#BUIDL — a Purpose-Driven, Long-Term Foundation for Web3

#BUIDLing Continues Towards an Unshakeable Future

Specifics on Next Steps

By now, we are well aware of the Starchi Staking contract exploit by an ex-employee that caused major damage to our community. For the unaware, more details have been shared here: https://starterxyz.medium.com/starchi-staking-deployers-private-key-compromised-liquidity-hacked-d6dca725f276

All We Do is $BUIDL

$START is the primary utility token used to stake on Starter.xyz or Starchi.gg to participate in IDOs. The previous tokenomics and utility of $START can be found here: https://docs.starter.xyz/faq/tokenomics

Liquidity Event

To help us restore more liquidity to our new Starter and Starchi tokens, we will host a liquidity generation event with our community. All liquidity currently available in DEXs across chains will be removed (where possible) and also used to seed liquidity for BUIDL and ELIXIR. We will build UI tools to facilitate the migration of any user-owned liquidity to our new environment.

Airdrop and Stakedrop

$START was staked on Starter.xyz across 5 chains and Starchi.gg on Polygon. We will extract both staked and liquid $START balances for all pools across all chains at the block numbers outlined below to perform an airdrop and a stakedrop. The airdrop will distribute tokens that were liquid in users wallets as liquid BUIDL tokens, while the stakedrop will stake new BUIDL tokens that were already staked in pools. The new BUIDL tokens will only be airdropped and stakedropped on our original chain, BSC, and bridges slowly opened up over time as our new systems are restored.

Snapshot Block Numbers

Snapshots will be taken at the following block numbers on each chain and used to restore staked and liquid token balances for Starter and Starchi. It represents Mar-29–2022 11:19:50 UTC, +/- 5 seconds. The hack was initiated at block number 26498039 on Polygon.

START Technical Information

Existing $START Staking Contracts

New $BUIDL balance information will be extracted from the following staking pools and cross-chain $START tokens according to the block numbers specified above.

Additional Thoughts for $ELIXIR

While the $START token has taken the largest hit from this event, $ELIXIR did not suffer most of the same fate. Only $2500 worth of ELIXIR tokens were sold by the exploiter and its WMATIC LP half of liquidity removed and sold. There are still nearly 4M liquid ELIXIR tokens in the hacker’s wallet with no mechanism for us to void. As a result, a new token will be issued and a liquidity generation event launched to help assist with restoring liquidity to the Starchi ecosystem. A decision on whether we will keep the same token symbol with a slightly different name (or the inverse) is still pending. Until then, we are temporarily labeling it ELIXIRv2.

ELIXIR Technical Information

Existing $ELIXIR Staking Contracts

ELIXIRv2 balance information will be extracted from the following staking pools according to the block numbers specified above.

Project #BUIDL Task List

Phase 1: Creation of New Tokens and Extraction of Data
Phase 2: Updates to Pools, Audit, Token Airdrop and Stakedrop

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Starter Labs

The leading IDO launchpad, incubator, and investor network for @0xPolygon, $ETH, $AVAX, $FTM, and #BSC $START https://starter.xyz