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The Deceptive World of Rug.fun: A Degenerate Crypto Game
Rug.fun offers a unique and somewhat unethical 24-hour game that challenges investors to engage in risky behavior in the hopes of financial gain, reminiscent of a high-stakes gambling environment. The game consists of two phases where participants aim to create or invest in meme coins that will either have the highest or lowest liquidity by the end of the 24-hour period. Any tokens deemed “midwit” at the end of the game are considered entirely “rugged,” resulting in their liquidity being claimed by the winners of the game along with a portion of the rug pool tax.
The Phases of the Game
In the initial 12-hour phase, players have the opportunity to create or purchase as many coins as they desire. However, only the top 10 performing coins progress to the second phase, leaving all other tokens to be refunded. The subsequent 12-hour period, referred to as the “race,” demands that investors strategically position themselves to hold tokens with the highest or lowest liquidity. Players can manipulate their token holdings by engaging in buying or swapping actions, all while facing an escalating “rug pool” tax that contributes to the prize pool. Once the countdown timer reaches zero, the first and last-placed tokens emerge victorious.
The Origin of Rug.fun
Developed by the creators of Mint.fun, a notable NFT discovery platform recently acquired by Zora, Rug.fun introduces AIRDROP as its inaugural token. The game designers have imposed restrictions on eligible addresses based on past experiences with rug pulls from other tokens and NFT projects, emphasizing a certain level of precaution. AIRDROP token ownership grants players the ability to generate or exchange tokens within the Rug.fun ecosystem.
Technical Framework
Operating on Coinbase’s Ethereum layer-2 network Base, Rug.fun currently hosts its premier game in the race phase. AIRDROP leads the competition with a substantial monetary advantage, while RUGDOTFUN trails by a relatively narrow margin. The existing prize pool, totaling $260,000, will be distributed among the victorious tokens that secure the first and last positions.
Evolving Crypto Trends
Against the backdrop of a subdued cryptocurrency market, developers and speculators have resorted to unconventional and attention-grabbing strategies to promote token growth. Recent incidents, such as LiveMom engaging in degrading acts as part of a meme coin’s marketing campaign and a developer falsely claiming impossibility of rug pull due to lacking hands (only to subsequently execute a rug pull) demonstrate the erratic and unpredictable nature of the crypto space.
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