Many may be familiar with the PoorFag memecoin, known as $FAG
It was created as a copy of $BONK with 2% staking rewards every transaction and 5% unstaking fee also going to the staking pool. The project has developed NFT marketplace and got some attention on Twitter.
Unfortunatelly, the developer of this project (Telegram: @bestetherdapps aka Joe Blow) has decided to sell his stake, and claimed he did this without warning to not cause panic sell. Obviously this got some heat going on in the community, therefore community developer has decided to create another project that would be 1:1 token swap for $FAG token.
Why another project? Simply to not cause more dump of $FAG but instead build on top of it, with the community already established. The plan is as follows:
Create a token PoorRug ($POOR) that will be a 1:1 swap from $FAG
- 900k will be swapped from poorfag (100k is lost forever as someone sent it to the smart contract)
- 3% transfer fee (1% to treasury / 1% burnt / 1% Poor/Eth Pool)
- When swap performed, $FAG will be burnt (this is not reversible)
- 300k will be added to the supply as LP incentive (poor/eth), 10 weeks linear distribution
- Migration will happen on Friday 16th October 2020
- User need to approve to migrate and swap
We hope everyone understands that this was out of control of everyone involved. Nobody knew what Joe Blow had in mind, according to him, the PoorFag token had no future due to its name as websites didnt want to list it because of this.
We also hope that PoorRug will not be connected with PoorFag in any way, as the projects run completely separately, with different developer. The website is in works at the moment and will be running very soon! More exciting features are coming, so join PoorRug Telegram for more info!
See you all in our chat!