Recently, one new family member has joined Hacken Foundation. The name of this project is Worminator and it’s the anti-bot solution to protect emerging projects and their communities against financial damage caused by the malicious transactions initiated by bots. For many of you, Worminator is a new word and, thus, you are interested in finding more info about this project, its new token, the value you get by owning this token, and Worminator’s plans for the future before deciding whether to support this initiative through investments.
The best source for information about this project is its team. That is why, on 11 August 2021, we conducted a special AMA session with the Worminator team during which its members responded to the questions submitted by users. The answers were detailed and sincere. So, enjoy reading the session’s recap to find interesting insights on the project and the value it gives to startups and common investors.
Q: Could you please briefly introduce yourself?
“We are a team of 2 devs and 1 designer. Currently, we live and work in Berlin. Our technical background is fairly wide: backend, frontend, mobile development, as well as blockchain technologies.”
Q: How was the idea of Worminator born?
“Ohh that’s actually a cool story. We’ve been playing with crypto for more than 5 years. But each year the trading experience has become harder and harder for us. Bots have been killing the fair way of trading entirely, it has become one of the most significant issues in the crypto industry! As a team, we have decided to play against the rules and develop a solution enabling a truly fair and secure launch for new projects.
Why Worminator? When we were children, we used to play a lot in the worms game so the name has been picked just for fun. We want to terminate all bots, that is why we are Worminator 🤖”
Q: What are the bots you are fighting against? How do they harm crypto trading?
“The main goal is to fight against sniper bots. These bots buy tokens immediately after the liquidity is added under the best possible price and later they can dump and destroy a project in a few seconds. But we have also realized that our system can identify sandwich bots and frontrunners as well. These two types of bots drain the liquidity as well by putting your fair tx into a “sandwich”: the bot buys prior to your transaction and sells immediately after.
The biggest fear of having a botted launch — you’re like sitting on a slowly ticking bomb that can explode at any second. It’s a real problem for fair investors to join the project while being 100% sure that there are no bots draining the liquidity and tokenomics.”
Q: Maybe you know something about these mysterious snipers bots? Who are they? How do they find those tokens?
“As we all know, blockchain is a transparent and decentralized network, so everyone can see everything that is happening in this network. Sniping bots usually track blockchain transactions and find the ones where liquidity was added to some token. In this case, bots are trying to trigger the buy trade and put it in the same block where liquidity was added. It’s quite impossible for an ordinary trader that is using e.g. some web interface to jump just after the liquidity. So, if the launch is botted, the transactions initiated by everyone entering the project will be processed after the bots’ ones in any case. Moreover, bots can use comparatively big amounts for snipes and drain the whole liquidity within the first minute.”
Q: I have heard that mining pools are somehow involved in such activities. What do you think about it? In which blockchain are sniper bots more active?
“Yeah, that’s true. Honestly, fighting against frontrunners and miners is an extremely hard activity. But as we know, the scope of this problem is bigger in the Ethereum blockchain.
If we are talking about sniping bots, they usually live inside the BSC or Matic networks. That’s caused by the increased popularity of DEX platforms that are truly decentralized, thus, every action is trackable. It gives a big advantage to sniping bots.
But we are fully aware of the most popular bot techniques and have already demonstrated to our community that we can stop any bots from trading and entering the project.
To find a sniper bot — think as a sniper bot.”
Q: Could you please tell us a bit more about front-running bots? What is the mechanism of their work and how do they harm a project?
“Sure, frontrunners are the biggest pain in the ass for big projects as most of them collaborate with miners/mining pools destroying the idea of Proof of Stake. As a frontrunner, I can inject my transaction wherever I want in a mining block to have a 100% guarantee of the execution of my tx whenever I want. So, even snipers can’t compete against frontrunners.
How can they harm a project? The answer is by doing liquidity manipulations: buying-selling before and after real people txs, buying tokens right after the liquidity is added, selling tokens before huge sells, etc.”
Q: What is the average profit provided by such a sandwich in % to the buy order?
“It depends on the trading volume but, according to our observations, each tx bot can drain 1–100$ from the project’s liquidity in a second. Now just imagine that this bot is running 24/7. It has no mercy.
And if you check addresses of those bots — they target multiple projects at the same time, so their profits can be REALLY HUGE.”
Q: Could you please share information on what you are currently working on?
“So, currently we are working on our dApp improvements to handle the Round 1 for our new token. We are also working on our on-chain pluggable bot-protection solution that will allow 3rd parties to use our ecosystem.
Basically, we have a lot of things to do right now: website improvements, architecting the new solution, marketing, tokenomics etc. But our main goal currently is to provide our B2B solution: both on-chain and off-chain.”
Q: What is the essential token utility and what benefits do Worminator’s holders get by participating in this swap?
“The token will become the core element of our ecosystem. All services provided to 3rd parties will require the payment to be made in our tokens. It will provide a naturally healthy price growth to our early investors. The owners of WORM tokens will be able to access on and off-chain databases and real-time bot-protection oracles in the future.
And now regarding the benefits of swapping the WRMNTOR token to the new token. There are several benefits. First of all, our new token will be more stable and safe from dumps. We will provide both renovated tokenomics and token use-case. As mentioned earlier, a new token will be used in our ecosystem. Second, our first token was created mostly like a meme one, and now we are going to offer a scalable product that will be able to demonstrate growth.”
As you can see, the Worminator team has provided answers to very important questions. Now you have an understanding of the idea behind the project, the reasons for swapping the old token to the new one, the industry needs that can be met by the project’s solution, and the benefits you get by participating in the multi-token swap rounds for Worminator. We will keep on sharing with you the information about this project in our next materials. The solutions facilitating your investment experience are the future of the industry. Thanks to your support for Worminator, the secure investment future for common users will come true.
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Find more info about Worminator at:
Worminator Website: https://worminator.space/
Worminator Twitter: https://twitter.com/wormooncoin
Worminator Reddit: https://www.reddit.com/r/worminator/
Worminator Telegram: https://t.me/wormoon