#BUIDL — a Purpose-Driven, Long-Term Foundation for Web3
#BUIDLing Continues Towards an Unshakeable Future
At Starter Labs, we are known for #buidling great software for the blockchain industry. Over the past 14 months, we released the first #BUIDL of our consistently Top-10 performing launchpad (reaching #1 in Q4 of 2021); we have been #BUIDLing a new game that is soon to be released and introduces a new Play for IDO concept; and our first #BUIDL of OpenStarter.com, the first open community-focused NFT launchpad that allows creators to create NFTs and collectors to find drops all in one product. We have also been #BUIDLing an in-person incubator and coworking space that opens in the USA and focuses 100% on blockchain related initiatives.
Many times in this wonderful journey of life, the road that takes us from Point A to B will look entirely different when going from Point B to C. That is the fork in the road where the Starter Labs team has found itself today. Over the past 120 days, in addition to #BUIDLing new products to help expand our reach and diversify our offerings during bear markets, we have also been revamping our software development team and structure. We have added 4 new members to the team, with experience in game design using Unity, smart contract development, and full stack expertise to handle the demand that our existing workload brings. We also anticipate increased development demand via government, enterprise, and academic relationships being established for our physical incubator and coworking space once it opens.
While this most recent issue has caused a considerable amount of financial damage and distraction, it is yet another short-term bump in the long road upon which we embarked. One that we will learn from to become stronger as a team, a community, and an ever-growing ecosystem. As we’ve always done, we will continue to #BUIDL and proceed down our path of cementing a brand known for continuously innovating and one that will last for years to come.
Starchi’s development continues as planned and is not affected by this issue beyond addressing long-term liquidity; Starter’s IDO launchpad business continues to receive tens of applications per week despite market instability; OpenStarter is slowly building its NFT-focused communities and is receiving 1–2 partnership requests per week; and our software development and marketing teams are stronger than ever before.
The beat goes on.
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
As a result, actions are being taken to help recover as much as possible and close gaps where any existed. During the exploration process, we also decided to take advantage of this opportunity to issue new tokens for START and ELIXIR, update tokenomics to improve where appropriate, and make improvements to our security configuration. First, we will walk you through the changes underway for the $START token followed by our plans for $ELIXIR.
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
As BUIDLers, we believe the most fitting symbol for Starter.xyz’s utility token other than $START, is $BUIDL. In our research, this symbol was previously used by a project that has been fairly inactive so we thank them in advance for allowing us to give it a new purpose. With $BUIDL, several changes come to $START’s previous tokenomics. Numbers are near finalizing, but discussions are narrowing:
Token name: Starter Labs
Token symbol: BUIDL
Max supply: 100,000 | 500,000 | or 10,000,000 (Still in discussions)
Liquidity Event: (Calculating…)
Strategic and development allocations will vest at 10% for the remainder of the year, and more information about the liquidity event, airdrop, and stakedrop follows.
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.
This process will be repeated for Starchi, which will be distributed on its original chain — Polygon.
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.
Polygon Block #: 26498038
Fantom Block #: 34702080
Ethereum Block #: 14480778
Avalanche Block #: 12726426
BSC Block #: 16479777
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.
START from Starchi Staking LP Pools (Hacked)
START Single-sided Staked in Starchi Pools
START Token on BSC
START Vested from Seed Sale
START Vested from Private Sale
START Vested from Strategic Sale
START Staked on BSC
Starter.xyz v1 Staking (clicking Staking on website deposits into this contract)
Starter v2 Staking
Starter.xyz v3 Staking
START Token on Polygon
QUICK/START LP Staked on Polygon
ETH/START Staked on Ethereum
START Token on Ethereum
START Token on Avalanche
WAVAX/START Staked on Avalanche
START Token on Fantom
SPIRIT/START Staked on Fantom
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.
Token name: Starchi Liquid Luck v2
Token symbol: ELIXIRv2
Max supply: 10,000,000 (reduce) or 100,000,000 (keep the same) (Still debating)
Liquidity Event: (TBD)
Play to Earn: (TBD)
Staking Rewards: (TBD)
ELIXIR was only staked in the Starchi Staking system on Polygon and pools from its IDO on both BSC and Polygon. Therefore, balances for the new ELIXIRv2 token will be extracted directly from the Starchi pools on those chains and liquid ELIXIR in wallets.
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.
ELIXIR from Starchi Staking Pools (Hacked)
ELIXIR Single-sided Staked in Starchi
Starchi IDO Pools on BSC and Polygon
Project #BUIDL Task List
Onwards and upwards!