Builders Program Taking a credibility hit - Arthswap

With absolutely ridiculous and unrealistic IDO’s of Starlay and Arthswap and absolute messes of launches the program is in need of some adjustment. While IDO’s and price action can not be assured against losing money, realistic evaluations can be made to protect investors.

Lets simplify the arrogance and miscalculations
As an example, Moonbeam’s Take Flight price was .25 for a 1B supply
Arthswap with a 1B supply thought their IDO was worth double that at .5 in a very apparent downtrend. Moonbeam and Astar are 2 of the 3 flagship projects for Polkadot. Arthswap…is not.

Not only that, Arthswap fraudulently displayed farming rewards valuing ARSW at .50 for several weeks. Again, in spite of an obvious bear market was upon us. They only recently adjusted it a still overvalued .175 in even worsening market conditions.

Not only that, they had dropped farming rewards into your wallet every month, but you couldn’t trade it…which is very strange considering it’s a DEX. For example Parallel Finance isn’t traded anywhere but you can use your PARA for swapping inside their platform. Not Arthswap. nope. This DEX (DECENTRALIZED exchange) insisted on waiting to list it with a CEX…IDK even how that makes sense. This was in spite of pleas by users to let it be tradable…you know, because it’s a DEX. that’s what you do on a DEX.

between this and starlay this is not a good look on the ecosystem in general. The comedy of errors by both, but really IMO even more egregious by the ARSW team, is a reflection on Astar.

edit: full disclosure i did not participate in either IDO. absolutely not.

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sad sad days why are these type of acts done?

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Questions:

  1. Did they convey to the farmers that the farming APR was based on $0.50 per ARSW?

  2. Did they tell the community that the IDO price was $0.50 or the community didn’t know at what price they were buying?

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  1. Yes. After several weeks of farming they changed it to 0.175 due to market conditions, but listing price on GATE was on 0.001$.
  2. They did, the community knew.
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  1. yes. they had the .50 listed as the price of ARSW. which a couple weeks ago changed to the new .175

  2. Yes people knew the cost of the IDO. Those who bought have to own the fact they did not do their due diligence. However this type of action by a project in which they over-eval their coin and sell to people who are going to immediately take a loss on their investment is exactly why ICO/IDO’s are under scrutiny and not allowed in certain countries.

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As investor in both Starlay and Arthswap I am completely broken. And my faith in Astar ecosystem too.
I believed in this projects because builders program and Sota himself openly supported them. I thouht their expectations of price were based on some investors but they were based on their dreams. And now they continue to print new coins with 500!!! multyplier which are going right to sell order book. It seems they do not have any plan to improve the situation because their words are “we cant control the market, it is not our fault, your fud will not help, please hold we will continue to build”.
Arthswap still believe that it is a strong project, “the №1 TVL in Polkadot Ecosystem”, but about 40% of TVL was gone in a day after listing, and their reputation in community is lost. TVL was based on high expectations and promises of the team, with this price of ARSW token TVL will decrease rapidly because farming is not profitable anymore.
I dont want to blame anyone, as an investor I should do my own research, but if the situation with Arthswap will be the same as Starlay (no consequences for the team), I will leave Astar ecosystem.

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And now Arthswap team have “Astar Forum” phrase in a spam filter of their Telegram. What a scam :face_vomiting:
@sota Can you please comment the situation?

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ARSW is a farming token. The project uses it to attract liquidity with high APR but if there is no utility behind the token people dump it.
It’s why tokenomics are really important in a project and maybe Builders Program could help new projects to improve or define their tokenomics (define smart tokenomics is not easy stuff!).
In Astar, from my point of view, AstridDAO has the best tokenomics. The project uses the veTokenomics inspired by Curve. The native token is useless but the locked version (veATRID) is usefull (voting power + sharing of fees). It means if you believe to the protocol you have to lock your token for a long time.
But anyway a listing in a bear market is really complicated! I hope with the recent announcement of the token utility, people will stop to dump it.

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first problem was they had no info on ARSW’s utility. When asked about a week before launch they kept saying it would be announced soon. this is completely ridiculous and it frankly was absurd for anyone to buy it without knowing. That should have been in the docs from day 1 what the plan was for the token.

So to make it worse when people were saying it needed to have a solid utility beyond the launchpad access, we were mocked for it by the Community Managers.

What the utility plan for the token should be part of the application.

AstridDao is maybe the best project in the eco right now. They at least seem somewhat competent and not completely clueless how to manage a community.

I removed my arthswap and starlay dapp stakes over to Astrid and community rewards among others.

good idea to remove dapp staking

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Just remove your stake ASTR from the dApp staking if you are not pleased and remove your funds elsewhere.

I didn’t buy a single token of both Arthswap and Starlay (because you don’t buy farming tokens, sorry for those who participated in IDOs…). I just lost my time on both projects.

Finally i removed my liquidity from both and bridged it out of Astar.
It will take time to recover for these 2 flagships. They made too many mistakes with their fake APR.

I already and I insist in this, the Astar Builder program has to be reviewed completely:

  • No proper advice given to projects for their launch
  • No advice on security (see what happened to Orcus)

It was a complete mess with a bunch of false APR. Damage is done for a long time.
See you later guys, i’m not coming back soon.

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Your post is now trending on Reddit @usafmike It’s in the hot section of CryptoCurrency (with millions of members) for all the wrong reasons :neutral_face:

i mean i wish people kept it here. I replied over there because I think the tone of the post is disingenuous. I am sick of rug talk when these clearly are not rugs. They’re just arrogant and inexperienced builders.

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