Fund the Rug Bounty Program

TLDR

Fund FutureDAO’s Rug Bounty Program (RugBounty.xyz), a novel product designed to protect and empower communities affected by rug pulls. The Rug Bounty Program will support our existing Token Migration tool to provide a structured solution for recovering value from failed projects.

Overview

Those affected by a rug pull, are often left to fend for themselves. Rug Bounties offer individuals (and their communities) a mechanism to recover and restore investments and promotes stronger security and trust in the crypto ecosystem.

• Target Customer: Crypto communities affected by rug pulls, community takeover leaders, and crypto enthusiasts who want to contribute to community recovery efforts.

• Problem Solved: Rug Bounties offers a mechanism for communities affected by rug pulls to recover and restore their investments, promoting security and trust in the crypto ecosystem.

• Monetization: Indirect revenue from increased $FUTURE token transactions and higher platform engagement, and potential direct earnings through increased token migrations.

• Key Metrics:

  • Number of successful migrations

  • Amount of $FUTURE tokens transacted

  • Community engagement and growth

  • Number of bounties created and claimed

• Value Creation: Rug Bounties empowers community members to recover from rug pulls, fostering a more resilient and proactive crypto ecosystem. It drives the adoption of Future Protocol’s tools and strengthens trust in DeFi.

• Total Budget:

  • Rug Bounty Platform: est. $5000 USDC

• This project directly relates to FutureDAO’s business by Enhancing the use and adoption of the Token Migration tool and $FUTURE token, positioning FutureDAO as a leader in safeguarding the interests of the crypto community. 

Problem

Rug pulls leave crypto communities with significant losses and a lack of recourse. A structured, reliable solution is needed to help these communities recover and restore value. There is no reliable resource to help communities affected by rugs; FutureDAO aims to change that. 

This is another step towards becoming Solana’s Emergency Response Team (S.E.R.T.)

Design

Product Description: Rug Bounty is a program incentivizing individuals to onboard communities from rugged projects to our Token Migration tool. 

The process includes:

• Bounty Creation: FutureDAO or community members can create a bounty with details of the affected project, reward, and required migration.

• Community Onboarding: Pirates work to onboard members through various platforms like Telegram, Discord, and Twitter Spaces.

• Collaboration with FutureDAO: A multi-sig setup is required for the token migrator. Trust is never assumed.

• Successful Migration: Defined as raising over 60% of the presale target in $SOL.

• Bounty Claim: Awarded to the participant(s) who facilitated the successful migration.

Bonus Features:

No partnerships have been officially made, these are hypothetical examples for what is possible.

• Token Checker: Enter a contract address to see token holders while filtering out bots.

• SolChat Integration: Notifications for your portfolio and rug alerts.

• S.E.R.T.: Solana Emergency Response Team’s home base.

Business

Implementation Plan:

• Platform Development: Integrate a Rug Bounties page on the Future Protocol website. Develop user-friendly interfaces for creating, managing, and claiming bounties.

• Marketing and Outreach: Launch a marketing campaign, engage with influencers, and highlight successful case studies.

• Community Engagement: Foster a supportive environment through forums and social media, providing resources for bounty claimants.

• Partnerships: Collaborate with DeFi projects, security firms, and audit services to enhance credibility and reach. Potential partners could include Fluxbeam’s Rugcheck, Birdeye/Dexscreener, GoPlus Security, SolChat, etc.

Expected Impact:

• Enhanced Security: Strengthen trust in DeFi by helping rug-pull victims recover.

• Increased Adoption: Boost usage of the Token Migration tool and $FUTURE token.

• Community Empowerment: Empower community members to take action against rug pulls, fostering resilience.

Monetization

Financial Projections

• Initial Development Costs: $4,000 USDC

  • Platform Development: $3,000 USDC

  • Website: $1,000 USDC

  • QA: $1,000

• Operational Costs: $1,000+

  • API & Hosting: $1,000

  • $FUTURE bounties: Allocation TBD based on project scope.

• Earnings Projections:

  • Direct earnings via token migrations.

    • For example, helping $IGGY rug victims perform a hostile takeover.

  • Indirect protocol exposure via rugbounty.xyz users.

About FutureDAO:

FutureDAO is a market-governed decentralized organization powered by MetaDAO's futarchy infrastructure.  

FutureDAO is building the Future Protocol to help communities safeguard and amplify value by providing them with on-chain token migration tools to take control of their futures. 

For more detailed information, you can visit the FutureDAO Gitbook.