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

#BUIDLing Continues Towards an Unshakeable Future

6 min readApr 6, 2022

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…)

Airdrop: (Calculating…)

Stakedrop: (Calculating…)

Strategic: (TBD)

Development: (TBD)

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.

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.

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)

https://docs.google.com/spreadsheets/d/1G-7bwfG-cRbubXNo7HHYBXWxOf_yLZj4BKVVH290A9Y/edit?usp=sharing

START Single-sided Staked in Starchi Pools

https://polygonscan.com/address/0x3A998D4a218084D55bD230275aAcBd4Bd548bE8A#code

START Token on BSC

https://bscscan.com/token/0x31D0a7AdA4d4c131Eb612DB48861211F63e57610

START Vested from Seed Sale

https://bscscan.com/address/0x2019459B04E37436E7EdC3D5d6346453d08606Fe#code

START Vested from Private Sale

https://bscscan.com/address/0x3b447f280D03761De72AE1d1640C4E3D4e6D0909#code

START Vested from Strategic Sale

https://bscscan.com/address/0x58DAB443fc4E7977dD09EA4cD83944a60f17C283#code

START Staked on BSC

Starter.xyz v1 Staking (clicking Staking on website deposits into this contract)

https://bscscan.com/address/0x808aceb7adc3d64f912e88b061e89eea2540b979

Starter v2 Staking

https://bscscan.com/address/0x1B1dBF35039999f3748f2c983A6081f58ACB21e7

Starter.xyz v3 Staking

https://bscscan.com/address/0x110A802a550d9465f9De234845942DeABBb22524

START Token on Polygon

https://polygonscan.com/token/0x6ccf12b480a99c54b23647c995f4525d544a7e72

QUICK/START LP Staked on Polygon

https://polygonscan.com/address/0x0bc7C564D58Af5d22bDC07920540BDc126947001

ETH/START Staked on Ethereum

https://etherscan.io/address/0x8386954c44e9d72aa7a5433a7af64b6f8b740f59

START Token on Ethereum

https://etherscan.io/token/0x1d7ca62f6af49ec66f6680b8606e634e55ef22c1

START Token on Avalanche

https://snowtrace.io/token/0xf44fb887334fa17d2c5c0f970b5d320ab53ed557

WAVAX/START Staked on Avalanche

https://snowtrace.io/address/0x34F46932e48577A8Ec1d65A4E4fFF3dC43B1D662

START Token on Fantom

https://ftmscan.com/token/0x8ca2ecbce34c322fcea6db912d9dbfd2dda5920d

SPIRIT/START Staked on Fantom

https://ftmscan.com/address/0x3a350f48a991b3eb7f9cbccc7efeb35fad3f4e96

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)

Airdrop: (TBD)

Stakedrop: (TBD)

Ecosystem: (TBD)

Play to Earn: (TBD)

Staking Rewards: (TBD)

Development: (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.