Rugged tokens have lost 99.9% of their value as developers rob the liquidity from their contracts. So, it’s not a direct compensation for victims in terms of dollars, but we are giving value by way of cathartic humor and fun, and of course, these NFTs can be traded on our upcoming secondary market, so in addition to earning a yield in our native token, victims may in fact be able to recover the full value of their loss through trading these NFTs. The real excitement for our team comes when we launch our NFT based trading card game sometime in 2022. We are attempting to restore value through unique use cases for NFTs that haven’t really been explored before in crypto. We have a lot of plans, but our team is only releasing information in drips because of how new some of our ideas are. It is truly some revolutionary stuff happening behind the scenes.”He further added: “We hope to expand our offering of NFTs beyond simple rug pulls. We recently integrated Chainlink’s vrf solution to gamify our LP pools with NFT drops for holders. I don’t know if that has been done before on blockchain.
Talking about their project outlasting the current bull run, a spokesperson from the RugZombie team said “A lot of these discontinued projects, especially on the BSC, were simply not built for utility or long-term growth. They were intentionally developed to be a short-term financial gain for the developers who wanted to exploit people’s greed and hysteria in crypto. A lot of BSC projects unfortunately don’t offer anything useful to their users other than the promise to get rich. When the bull market fades, these projects will end as they were not geared toward anything useful or long-lasting. When that happens, our team will be here, digging them out and laying these projects to rest and acquiring their users who were burned by that experience.
About The RugZombie Team
The RugZombie team came together in a truly inspired way; two of the three developers met through a small telegram channel called Rug Warnings, a small group dedicated to finding and exposing rug pulls, and after some back and forth audio calls, they committed to finding a third developer and getting to work. The third and final founding developer joined their team quickly and they got to work plotting how to redeem value for victims of rug pulls.