RUST Token Explained — pt.4 Token Ownership, Farming, and Staking

RUST Token Explained — pt.4 Token Ownership, Farming, and Staking

The $RUST economy broke another milestone today with the official renouncement of ownership of the $RUST token contract. This decision marks a new era for the project and the community.

What Does This Mean?

Renouncing ownership is a significant move towards enhancing the integrity and trustworthiness of the RRCC project. Here are the key implications for $RUST:

1. Prevention of New Token Generation:
The most crucial aspect of renouncing ownership is that it prevents any future creation of new RUST tokens. This action solidifies the max total supply and ensures that no additional tokens can be minted, maintaining the token’s scarcity and value.

2. Increased Security:
Without the ability to alter the contract, the security of the token is significantly increased. This step eliminates the risk of malicious actions often associated with ownership privileges.

3. Community Trust:
This move demonstrates our commitment to fairness and transparency, building greater trust within our community. We’re reinforcing the idea that $RUST is a community-driven project, and its future lies in the hands of its members.

4. Immutable Contract:
The $RUST token contract is now immutable, ensuring that the rules set out initially cannot be changed. This provides stability and predictability for token holders.

This step is just the beginning of a journey towards a more community-centric and secure future for Rusty Robot Country Club which combines perfectly with the launch of farming and staking on ShimmerSea DEX.

Farming

With the $RUST LP in full swing over on ShimmerSea DEX farming and LP reward systems launch at 2000 CET 20th November 2023 to provide holders with opportunities to earn through providing liquidity and helping to farm the future supply of the token. Rewards will be distributed for participants through ShimmerSea smart contracts, audited by AuditOne.

Initial LP rewards will include 150,000,000 RUST as well as LUM and will be monitored over the next 6 months to ensure stable and healthy growth of the token and the economy.

Liquidity Pool Diagram by Uniswap

What is Yield Farming?

The simple answer is that yield farming is a way to earn rewards on deposited cryptoassets. The more complete answer is that instead of simply holding cryptoassets, yield farming is a way for enterprising people to maximize their returns on their holdings. Projects offer these rewards to people in order to temporarily use their assets. Typically projects use deposits to increase liquidity, but there are other use cases such as staking.

Deep liquidity is one of the most important attributes for any financial market because it enables fast and efficient financial transactions. For a thorough introduction to liquidity, read this article. Yield farming is a good strategy to increase liquidity. New projects can jump start their liquidity and established projects with decreasing liquidity can reverse the trend by offering generous incentives.

Excerpt from bitcoin.com https://www.bitcoin.com/get-started/what-is-yield-farming/

To find out more about pools checkout the following useful link from UniSwap:
https://docs.uniswap.org/contracts/v2/concepts/core-concepts/pools

And join the ShimmerSea Discord to get in on the discussion:
SHIMMERSEA DISCORD

Staking

In addition to the farming opportunities three new staking pools have been launched on the ShimmerSea DEX platform with rewards going live at 2000 CET Monday 20th November 2023. Allowing community members to gain access to the public distribution of 45% of the total $RUST supply over the next 24 months. The community holds the strongest position to access and receive $RUST token as it is vested over the next two years.

These pools are as follows:

$RUST only staking pool
Anyone who holds $RUST can stake for rewards
– Unlimited participating wallets
– Reward Pool — 150,000,000 $RUST over 2 years

RRCC NFT holder staking pool
ONLY RRCC NFT holders can stake for rewards
– Max 11,111 participating wallets
– Rewards Pool — 300,000,000 $RUST over 2 years

OG NFT holder Staking pool
ONLY OG NFT holders can stake for rewards
– Max 1,011 participating wallets
– Reward Supply — 450,000,000 $RUST over 2 years

The higher reward supply and lower possible participating wallets allow the OG and main collection NFT holders prime opportunity to gain the greatest benefits from the staking system and to keep the economy strong within the community.

With the $RUST token contract locked, and the pools and farming live the economy is now fully decentralized and ready to grow with NFT holders at the front of the economy. Working with established, secure partners like ShimmerSea and Hedgey we are building a safe and secure ecosystem that is in the hands of the community.

$RUST Token Address:

0xbD17705cA627EFBB55dE22A0F966Af79E9191c89

Renounced Ownership Transaction:

https://explorer.evm.shimmer.network/tx/0xefb99c56da0220f4c3fb3cfd5689222b6aaf16e4fd7f242fc401b660d04d13d6

ShimmerSea Liquidity Pool

https://shimmersea.finance/liquidity/pool/0x9f43b71c94837f37700a5861d34c3bf8865cc728

ShimmerSea Farming

https://shimmersea.finance/farms

ShimmerSea Staking

https://shimmersea.finance/pools

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