Dear Thoreum, Garudians and Cerberion Family,
I am Zeus Thunder ⚡, founder of Thoreum, GarudaSwap and GoCerberus.
Today, I’d like to share with you a story.
This story is about us; the team and myself behind these projects and introduce something exciting that will greatly benefit all holders of my projects.
It All Started With a Rug…
Now before I dive in, I MUST tell you a little backstory:
I was an investor, just like you. Most of my day consisted of:
- Watching crypto on YouTube
- Reading up on the daily news (a.k.a. My Twitter and TG feed)
- Apeing into all the ICO’s and random tokens I could find
Fast-forward a few months, and I wake up in the middle of the night to a phone call from my best friend at the time, Sean.
His voice was quivering as he uttered these words:
“Bro… I just lost my mom’s savings. Please help me!”
I still remember those words to this day.
Now Sean, just like me, saw amazing gains from crypto. And he made a little bit of money.
But he broke the #1 rule in crypto:
Never invest more money than you’re willing to lose.
And that became the motivation driving me down the even bigger rabbit hole…
Being a developer who people can rely on to NOT rug
Now, fast-forward to exactly 1 month and 3 days ago…
Our First Farm – GarudaSwap
I still remember this monumental day.
I hopped on call with my developer team for a very important meeting.
This was time for a celebration.
Up until this point, my new developer team and I worked 15+ hour days chugging out code, fixing errors, and polishing our website to finally release our first project. GarudaSwap.
Our team did not set high targets/expectations for GarudaSwap.I still remember the exact moment I told my team that if we gathered $200k-$500k TVL at start and reached at $5M total value locked (TVL), we would consider that a great success.
And wow, we were in for a surprise.
On launch day, we watched as GarudaSwap’s TVL grew from an initial $2M, to $10M after 24 hours.
It didn’t stop there—it hit $20M after 48 hours and finally hit a peak of $65M after 72 hours (it may have even risen more since BSC was congested big time and users almost couldn’t deposit their funds for 3 days).
We were completely thrilled.
I knew my team and I were hard-working, but we had no idea how successful Garudaswap would be.
Enter: The Underdog, GoCerberus
I considered it a lucky start.
I learned a lot about how yield farming works from the perspective of a creator, and with that valuable experience, I felt the urge to channel my newfound confidence and everything I learned into a new project: GoCerberus.
Our team had high hopes for GoCerberus. We took our yield-farming strategy, newly implemented “Burn like hell, Earn like hell” tokenomics, and dove head-first in with GoCerberus.
But it wasn’t an easy ride when we launched. Even with the overall crypto market taking a huge correction, we took a 30% hit to our TVL .
Still, with a strong burning mechanism, GoCerberus’s TVL slowly went back up after each market correction. Finally, the TVL passed the $30M mark (this number was at the time of the market correction, $30M is equivalent to ~$60M at the time of the GarudaSwap’s launch).
I knew my team and I were hard-working, but we had no idea how successful GoCerberus would be.
But the most important thing is: We found new confidence that we never could have if we didn’t go through these difficult conditions—a new confidence on how to create and run a solid yield farm.
And it’s thanks to you guys, our community of supporters of both Garuda and Cerberus, who trust in us and go with us through all these difficulties.
I want to thank you all for the amazing support and trust in me and my team.
June 16th, multiple farms their native tokens were exploited all the way to $0.00. Lokum, YBear, Piggy, CaramelSwap. Sadly enough GoCerberus and Garuda were exploited as well.
The exploit is not inherent to our contracts and the problem is that the MasterChef was never designed for all these special tokens.
Due to the design of the masterchef if you stake 100 tokens (with a 5% transaction fee) in a MasterChef, you are still able to withdraw 100 tokens from the MasterChef. But due to the transfer fee, only 95 tokens actually arrived in the contract.
We understood that the issue had to do with the transaction fees at this time but did not know that this could be further exploited.
Our Compensation Promise
I have a promise to all of our loyal supporter in Cerberus and Garuda. We will work out a detailed compensation plan for everybody that was holding Cerberus or Garuda either in an LP token, in their wallet or staking it to earn yield at a specific block beofre the exploit.
We have received wallet from the holders who submitted for compensation, we already hired a professional team and they are working on a software to calculate what amount people have before the time of exploit. After this is done we will issue a new token with exact same amount and it can then be swapped proportionally to the value at the point of the exploit.
This compensation funds will come from the dev funds.
We will emerge even stronger!
With our growing experience and proven results, I’m much more inspired now than when I first started.
And even with all the rugs out there, I know if I could make a stable, effective yield farm for the long-run, that’s all that would matter to me and those who have trust in us in the end.
And so far, we’ve been doing great.
So, without further ado…
After continuous research and improvement on our tokenomics, our team has decided to focus on one thing:
The Secret is in The Compound
Auto-compounding is amazing because it allows native token prices to stabilize over even longer periods of time.
It’s essentially the “lazy farmer’s” method, since it just requires a farmer to keep their coin in the auto-compound pool and earn profit without continually harvesting.
With auto-compounding, users are encouraged to keep their tokens, bringing down selling pressure and supporting/helping the price to increase.
And unlike normal farms, you don’t need to check back every day or even hour to see how many rewards you need to harvest.
Auto-compound takes care of it all.
You get high APY (annual percentage yield), easily over 3,000%+, without having to do anything.
This all sounds amazing!
Except there’s one small problem…
Where There’s Death, There’s Tax…
Transaction tax, that is.
While our current smart contract has a transaction tax feature (which is actually good, since it helps burn more Cerberus and keep the price stable), it’s a double-edged sword.
Transaction tax and auto-compound simply don’t mix.
You see, people who work in the vault industry like Swamp, Beefy, or Autofarm spent countless more hours carefully constructing their contracts than if they implemented, say, an easier Pancakeswap clone.
This is because auto-compound technology is complex.
Auto-compounding depends on moving the coins between contract to contract, so each round of auto-compounding usually transfers a token at least 6 times, sometimes even 8.
Unfortunately, for reflective token (one that has a transaction tax) like GARUDA and CERBERUS that has a high transaction fee of 8% to 9%, this means that each time the vault compounds, it takes a tax fee of 48-54%.
(We even tested it with Beefy Finance, and yes, the transaction taxes are unfortunately that high.)
In other words, you’d be losing a lot more money than you’d ever make.
So, with the current smart contract, this isn’t exactly a simple code fix.
But we’re here for you. All hope is not lost!
The Light at The End of The Tunnel…
Luckily, there’s a solution that my team and I came up with.
THOREUM is a new reflection coin (with 10% transaction tax) that users can mine using liquidity.
When users transfer THOREUM, a 10% tax fee is applied to each transaction. Of which, 2% is redistributed to existing THOREUM holders. In a nutshell, those who decide to hold their THOREUM are rewarded by those who decide to sell. This mechanism is intended to encourage holders and discourage pump-and-dump traders.
Sure, it has a transaction tax. But the key here is that we’ve built THOREUM with new technology that can whitelist all routers temporarily, excluding them from a tax fee every time THOREUM compounds.
But if all this sounds too complicated, it’s actually quite simple.
There is NO transaction fee when compounding.
Holders of THOREUM will benefit too, as each time THOREUM is traded, a 10% fee is taxed with each transaction. Of this 10%, 8% is redistributed to existing THOREUM holders.
And since there is a hard cap of 5 Billion THOREUM tokens (which users can mine by staking their own tokens), of which 3 Billions will be burned at the start, and a burning mechanism same as Cerberus, once the hard cap is reached, there will be no more THOREUM left.
With the new THOREUM vaults, you’ll be able to easily auto-compound THOREUM with ultra-high APY with thousands of percent. It sounds insane, but our code is what makes it possible.
You’ll be able to keep your THOREUM in the vaults and watch it grow, all without lifting a finger.
Sounds amazing, right?
Again, I want to say thank you everyone for your amazing support! We’ll continue to work hard to bring you the safest farms the crypto space has to offer.
So hold your THOREUM and get ready for our vaults!
— Zeus Thunder ⚡️
Question & Answer $1000 BUSD Giveaway
To reward the readers who have made it through the entire article, readers who get their questions picked and shown in the Part 2: AMA article will win $100. A $1000 BUSD will be rewarded to the best question hand picked by Zeus Thunder ⚡️.