The team that wrote the book on elite tokens (literally created the ERC-31337 standard) is back and bringing their groundbreaking tech to the Cronos chain. For those out of the loop, the ERC-31337 or “elite” token allows the ability to reuse value trapped within a system multiple times by utilizing a combination of the Uniswap pricing mechanism, a fixed-supply currency, and permanently locked liquidity pools. Paired against CRO for the first time, the “upCRO” token will provide increased exposure to CRO price movements creating a completely new speculative asset on Cronos.
The Rootkit team is no stranger to pioneering brand new, game changing tech in the DeFi space. They will be launching upCRO via a “Market Generation Event” another creation of their ambitious lead developer, Professor Kronos. Praised for their ability to strike a fantastic balance between fairness and reliability, MGEs have become one of the most widely used methods of launching new tokens in the space. Through the power of the ERC-31337 token wrapper the Rootkit team is able to create a permanent market for the new token, fund their vault with initial value and give all users who enter tokens equal or greater in value than what they entered with, ensuring a fair launch for investors of all sizes.
The Rootkit team has successfully launched SEVEN tokens using their unique wrapping and buyback technique to push prices up without destroying liquidity in the last year or so. However, unlike these previous successful elite “uptokens” launched by the Rootkit team, upCRO will launch with several never before seen in DeFi features such as a drip vault, (a multi-layered, double auto-compounding staking system with a huge, predictable APY) a marketing vault (with spends verifiable on the CRO blockchain) and the ability to convert any percent of price impact directly into liquidity without affecting the user slippage. Thanks to these new features the value in the upCRO MGE will be leveraged to the tune of $2.30 for every $1.00 captured! Absolutely incredible!
In almost all markets, value from volatility and liquidity primarily flow to whales and professionals. Rootkit flips this paradigm on its head by capturing and directing value to small and long-term holders. Rootkit’s team, formed in mid-2020, is led by dedicated and highly-experienced crypto developers and entrepreneurs who have worked in DeFi since its beginning and in crypto since early Bitcoin mining days.
To join the upCRO MGE head over to https://upcro.finance/ and connect your Cronos compatible wallet to contribute CRO. You can even connect and contribute BNB directly via the Binance Smart Chain as the team has also created their own Cross-Chain BNB-CRO bridge! More information is available at: https://medium.com/@upcro