Learning from Setbacks: Liquidity and Smart Contracts in the World of Blockchain Tokens

Our team was tasked with creating three products to implement a business model in the blockchain.

We designed the website, and concurrently, we worked on developing the smart contract for this token and creating a DAPP (Decentralized Web Application).

In the whitepaper, it was outlined that the transaction tax (TaX) should be 10% for buying, 10% for selling, and 2% for transferring. However, during the development process, it turned out that we could only set 4.6% for buying. This was a significant problem, especially with a high volume of purchases in the first week. Due to the incorrect buying tax rate, we incurred substantial losses, amounting to thousands.

This was just the first challenge. We addressed the issue by setting the TaX for selling at 15.4%, aiming to balance the system. However, we immediately faced another problem – users were hesitant to sell the token. They realized they could earn through Rebase, claiming in the World token, and participating in events in other tokens like Ethereum, BNB, Bitcoin, and others.

Subsequently, we encountered the task of redeploying the contract, considering the collaboration terms with Pink Sale. According to these terms, we couldn't access the liquidity pool for 12 months from the launch, and this pool was the heart of the token. Without access, we were rendered powerless.

The decision was made to inform all token holders (around 500 at that time) about our intention to buy back most of our liquidity by selling a significant amount of tokens at once. In a matter of seconds, we repurchased 80-85% of the liquidity, totaling around $24,000. On the same day, we deployed a second version of the contract and refilled the liquidity we bought back. Importantly, the token price remained unchanged. We informed Pancake Swap, where the token was being traded, about these changes. Prior to this, we took a snapshot of all token holders' balances and, after deployment, returned their tokens to the new contract address.

In summary, it's crucial to recognize that encountering problems and misunderstandings is a normal part of the development process. However, the key lesson from this experience is the importance of thorough testing and verification of every aspect of smart contracts before deployment. Special attention should be given to communication with participants and partners. Understanding the interests and responsibilities of ecosystem participants and providing timely information about any steps taken are essential for ensuring stability and trust. Mishaps are inevitable in the development of any project, but learning from them and refining strategies is crucial for future success.