Our verdict: Debatable
Many of us probably remember the days of Ash and his friends Misty and Brock. So when an interesting meme comes along that boasts future utility whilst igniting feelings of nostalgia and bringing back those warm memories from the 90s and 00s, it’s easy to understand why we immediately trust the project. I mean, which of us didn’t love sitting around watching Ash and his team fight for championship.
But sometimes in the world of crypto, we need to take a little step back and look at things, well, a little more objectively.
Which is why we decided to help you in doing just that with a careful assessment of the project from the team at work to the contract itself. So here goes:
From what has been seen, the team seem quite interactive. What is seemingly a one-man-band, the owner Brock (with a profile picture of Ash’s friend Brock from the classic series) has displayed himself to be a fairly nice individual with pretty fantastic ideas. So let’s see if that reflects in implementation. Which brings us on to the next topic:
The area that has sprouted some reservations. Yes… you read that right – the contract has raised eyebrows so to speak. Although, from what is clear, there exists no malicious code, our lovely auditor did pick up on some issues that might cause one to hold back from investing.
10% Buy/Sell Taxes
Normally this wouldn’t be an issue for a brand new project. Sometimes it’s needed to deter snipers and encourage holding. However, for this particular contract is poses a serious problem for 2 reasons:
1. Tax is advertised in Telegram group as 4%
Several times in the Telegram group it has been raised by investors and buyers that they had to put a slippage of 10%+ for a successful swap. Anything less would not work. Initially there was a limit set for maximum transactions, meaning that the initial tax would reduce after the set number.
Considering the number of transactions since then, the issue has not been addressed at all except by an unknown individual who doesn’t seem to have any involvement in the project who claimed the higher slippage needed was a result of low volume. This claim of course is debunked on the basis of price impact being less than 2% in most cases.
2. Tax will remain at 10% permanently
This is where the real problem is. Sadly, an improperly launched contract has caused the fees to be stuck at 10/10. It can never be reduced. The contract has an empty Rockswap pair address and is unable to determine the difference between a buy and. a sell, causing it to default to a buy which has an initial tax of 10%. Because of this, the taxes can never reduce to 4/4 and are permanently stuck at 10% (see image below), as it cannot trigger the function needed to reduce the tax after X amount of sells.
What makes it more problematic is that it can never be fixed as the contract contains incorrect function names (check the red dots in the images below) for the router, meaning
openTrading to fix the ordeal will not work. And the pair is already launched, meaning you (once again) cannot call
openTrading to initialise the pair and the router in the token contract (as
createPair would revert).
All fees are dumped on the owner wallet and right now the deployer holds 12%.
And finally, the Rockswap pair being empty in the token contract means the maximum transaction will not work (as we can see below).
Overall contract verdict: buggy.
The Dev Wallet
When last checked (9 Sept @ 10am UTC), the dev wallet contained approx. 12%. Although some may find this a little worrying, the project owner has done a good job explaining the reasons for this:
On that basis, there isn’t much we can say except to wait and see how things transpire.
We all know how important liquidity is. For this particular contract, 100% of liquidity is locked for 2 months which is great. From what seems to be apparent, liquidity will be locked again.
Mistakes in contracts are commonplace. We never feel it to be reason to completely abandon or disregard a project. But with such high unchangeable taxes and a pretty loaded dev wallet, it can be a little daunting.
The project owner explains himself well regarding use-cases of the dev wallet, ensuring it will be used for generating revenue for the community. As soon as we see the 1st use-case implemented we will let you all know.
For now, we would say it seems to be a fairly safe project, and as long as you’re happy paying 10% taxes on buys and sells, then it might be something of interest due to its uniqueness as a meme-utility project.
And remember – always DYOR.
DISCLAIMER: The Rockstar Community admins take no responsibility for any actions you may or may not carry out. All of the information provided are based on facts and what we perceive to be true, however, circumstances can change and nobody can ever truly know the intentions of an undoxxed or doxxed team. Please DYOR. This is not financial advice.