Layer1 Post-Mortem

The APRs on stable coins were above 100% for seven consecutive days. Then on the seventh day, a website issue led to a sell-off. The website had an outage for an extended time due to the unavailability of a public RPC node (RPC is the infrastructure by which our front-end code communicates with the blockchain). A few investors were taken back by the sight of a blank screen full of zeros, thinking a rugpull had just happened. We fixed the issue by letting the app pick from a collection of functioning RPC nodes, both public and private. Each time the web app loads, it will pick one of those RPCs to perform tasks. Now instead of relying on a single public node or a single private Infura node, the website is using an array of nodes. If the blank screen issue happens again, please refresh the page and let the app pick a different RPC node.

The dev team burned 10% of the total supply while only charged 5% dev fees (for every token minted to our investors, the smart contract minted an additional 0.05 tokens to the dev team). However, burning wasn't effective in the second half of the farming period. We need to come up with more innovative ways to support token prices. That's why the team is working on "Quail Farm" where investors can stake native tokens to earn blue-chip cryptos, such as BTC and ETH.

In layer 1, we pre-minted 1000 tokens, only 200 of which went to the initial liquidity pool, the other 800 KEGGs were burned by the dev team over the course of Layer 1 farming. There were two defects with this setup: 1) the initial liquidity pool was too small and consequently experienced big price volatility 2) investors were skeptical about the 800 tokens pre-minted to the dev team. Even though we kept our promises and burned all of them, it still created unnecessary anxiety for our investors. Therefore, in Layer 2, we'll try to improve the setup by pre-minting 2000 KEGG tokens and add all of them to the initial liquidity pool.