AMA Recap : Iteration Syndicate
[This recap will edited for brevity and readability, the 3 devs that joined us will be collectively known as Renascent]
Section 1 : Selective Questions
Q1) $ITS has performed incredibly well, which I think everyone in the group already knows — as we had many early adopters. My understanding is that this is just the beginning — an experimental token that is part of a larger ecosystem. Nevertheless : please give us a brief overview of what the $ITS token is, so everyone is on the same page.
Yeah as its stated in the medium, ITS is the first stage of Renascent. It showcases one of Renascent’s key volume creation mechanics. A feature of Renascent that we haven’t really talked about yet, RenaSWAP means that we can integrate ITS into Renascent and have it benefit both tokens.
[regarding the mechanics]
1% of every TX is sent to the rebalancer. When you rebalance, the tx tax is added to the LP Pair on uniswap and we call the .sync() function, which essentially increases everyones ITS balance. One really cool side effect of this, is you don’t need to stake your LP to get rewards, and you can use Uniswaps built in fee tracker to track how much you’re making.
After that, 2% of the LP in the rebalancer is removed, the ETH is used to buy ITS, burn most of it, and send a reward to the caller. It then timelocks for 1h till it can be called again.
Uniswap Detective :
Ok great. So very simple mechanics but it rewards LPs to participate and creates an environment where the price continually increasing through the rebalancing every single hour.
Alright, so if all market forces are neutral — there is a constant upwards pressure on the uniswap price?
It’s not constant. It really depends on the volume right? If there’s a lot of volume, the 1% tx tax will cause a downward pressure. If there’s low volume, there’s more upward pressure. But yeah if there was no volume, and neutral trading pressure, the price would only go up.
Q2) You touched on the mechanics and how they work but you also mentioned RenaSwap. I assume this is the volume creation product. Can you explain how $ITS fits into this and give us any more information here?
Unfortunately we cant talk about RenaSwap yet, as we are still developing it and its a new AMM concept.
Although, I can fully state here, we are not attempting a vampire attack, and we’re not attempting to be the next great Uniswap. We are a compliment to the Uniswap pairs. I can’t really get into it much more than that though without giving away our mechanics. ITS is a good glimpse into what’s coming with Rena.
Q3) How do you feel the mechanics have worked out so far? Do you have a feeling for the long-term sustainability of the token you can go into?
The mechanics were a smash hit! We are absolutely thrilled by the support and community we’ve built.
This isn’t our first token, and actually one of the first ones we worked on together crushed a 200ETH presale in 5 minutes. It was called Fuck Crypto Twitter. Needless to say, it was kind of a meme and a joke, but the token mechanics were pretty solid. People had a lot of fun with that one, and it still holds liquidity and a value ($9!) to this day. We kind of backed ourselves into a corner with that one, and were completely unable to expand on the ecosystem. We attempted to with FCT2 and Fountain but it didn’t iterate well. We learned a lot from that, and have left ourselves a pretty open ended system for launching. We knew if ITS was a success we didn’t want to be loss at what to do. The next mechanic for sustainability and a way to perpetually add to LP is coming. The game must go on.
Uniswap Detective :
Awesome! I have seen the previous projects as I was also watching them due to the very interesting mechanics (and memes).
Q4) Alright, last one from us: Let’s touch on the security of the code. Everyone is very paranoid, especially recently which I can understand, so it would be great if you could quell any fears over this.
Who has looked over the code and what can you say to our community in order put their minds at ease?
Cyotee already tweeted about us, and we live stream almost all our development in a discord channel where Cyotee frequents. The contract is also visible for everyone to see, and we have addressed every concern that’s come our way.
Uniswap Detective :
Cyotee already tweeted about us, and we live stream almost all our development in a discord channel where cyotee frequents. The contract is also visible for everyone to see, and we have addressed every concern that’s come our way.
Section 2 : the Announcement
[the medium article will be released soon, will edit to just include the information about the upcoming release]
Sometime today we will release a Medium regarding Iteration Gateway, which is a new Asset that aims to provide a solid stream of ETH into the Iteration Rebalancer LPs. Iteration Gateway will not have a new native token.
This will allow the LP in the rebalancer to never run out. The initial surge, we’re hopping amps it up to a new level we haven’t seen before. I believe some of the bigger rebalances were in the neighborhood of $3k. With the volume we have now, I’d like to see $10–15k rebalances.
It would mean that if this new asset has constant interactions, then ITS would be a self sustained ecosystem, even before we implement it into RenaSwap.
[regarding the timeframe]
I finished the contracts this morning and have been testing them. I’ve already linked up the front end, and we have the front end guy hard at work as we speak. Tomorrow? Evening sometime. (Nov 7th expected launch)
Read more about $ITS 📚
Telegram : t.me/RenascentDefi
Twitter : https://twitter.com/RenascentDefi