Rootkit Finance Set To Compete In The ETH Global; Hack Money DeFi Hackathon |

Securing a last-minute spot to participate in the 2021 virtual DeFi Hackathon, Hack Money, the Rootkit Finance team will  reveal a new token class in the DeFi space as it hopes to live up to its ambitious expectations

Aiming to complete the first lap of the Hackathon token within the allocated timeframe, the Rootkit team believes that their “inventive mindset” will set them apart from all of the other competitors. With an array of implementation paths, this new token class, according to Rootkit, will have a new goal: “aggressive self-replication”.

Although not in their initial roadmap, the advent of this Hackathon has accelerated their development phase. The codebase for this token will benefit their existing“UpTokens”, the most recent projects across different chains to utilize the Rootkit Finance protocol. Their original creation, the $ROOT token on Ethereum, will be the “root of everything”, the team states unequivocally.

The “Root” Of It All

While at first glance the project seems to be a retro homage to Windows 95 and “Matrix” nostalgia, $ROOT is basically a yield farming token that utilizes an entirely new protocol, known as ERC-31337, to unlock an array of unparalleled possibilities.

Leveraging Uniswap’s pricing mechanism, a permanently locked liquidity pool, and a fixed supply currency, Rootkit seeks to create a price floor and ensures a base lifetime price. This also allows the protocol to reuse ETH locked up in their system as many times as possible, pioneering a radical shift in traditional economics even by DeFi standards.

Integrating a series of unprecedented features, Rootkit is on the verge of shattering all expected norms of decentralized finance. ROOT, their first project on Ethereum, was launched through what the team dubbed the improved Liquidity Generation Event [LGE], a unique funding event which combines a presale with a fair launch. Root’s LGE held a one-week deposit period where all of the funds received would be duly paired with Rootkit’s full, fixed supply to create the very first UniSwap pool. Launched with the allocated funds permanently locked, the pool would find a price floor before reaching all-time highs of just over $14,000 per token.

Through its advanced protocols, $ROOT can also reuse a percentage of the ETH used in creating the pool to create two other LPs — wETH and kETH, without affecting UniSwap in any way.

Another groundbreaking feature of the ERC-31337 protocol is its Transfer Gate. According to the team, this facet allows users to transfer liquidity to the pools safely and quickly, without front-running by bots. More importantly, Rootkit’s protocol utilizes kETH; a wrapped version of wETH. By leveraging this along with a wETH pair in Uniswap, along with the Transfer Gate, the protocol can actually repeatedly reuse the locked liquidity. This allows the team to access the value of a token under the price floor without negatively affecting the…