Rhythm Musicverse Update — Contract Upgrades, Twitter Gold, Rhythm Music Stability Update
Hi, #TeamRhythm!!
We’re excited to announce our 2023 upgrades and the progress we have made since the Rhythm Music V2 release.
Twitter Gold Verification
Rhythm is officially a Gold verified account on Twitter.
Rhythm Music Stable on Windows
Rhythm Music has been stable, with no reports of crashing for over a month and a half.
Why are we upgrading our contract?
We aim to ensure the longevity and success of Rhythm, and having a high concentration of large token holders invested in RhythmV1 can result in significant sell pressure during price spikes. This, in turn, negatively affects the ROI of each marketing effort, elevates customer acquisition costs, and ultimately presents Rhythm as a mere pump-and-dump scheme, potentially deterring potential investors and community members.
Snapshot
We have set the Artist Tax to 100% to avoid wallet snapshot glitches. This means that no address can trade $RHYTHM until trading has been enabled.
Liquidity
The Liquidity of V1 Rhythm under the contract address 0xE4318F2aCf2b9c3f518A3a03B5412F4999970Ddb will be moved to the V2 Liquidity Pool (Contract & Liquidity movement will be announced on our Twitter).
Proxy Contract
Rhythm’s forthcoming contract enhancements will incorporate a proxy contract system, enabling seamless V2 contract code logic updates without requiring a complete migration. Rhythm’s Contract Upgrades will also include an address change to support Proxies.
Audit
We are currently working on an audit with CertiK. The date will be announced on our Twitter.
ETH / BSC / Bridge / Proxy Contract
Rhythm’s Contract Upgrades will support both Ethereum and the Binance Smart Chain.
Half of the Liquidity Pool BNB will be sold into ETH to support both chains. The liquidity Ratio will stay the same, which means the price will not change, and we are currently building an Arbitrage Bot to maintain the prices for both chains.
The bridge is currently in development; however, you will be able to purchase V2 tokens on PancakeSwap (BSC), SafeMoon Swap (BSC), and UniSwap (ETH).
Reflections / Staking
RhythmV2 will replace automatic reflections with unlocked and locked staking options. Staking will be released alongside the Artist Pass Launch.
Sell Pressure Optimizations
The Rhythm team is proud to announce a new daily maximum sell/transfer limit of 10 million $RHYTHM per wallet to ensure stability and protect the long-term success of the project.
This limit is designed to prevent large token holders from negatively impacting the market by transferring their holdings to multiple wallets and selling off all at once.
While this limit may affect a small percentage of Rhythm holders, the majority of token holders will not be impacted. There are currently 126 wallets holding more than 10 million Rhythm, with 43 holding over 23 million tokens and 10 holding over 100 million tokens.
The team is dedicated to protecting the interests of the community and avoiding market instability caused by large token dumps. We understand that marketing campaigns are a critical part of our success, and they take a significant amount of time and resources to plan and execute. By implementing this sell limit, we hope to prevent any harm to the project and its stakeholders and ensure the long-term success of Rhythm.
Here’s a good example of a marketing campaign being run on Rhythm V1, verse V2:
We will take the price of Rhythm at our all-time high of $0.0014 per token for this example.
V1:
- Our campaign brings in 500 new holders and $140,000 in new Liquidity for the day
- One whale decides to sell 100 million tokens (worth $140,000)
- The community goes into a panic, causing a panic sell-off, and everyone starts second-guessing the project, basically ending the marketing campaign which brought in the 500 new holders for the day unless another whale does a buy-back.
V2:
- Our campaign brings in 500 new holders and $140,000 in new Liquidity for the day
- The one whale who wanted to dump all 100 million tokens is now limited to selling a maximum of 10 million tokens (worth $14,000) daily, which takes a total of 10 days to cash out their investment.
- While a sale of $14,000 would certainly influence the chart, an additional $126,000 in new liquidity would be available to mitigate any potential domino effect from a sell-off. Consequently, the market would rebound more rapidly, safeguarding new community members from feeling disadvantaged by a previous holder’s actions.
Successful marketing campaigns rely heavily on stable revenue-generating products, community hype/positivity, and a chart with a long-term upward trend.
RhythmV2’s maximum daily token sell limitations will give our future marketing campaigns a much greater lifespan than previous campaigns and will reduce sell pressure from large bag holders during future pumps.
Maintaining a long-term project with insanely high sell pressure from a couple of whales during each pump will not work in the long run. With this new sell system, Rhythm maximizes future marketing campaign potential and, thus, a fair and equitable system for all community members.
Wallet Blacklists
In the unfortunate event of an Exchange Hot Wallet containing any $RHYTHM being hacked, we can disable $RHYTHM transfers from the Exchange’s Hot Wallet and any wallets that a hacker transferred funds into.
Blacklists will only be used in the event of an Exchange Hack and compromised wallets.
How do I claim V2 tokens?
$RHYTHM V2 Tokens will be claimable at https://rhythm.cash/v2 on April 25th. All wallet holder addresses have been added to a whitelist alongside their claimable tokens. So no need to deposit V1 tokens.
So what now?
- We have paused trading on Rhythm V1 while we move Liquidity over to our V2 smart contracts.
- Artist Pass Launch Coming Soon (Details: https://rhythm.cash/blog?post=2)
- We are in the process of updating our contract on all of our partner websites, including CoinMarketCap, CoinGecko, SafeMoon, and more. This process may take a few days.
- The V2 token claim is live. However, tokens will not be claimable until April 25th.
- RhythmV1 holders on Exchanges, please get in touch with our moderator team through our Telegram to get your wallet added to the V2 whitelist.
- V2 Contracts are being added to Rhythm Music and will be updated in the next version.
- Bittrex Listing — The date will be published on our Twitter
- Binance AMA + Twitter Marketing After AMA finishes — The date will be published on our Twitter
- Gate.IO Date will be published on our Twitter (In Talks)