Is Spartacus Finance Scam?

Spartacus is the Olympus fork on Fantom, according to the official website. Spartacus’ objective is to create a community-owned protocol for decentralized reserve currency claiming to ensure that everyone has access to fair finance.

Spartacus is owned and governed by a community of token holders with:

  • Growing Treasury-Bond sales and liquidity fees boost Treasury values, which back outstanding SPA tokens with intrinsic value. Spartacus is owned and governed by our community of token holders.
  • No more exploitative farmers using Protocol Owned Liquidity. Lock-in liquidity also aids in the control of SPA supply.
  • Holders vote on Spartacus’ future via on-chain voting, resulting in decentralised governance.

Spartacus is currently trading at $15.98, with a 24-hour trading volume of $1,178,105, according to data from Coingecko. In the previous 24 hours, the price of SPA has increased by 1.8 percent. There are 1.4 million SPA coins in circulation, with a total supply of 1.43 million. SpookySwap is the most active exchange for buying and selling Spartacus right now.

According to the SPA Price Statistics, the All-Time High was $323.37 (95.1%) on November 06, 2021 (4 months) and the All-Time Low was $14.22 (11.5%) on February 19, 2022. (1 day)

On February 19th, a Twitter account called @tikka masalas hinted that Spartacus Finance was engaged on a $50 million rug. The OHM-fork, which has gathered a treasury of more than $50 million and a community of tens of thousands of people, is currently selling at less than a third of its ‘backing price.’

The main developer, also known as ‘Spartacus,’ has been dormant since January. Every proposal to transfer treasury monies to Curve or update the protocol was shot down.

There are two types of rugs that are being discussed:

Hard-rug:– Spartacus is completely anon, having made no voice calls – There’s no information on whether the ‘three devs’ added to the multi-sig are legitimate.

Soft rug-The Treasury’s money isn’t going anywhere. However, due to a lack of news, the community has been steadily disintegrating. With this news, the price of $SPA has dropped further, giving Spartacus the opportunity to purchase back all $SPA and propose redeeming the treasury.

Some people are also considering the soft rug scenario as a potentially good buy at some time in the future.Is Spartacus Finance Scam?

@W4GMI, a mod who came into the picture to share his position on the matter, decided to shed light on what’s going on behind the scenes.

Before Spartacus ceased replying and largely stopped speaking, he describes his last interactions with him in detail. Even when he was there, he would only accept assistance if it was free or unobtrusive [or required to give the appearance of an active project].

Is Spartacus Finance Scam?
Is Spartacus Finance Scam?

The mod believes that the community needs all of the information so that people can make informed decisions regarding his investments, and that if he hadn’t spoken up, I would have been complicit in Spartacus’ irresponsibility.

After weeks of mainly abandoning the project and its mods, it became evident that lingering fears of monies being squandered were more than just rumors.

This ghost-dump method may still be unlawful, but it’s a quieter way out through slightly more ambiguous pathways. It’s worth noting that, by the time I finished writing this, Spartacus had sent a message in the midst of the chaos, albeit it didn’t add much to the discoveries at hand.

 “my stance on $SPA because many people who read what I wrote saw the word “rug” and missed the pointI was trying to make.” the mod clarified on February 20th.

and went on to remark that there are two things he can say about Spartacus that are positive:

This trend repeated again in $SPA, as one initiative after another perished because those contributors became frustrated enough to depart. He’s just the most recent illustration of this pattern.

He didn’t make those announcements because he was angry. He wrote them out of a sense of obligation after giving great thought to his beliefs. He is a firm believer in openness.

“I believe in fair governance.”

It’s possible that Spartacus is merely emphasizing work on the Spartacabra (Abracadabra fork) sister protocol, which has seen some development and has mostly followed through on revenue-sharing pledges.

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Aadrika Sharma
Aadrika Sharma

I enjoy writing and try to learn new things every passing day!

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