LooBr, Meta Ruffy’s new combined NFT marketplace and social media platform, launched its token yesterday.
Within seconds, complaints began pouring in about glitches and trading issues. They came swiftly and in droves. The contract’s sell function was not working.
The team frantically scrambled to discover the source of the problem while assuring investors that it wasn’t a honeypot or rug pull.
What Happened to LooBr During its Prelaunch?
After several hours of investigating, when its launch was ruined and its reputation in dire jeopardy, the team discovered a glitch in its Certik contract. The $35,000 Certik audit originally identified only 23 problems, which the team corrected prior to launch.
Unfortunately, that still didn’t resolve the issue.
The token’s market cap soared from around 450,000 to 7 million. However, that was largely because paper hands were unable to sell. The team turned the threshold off so that trading could resume. They also implemented a security function to prevent double spend issues. Unfortunately, that disabled the ability to buy.
By the time the contract was restored, they could only collect tax and burn. Momentum was building very quickly in those early few minutes, but it dissipated after trading was halted.
In other words, the worst case scenario for launching a new token played out. They were left with no choice but to burn 6 billion tokens since the liquidity pool was locked for a year. It seemed like a honeypot situation initially, but the team and CEO himself remained in touch with investors and users.
Meta Ruffy announced earlier today that it will relaunch the LooBr token tomorrow. However, there is still a level of uncertainty since the new contract is still under review by Certik.
The relaunch will follow the same conditions as the new launch with a few caveats. It will include an 850 BNB hard cap presale with 100% of its liquidity added to the pool. The CEO’s wallet is the only one that will be whitelisted. He will buy the entire presale and automatically add it back to the liquidity pool.
Those who previously bought during the presale and launch dates will then be whitelisted. That sale will last for the period of 100 blocks rather than a set time. It will also include 1 minute random buys. All tokens will be burned.
After that, investors can use a one-page dapp to reclaim the 1:1 exchanges for their initial purchases.