If you're among the exclusive 69 wallet addresses on the $RUG token allowlist, congratulations! You have a unique opportunity to be among the first to purchase one of the 690 $RUG tokens via overHere protocol. However, it's essential to understand the specifics of this process to ensure a smooth experience. Here’s everything you need to know:

Exclusive Early Access

• Early Entry: The allowlist exclusive access period begins one hour before public access (Thursday December 21st 1:00PM UTC | 2:00PM CET | 9:00PM HKT). This exclusive window is only available to those on the allowlist.

• Uniform Access: All 69 allowlisted wallets gain access to purchase at the same time. This ensures a level playing field for all 69 allowlist participants.

• Website: $RUG can ONLY be purchased at - https://overhere.gg/ftx-rug

Purchase Guidelines

• Single Token Purchase: Each allowlisted address can buy exactly one $RUG token. It's a strict one-token-per-address rule to ensure fair distribution among participants.

• Whole Token Transactions: During this period fractional purchases of $RUG are not permitted. Transactions must be for one whole $RUG token.

• Restrictions: During the exclusive allowlist access period, the only action you can take is to purchase your one $RUG token. Selling or redeeming $RUG tokens is not possible at this stage.

• Purchase Cap: If you attempt to buy more than one token, the transaction will automatically adjust to the allowed limit of a single $RUG token.

$RUG Token Transferability

• Non-Transferable: $RUG tokens are uniquely tethered to the overHere protocol. This means they cannot be transferred or withdrawn to other addresses; they can only be bought, sold, or redeemed via overHere protocol.

Pricing Details

• Initial Token Price: The first $RUG token (1/690) is priced at 0.069 ETH (excl. gas + transaction fees).

• Dynamic Pricing Mechanism: Unlike fixed-price mints common in NFT sales, the $RUG tokens are distributed via a bonding curve, where each token is dynamically priced. As more tokens are purchased, the price for each subsequent token will rise according to the bonding curve algorithm. This unique mechanism reflects the changing value of the tokens based on demand and total supply in circulation at any given time.

Key Times

• Allowlist Launch: Thursday December 21st 1:00PM UTC | 2:00PM CET | 9:00PM HKT

• Public Launch: Thursday December 21st 2:00PM UTC | 3:00PM CET | 10:00PM HKT

For confirmation of allowlisted addresses, please refer to our Discord channel at https://discord.gg/overHere under the “allowlist-addresses” channel.

We believe that degenerates and autists are the biggest drivers of progress in crypto and should be commemorated for their altruistic contributions. That’s why we’ve developed our Degen Score Leaderboard to pay our respects to the $RUG holders who decide to ignore sound financial judgement and risk management just to make the world a more exciting place.

Each $RUG token that is redeemed for a physical FTX rug will forever be immortalised on the blockchain, and given a Degen Score calculated from the time of burn, and the current sale price. The higher the current price at the time of burning, the higher the amount of ETH that the burner has forgone to redeem the rug. These acts of bravery and financial negligence must be protected at all costs for the sake of our industry, and be celebrated with fame and glory.

We must be very clear. This is NOT financial advice.

How does it work?

After a $RUG token is burned and the Degen Score is logged, it will be ranked on the official overHere leaderboard for the world to see, and will forever contribute to the lore of each rug and the rich tapestry of it’s provenance history. Just as Antonio Stradivari imbued each of his legendary string instruments with a unique name, each FTX Rug will be forged with a unique score that symbolises the peak degeneracy of it’s founding owner.

Once a rug is redeemed, it will be shipped to the users specified address and a non-transferable NFT will be airdropped to the wallet address from which the original $RUG token was burned. The Degen Score Leaderboard being updated accordingly to reflect this.

How is it calculated?

To best approximate the pure degeneracy, we devised a formula that takes into account a range of parameters including the Price at burn, the Number of rugs burned, and the Blocks since project launch. This means that the earlier you burn and the higher the current selling price, the higher your Degen Score will be. The detailed formula is below:

These calculations will be done manually off-chain (excel/python) as each $RUG is burned (see below for more details)

1. Price at burn: this will be calculated by using the “instantaneous price function” which yields the “spot” price of the $RUG token at that point in time. This is in contrast to the smart contract’s ‘quotePotentialSwap’ function, which uses the “integral pricing formula” to compute the total WETH paid/received for a given quantity of $RUG bought/sold.

2. Block number at burn: this can be obtained using the block number <> burn transaction ID mapping, which can be determined via etherscan (the transaction will show up with the label ‘redeem’ to distinguish it from a ‘buy’ and ‘sell’)

3. Block number at launch: this can be obtained using the block number <> first transaction (’buy’ of $RUG - this numbers is static and will not change) mapping, which can be determined via etherscan.

4. Rug number burned: this can be determined by manually tracking the order of $RUG being burned (this can be done by tracking the number of “redeems” in etherscan).

5. N(7500,3000^2): This “random number” will be calculated manually using numpy.random.normal(7500,3000) in python. The seed for this python function will be derived by firstly, manually locating the block hash of the burn transaction of interest (on etherscan) and secondly, removing the non-numerical characters and all leading zeros. (e.g 0xb56de6efc3ff9a8e57c8882037f305356ac79aa254e0caff8d9f6cd340f85a17 becomes 566339988578820373053567925408963408517). Thirdly, given the resulting integer will be a very large number, a modulo operation will then be applied where the integer will be divided by (2^32). The remainder of this division will fit within the range of a 32-bit integer and is used as the numerical seed of the numpy.random.normal(7500,3000) function. These steps are required because NumPy in python is designed to work with 32-bit numerical only seed values with no leading zeros.

Is the Degen Score transferable?

No, the Degen Score is forever “Soulbound” to the original burn wallet address. This is to preserve the provenance story of the rug and its founding owner’s degenerate origins.

𝗦𝗕𝗙

The protagonist of this sorry story hardly needs any introduction. About as effectively altruistic as a prawn is vegan, he was our cult leader, our sushi itamae. And he no doubt remains a hero to some (his parents; Michael Lewis; possibly Caroline; any early sushi bagholder who actually sold).

Collectively we maybe should have seen the signs - “high returns with no risk”, linear utility functions, that weird viral dance video, total inability to comprehend shoelaces - but we all wanted a bronze tier league of legends player who does not understand eye contact to become the richest man in history and for that to be enough that he gets to smell Gisele’s hair. Now he’s probably not going to have to worry about shoelaces at all. It’s a real shame SBF is not around to spin up a prediction market on exactly which negative-expected-value outcomes SBF can look forward to.

He might have done more lasting good for future generations of humanity (financially, environmentally, intellectually) if he had attempted to drive that Corolla in a bee line from Hong Kong to the Bahamas, rather than taking a private jet, via his new found friends’ offices in Washington DC. If only the indirect graft directed at US politicians was as effective as the money he paid Chinese officials. He definitely would have been better off selling all that SOL at USD3 - probably could have purchased enough cigarettes to buy a bean bag for his cell. MS-13 and the Aryan Brotherhood might be a bit less keen than Barry to accept SamCoins as collateral (even if $MAPS 𝙞𝙨 the new PayPal). Then again his friend Cill Blinton might make sure he doesn’t have that much time to spend prison currency.

𝗖𝗮𝗿𝗼𝗹𝗶𝗻𝗲

A generous commentator might describe Caroline as a complex woman and we would too if only her algorithms had been as complex as her hot (?) takes on human sexual relationships. We don’t know what the elementary mathematics equivalent of a Chinese Imperial harem might be. But simping for a boss who won’t admit you’re doing the sneaky spreadeagle might be it.

The drawings that the court illustrator put out also appear to be elementary finger paintings of a woman whose boss might wish they had not slept together; maybe they too had some money on FTX - money that Caroline used to try and maintain her grip(py) on SBF’s affections (wang, not Gary).

The relationship between being able to effectively run a multibillion dollar hedge fund and chronic use of off label prescription stimulants is probably also not linear, but maybe giving away 10 billion dollars of other people’s money to the markets is just another way to avoid a normal, non-medicated human experience.

For the total betrayal of SBF, she might also be hoping for six months in the Miami heat but is more likely to find herself a bit lower in the pecking order of a different sort of polycule. So much for not going to jail for being an asshole who devastated some part of the global economy.

𝗧𝗮𝗯𝗮𝘀𝗰𝗼

For latecomers, Sam Trabucco seems anonymous; if you started watching only around the time of FTX’s collapse, he may seem like a riddle wrapped in a mystery inside an enigma; for anyone who watched the rise of Alameda and FTX, he was “Other Sam”, the figure with the second-highest public profile, who now seems more slippery than a greased pig in mud, on a yacht in international waters, using a call sign that’s embarrassing to say out loud.

Tabasco was loud and proud in describing their shift from data-driven quant to degens at the crypto casino, albeit playing with loaded dice. If he did actually use the only real informational advantage that he had - inside information, regarding their collective incompetence - then he’s timed that particular trade to perfection. He may have had his deck thoroughly soaked with customer cash before sailing off into the sunset months before the implosion but we expect to see more details emerge around this central cast member.

How Tabasco has managed to actually not be like Larry (who has actually been sued) is anybody's guess. Has anyone ever seen him in the same room as Brett Harrison?

𝗚𝗮𝗿𝘆

The 101x engineer and second-largest-shareholder of both FTX and Alameda, Gary was practically anonymous throughout the rise and demise of these conjoined-twin businesses (they shared a heart, a head, and at least a full digestive tract). He was known only as the finest engineer in all of cryptodom - the Shang-Chi of exchange infrastructure. We now know that he was actually helping SBF take everything, everywhere, all at once; that his true gift was backdoors rather than backends; god mode for Alameda rather than god mode for risk engine design; and while even a well-designed insurance product might struggle with a black swan event, his insurance fund struggled to pass a giggle test. A bit like when the kung fu master meets someone who actually tries to hurt people.

𝗢𝘁𝗵𝗲𝗿 𝗚𝗮𝗿𝘆

Our lawyers said that we must be clear that this is absolutely not Gary Gensler being led by a chain by SBF and any resemblance (as to appearance and/or character) is purely coincidental.

𝗖𝗭

As he remains the most powerful man in the industry, we include him here only to mark his essential role in (a) funding FTX and (b) more importantly, defunding FTX so, so hard. SBF was maybe a few days/months/years late in publicly conceding defeat, and probably reflects with mixed emotions on his jibe about CZ not being welcome in DC, but who knows? Maybe there’s another dimension to the most destructive game of multidimensional chess ever played and CZ may yet get his own limited run commemorative meme rug distributed via novel bonding curve architecture.

overHere - Rug introduction video

This is "overHere - Rug introduction video" by overHere on Vimeo, the home for high quality videos and the people who love them.

https://vimeo.com/

What's happening overHere?

We’re selling 690 limited edition physical "FTX Rugs by Degen Alfie", distributed via a bonding curve.

oH, how does it work?

Trade $RUG tokens overHere via the bonding curve. Each buy/sell will cause the price to go up/down. Starting price: 0.069ETH per token. Continuous curve. Fractional purchases. No asymptote.

Is there an allowlist?

Yes. Allowlist offers early access to the first 69 $RUG tokens on the Bonding Curve. During this early access period, users may purchase 1 $RUG token per allowlisted address.

How do I join the allowlist?

Get allowlisted by playing our FTX-themed Match3 Game “Retail Crush”. Players with the top 35 scores will be added to the allowlist which provides users with early access to purchase the first 69 $RUG tokens. During the early access period, each allowlisted user will be able to purchase 1 $RUG at a price determined by the bonding curve.

How is it priced?

$RUG tokens are listed starting at 0.069 ETH. Each buy/sell will move the price. The increase/decrease follows a bonding curve.

How to get the actual rug?

To get a physical rug, burn a $RUG token (1 $RUG = 1 Rug) and the rug/s will be shipped to you.

#retailcrush #ftxrug