Community Tools Summit and Live Stream
There are a lot of things to talk about in this blog, and I will start with addressing the current issue at hand. As many of you may have noticed, the price of $SAR has been out of sync for a few weeks and was only available at cryptokek since we moved our liquidity to Uniswap V3.
In pure crypto fashion, Uniswap V3 was nowhere ready for deployment, and their price oracles do not work at all after migration. This meant that all of our favourite apps from Coingecko to Blockfolio were showing incorrect price information as they had no way to source correct data. All coins that only had liquidity on v3 suffered from this issue.
This was not an exclusive Saren issue as even big projects like Parsiq don't have their price showing (It is showing $0.00 on V3) on Uniswap's own site which can be verified here.
This brings us to the current issue at hand, the V2 liquidity addition that took place on Jun-21-2021 10:33:52 AM +UTC.
V2 Liquidity bug
Due to the price data for $SAR not being available at popular apps for quite a while (almost a month), a considerable amount of $SAR holders were not happy with the project. Our partners at Penguin Party did add liquidity to v2 but in their native token $Fish which did not help with bringing back the price of $SAR.
They were also going to add liquidity in a $SAR-$ETH pair in the coming weeks but regrettably I caved under pressure as I had already promised that the issue would be fixed by sunday and to try to keep my word, I added liquidity using 10 $ETH from the investment we received. As there was already existing liquidity on Uniswap V2, the price that the new liquidity was added was much lower than the current price of ~$0.015.
This gave the arbitrage bots an opportunity to buy $SAR from V2 $SAR-$ETH pool and dump it on $FISH and ** Uniswap V3** pools for a profit. Which brings us to the current issue at hand as because of the arbitrage opportunity, the price of $SAR has gone down ~70%.
Although, there is no way to reverse this issue, we are currently working with our partners at Penguin party to come up with a solution. After going over the problem extensively, we have decided to remove all liquidity and add it back at the old price of $0.015. This is not a perfect solution, but it will pull out a lot of additional $SAR added to the pool and bring back the circulating supply to old levels.
We have also taken a snapshot of all wallet holders at the time of adding V2 Liquidity and may be rewarding them with an airdrop, but I would like this to be a community decision and will be implementing a governance mechanism so $SAR holders can vote on this issue instead of the company.
Community Tools Summit
Now to the exciting stuff. I am happy to announce that we are working on a Summit with DFO Hub and **Penguin Party which would take place next month. Founders and representatives from 15 Crypto projects will come and talk about their Dapps and showcase upcoming features.
It would be a 3-day virtual event with AMA sections at the end of each stream where users will be able to ask questions directly to the company rep. There will also be a lottery where top 10 subscribers will be rewarded with tokens and NFT badges which can be displayed across Saren apps and platforms from other projects.
Note: More information will be available on the summit soon.
Starting next month, I will be hosting a live stream every weekday while I am working. This would give more transparency to our project and what is going on behind the scenes.
As a lot of work being done right now (For example hiring, designs, branding etc.) the community has felt that there is not a lot going on with Saren. Live stream would be a great way to see exactly what I am working on and ask questions directly to me. This is a completely experimental approach for me, and I might scrap this idea later but for now I cannot see any negatives in doing this.