The End of Support for Nyanswop - A Tale of Woes and Wrongs

The team has expressed deep sadness in what it believes to be a cutting short of the project’s expectation and short-lived dream; it has, however, decided to head for closure as it doesn’t wish to continue its operation.

By
Wilfred Victor
on
March 24, 2021
Category:
Breaking News

Introduction

Its no doubt the effect of social media on investment in the blockchain ecosystem is enormous. Social media effect may make or break you depend on how the tools are being used and deployed. It is why projects launching will spend a good amount of marketing funds on PR and Social Media Management. Failure to do this may be catastrophic for the project in both the short and long term like the now-closed Binance Smart Chain built Dex - Nyanswop.


About Nyanswop

The project built on the BSC network started as a decentralized exchange (Dex) protocol, where token swop(swaps) can be carried out automated in real-time without needing to encounter CEX hassles.

The project had the regular features of an automated market maker (AMM) offering liquidity incentives and yield farming opportunities. There are two distinguishing features in addition to the Swap Dex and yield farming; Fortune and Oracle.

An Oracle feature allows users to find the original creator of an NFT and offers a storage system. The lottery-like Fortune feature is a platform where users can participate in random drawings. Some user can get lucky and win amazing prizes


The End of Support and a Tale of Woes and Wrongs

All seems well with the project, which currently has a market capitalization of over  $17 million, according to Bscan. This was until a Medium post detailing all of the events that the project has gone through surfaced earlier today, 24-03-2021, signaling the end of support and advising its users to withdrawal all funds.


What Could Have Possibly Gone Wrong?

Judging by the medium post’s information, the project may have been at the receiving end of negative publicity on social media. The platform owners decried the act of negative remarks more popularly known as Fear Uncertainty and Doubt (FUD) rumored and spread around by Crypto Twitter influencers. This hindered the project without having a basis, an act the team suspects to be in paid bad faith.

A single point of fault in its communication strategy may be from not having a telegram group, typical of most BSC projects, or maybe more. A Twitter and Medium presence is undoubtedly not enough for a project with as much use-case as a launchpool. Another aspect of the revelation pointing towards ThugFinance now revamped to Hyperjump, which points to the project (Thugs) failing to distribute 1,000 000 NYA tokens to its users in a breach of the agreement reached between both projects.

According to the team, the situation resulted in a series of back and forth with no results; even with the Thug team’s rebrand and change, the matter wasn’t pursued by the new team.


A Timeline of Events

The team has expressed deep sadness in what it believes to be a cutting short of the project’s expectation and short-lived dream; it has, however, decided to head for closure as it doesn’t wish to continue its operation. The closure will happen slowly with the following timeline of wrap up of events;

  • The site will keep running for three months.
  • All NYA tokens in all of the addresses, including the treasury, will be burnt off.
  • Telegram support: March 24 - March 31
  • Site running till June 2021

Users are advised to withdraw all funds and immediately cease using the protocol as the support has been drawn.


Concluding Thoughts

In this tale of wrongs and woes, there are a lot of available lessons for everyone:

  • Social media and communication platform is vital to a project goal
  • FUDDING a project without a basis is highly irresponsible
  • Disastrous and criminal acts committed by 8ball, former founder of the now revamped ThugFinance, could be catastrophic to a project’s growth as little things matter.
  • Exploits are real, and no matter how verified the contracts are, sometimes hacks happen even with the project team’s best interest.

All of these lessons resonate with the sound economic practice of projects available in the BSC. The chain is barely eight months, and there is still a lot of room for growth and development in the future. We hope everyone takes some lessons home, including the former NyaSwop team, and upcoming projects in the space.

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Wilfred Victor

Ace finds himself as a blockchain enthusiast who is focused on growing with the entire crypto sector. He is an energetic and passionate writer who believes that all things are achievable.