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AstrocatASA, 01/03/2022 Update

Hey all,


We're going to focus today's update on the Tinyman crisis. The Thursday update will cover our upcoming goals and next steps and we'll do an additional focused update that will talk in-depth about specific goals this week or next (in addition to Thursday and Monday updates)


We're not going to go into much detail about the Tinyman crisis, read up on it here if you are not up to date:


https://tinymanorg.medium.com/official-announcement-about-the-incidents-of-01-01-2022-56abb19d8b19


Astrocat Response:


  1. First, all of our liquidity was removed at the suggestion of Tinyman before our pool was able to be exploited. No Algos or Astrocat have fallen into the hands of malicious actors at this time and there are only currently ~80 Algos in the pool. This means that there is no Astrocat in the hands of malicious actors and we should be back to normal when we can re-add the LP.

  2. The Algos that we pulled from the LP have been staked in Yieldly's No Loss Lottery. This will let the Algos work for us until we can re-add them to the LP. We have some big ideas in the works that go along with this, but more on that later. Profits from this will be invested right back into the project.

  3. We have introduced manual buying and selling of Astrocat. We'll guarantee a price of at least 90,000 ACAT per Algo. We did this for a few reasons: First, to discourage anyone from trading into the low liquidity pool that is still left on Tinyman. People were rightfully scared that their investments were about to be untradeable and wanted out. This gives people an avenue to sell that does not benefit the exploiters and protects the community against trading in a low liquidity environment. Second, this creates a sense of stability that will let the project and the community continue to be forward-looking. Where many coins have no price right now, anyone who wishes to trade ACAT knows exactly what they can trade it for.

  4. When we reintroduce liquidity, we'll likely be adding in some of the Astrocat that was originally set aside to add to the LP at a later date. This is due to the high manual buying volume we have seen so far.

  5. We'll be delaying the weekly reward for holders at this time. This is so that anyone who panic sold or is more comfortable holding Algos in this time of crisis can still participate when we start trading again. If trading is down for one week, the first week we do the rewards will be double rewards. If trading is down for two weeks, there will be two weeks of double rewards and so on.

On point 3, regardless of how much selling, we will keep the ACAT price at or above 90,000 ACAT until the new LP launch. When we launch the new LP, we may even hold some Algos back initially and keep the price from dipping for a few hours or a day. Basically, we just want to ensure there isn't a bank run due to these Tinyman issues, we'll protect our community.


We'll continue to monitor the situation and take action as needed in order to protect our community and project.

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