Clearing The Doubts about Statera Project
Questions were answered by Scott, the main developer, and Abu, the project manager
Where did the idea of an index-deflationary token arise from?
When doing more research on the balancer, how it works and its potential usage, the team thought it was such an amazing idea and have been testing it out since its launch. After numerous conversations on their discord, we thought the idea of a deflationary token inside a rebalancing pool would be amazing as we had been watching it work in action and could see how it could increase the burning
Why are there so many different versions of Statera? (STA v1/2/3, and STAC)
So, there were 4 tokens created; STA v1/2/3 and STA
STA v1/v2
We created STA v1 but unfortunately an error was made on the maths and weights on the first go, and subsequently someone bought and sold for a sweet profit. So on that same day, we created STA v2 — the real one that started all of this, this time we got the weights right.
Unfortunately, issues started popping up everywhere, issues with Balancer, issues with Uniswap, with the main one being that users could not sell STA which really made this look bad. Everyone was blaming us, so we thought we could come up with a quick fix whilst we waited for Uniswap to fix the problem which they estimated would take up to 2 weeks.
STAC
In hindsight we wish it never came down this route but the short-term solution, which ended up creating way more confusion, was to create STAC. The theory behind this was that users can swap STA v2 for STAC and then sell it on Uniswap, as it was not a deflationary token. The swap would take place using 0x relays which have no problems with deflationary tokens.
Problem which then took place outside of confusion, was users starting buying STAC which was not the intended purpose. Everyone was asking which is the real one, which is better.
STA v3 (The current and final version)
So we decided to make the third and subsequent final STA v3, now knowing that selling works fine on Uniswap v1 and the guys were working on the Uniswap v2 fix.
How was the swap going to work with 2 different tokens?
The question arose with how the 1:1 swapping would work — How could it be done when there were 2 tokens (STA v2 and STAC) both having different values and liquidity.
To resolve this, all liquidity was removed and added to the balancer, analysed the pricing of both the tokens, and it worked out that all liquidity which was represented as BPT (Balancer pool) token be airdropped to all holders of both STA v2 and STAC
Doing the maths it was worked out that 88 of the 100 BPT were airdropped to STA v2 holders, and 12 BPT to STAC holders. A snapshot was taken, excluding myself of course, then an airdrop took place and the new STA V3 was now on Uniswap and inside a balancer pool in the hands of around 450 users. The idea was to be as fair as possible and we truly believed this was the most fair way of removing STAC, and the confusion.
The main goal was focusing on what this idea was all about and increasing the efficiency of this self-propelled system. Lots of people who received this airdrop may not know it actually has value and how to ‘unlock’ it and the underlying assets in WBTC / WETH / LINK / SNX / STA.
What is the deal with the ASH and BURN tokens?
Before Statera, we were theburntoken.com — for those who have been following us since 2019, we started with just an ordinary Deflationary token like BOMB, and at the time we were the first deflationary to ever be listed on Uniswap. After the release of SHUF v3, we liked the concept and replicated the idea to run alongside our own. However, it occurred to us that we needed to have something more unique to stand out amongst the deflationary space.
That was when the idea of an Index token arose, we first tried to deploy another non-deflationary token called BURNR, at first it worked, but due to reasons and the way ASH (clone of SHUF) was coded, we had numerous issues, this led to us having to abandon BURNR and continued on with BURN and ASH, as an ordinary project, we didn’t have much volume because we could not offer something better.
Early 2020, we discovered balancer.finance, this was what made automatic rebalance of the index Portfolio possible. It was the main ingredient we have been waiting for, which resulted in us developing STA. We ran many rigorous tests for a month before finally deploying.
That’s how we got here.
I currently hold ASH/BURN, how do I trade it for STA?
You can now swap your BURN or ASH token for STATERA TOKEN using @TipGramBot on Telegram.
If you are Holding BURN/ASH Token in your private wallet, please visit setup a wallet with the tipbot and generate your tipbot wallet address for deposit. Deposit your ASH/BURN to your Tipbot deposit address and swap for STATERA TOKEN.
Even though we budgeted 10% for the team, we got less than that, so what we have left from the Team’s fund is donated to those who were holding ASH & BURN Tokens! It is a promise we have made to previous project holders as a token of gratitude for their continued support.
