Rootkit Finance Announces its Upcoming Participation in Hack Money Hackathon

Hackathons have always been important, if overlooked, , events in the crypto industry, allowing the projects to truly test their worth, code, and capabilities against others quite motivated to prove them wrong. While many projects have held or participated in such events, Ethereum might be the one that holds them the most, as they hosted several throughout the years.

The project is currently hosting another one, called Hack Money, and the team behind Rootkit Finance managed to secure ‘a last-minute spot’ to compete in it.

What is Rootkit Finance?

Rootkit is a highly deflationary, yield-farmable token that relies on permanently locked liquidity pools which allowed the team to harness a number of new possibilities. Rather than just creating another clone of vault. finance’s $CORE token, the project’s unique approach to harnessing locked liquidity allows it to ensure something called a price floor, which is essentially the bottom price of its tokens. 

In other words, the tokens will launch at a certain price matched with their base pair (for example, the first token developed, ROOT, was funded with and exclusively trades against ETH), and they can never be valued below the launch price of their base pair. It will serve as a permanent bottom, even if every holder sold their tokens, meaning that their value can only go up from there.

What’s more remarkable, though, is how the Rootkit team was able to take advantage of this permanently locked liquidity and develop an entirely new tool for generating value: infinite reusability. Using a novel new protocol they call ERC-31337, the developers took advantage of the way automatic market makers on decentralized exchanges calculate price tokens. 

By creating what is essentially a “double-wrapped” ETH, the Rootkit team can take liquidity under the price floor and reuse it however they wish — staking rewards, buybacks and burns, and of course…pumping the price. 

If you’ve used Binance Smart Chain at all, you’re likely familiar with EverRise and the “beneficial whale” they introduced into their project to power buybacks and a price floor. Before EverRise, however, Rootkit was the first to bring these unique mechanics to the DeFi space and transform the way value is transmitted on blockchains.

An “UpOnly” Ecosystem

The ERC-31337 protocol can also be implemented on other chains and projects. The team calls these newer tokens “UpTokens” — special new wrapped cryptos that can leverage existing coins like BNB, or USDT, and that give them the same unique mechanics as the original ROOT token. 

The project already has 3 such coins, including ROOT, UpBNB on BSC, and UpTether (or upUSDT) on Polygon. However, its goal is to create as many as 900 UpTokens, with plans to release UpMatic and UpCake in the near future. It even plans to feature these coins on its own “UpMarketCap” website. 

An “Infinite Garden” of Value? 

According to its announcement, Rootkit Finance managed to secure a spot to compete in Hack Money. The project sees this as a perfect opportunity to get exposure, just at the time “…When thousands of ETH nerds are watching from around the world.”

Essentially, the team has taken everything they’ve learned from their first three projects and developed a new class of Token. They see the event as a perfect opportunity to show up, submit its technology, and see the whole world judge it and investigate it. Furthermore, the project seems convinced that their approach will set them apart from other competitors and attract attention.

As for what the new token class does, “Professor Kronos”,  Rootkit’s pseudonymous lead developer, has codenamed it the “Garden of Infinite Love” and hinted that it has multiple implementation paths. The end goal, according to her announcement, is something never done before in finance: — aggressive self-replication of money. 

Not only can the project supposedly move its price at will even more aggressively than the team’s past projects, but any user can also either fork an existing token from its originator…or create an entirely new token with its own market and completely different mechanics. All with either with the push of the button or automatically by triggering certain conditions.

“Kronos” also strongly hints that, if the team’s vision is realized, these tokens will constantly feed value back and forth to each other, driving their value up perpetually.

While it’s fair to question whether such an ambitious project is even possible, the team seems to be very sure of themselves, stating that they can win the event even with only one of their tokens, or at the very least get into the final. 

Whether or not this will happen remains to be seen, but the confidence is quite clear. Should they pull it off, it will represent quite a step forward for Defi, and the crypto sphere at large.

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