How to trade $RUG token?
What is $RUG?
$RUG is an ERC-20 token. 1 $RUG entitles you to 1 physical limited edition FTX Rug. $RUG can ONLY be bought, sold, and redeemed (at any time) via the overHere protocol. It CANNOT be withdrawn/transferred to another wallet. This is to ensure that all trades are solely reflected through price movements in the bonding curve directly. To avoid fake RUG/WETH pools and ensure you're trading the authentic $RUG token, always verify the token's contract address: **0x34e007b01d8b48597B747dBEEd470c9aCF3b6648**
How to trade $RUG?
$RUG can be bought or sold on the overHere DApp at anytime.
Open overHere DApp and connect your wallet. Select Buy/Sell.
Enter the number of $RUG token you wish to Buy/Sell.
Click Buy/Sell and approve transaction through your wallet.
Why can't I transfer $RUG tokens?
$RUG has been specifically designed to ONLY interact with the overHere Bonding Curve Smart Contract. $RUG can ONLY be bought, sold, and redeemed (at any time) via the overHere protocol. It CANNOT be withdrawn/transferred to another wallet/address.
Can I by fractional amounts of $RUG?
Yes, you can trade (Buy/Sell) fractional $RUG tokens (i.e. 1.2345 $RUG) at any time via the overHere DApp. $RUG can only be redeemed in integer values, at a rate of 1 $RUG = 1 physical limited edition FTX Rug.
How is expected price (Buy) calculated?
Expected price is calculated based on the prevailing price as determined by the bonding curve plus fees (6.9%).
How is expected received (Sell) calculated?
Expected receive is calculated based on the prevailing price as determined by the bonding curve minus fees (6.9%).
What is the fee (6.9%)?
A 6.9% fee is applied to all $RUG buy/sell transactions on the overHere protocol and is already included in the expected price/receive quote provided by the DApp. This fee supports the operations and development of the overHere protocol. It also provides provisions for shipping fees upon redemption of $RUG for the physical FTX Rug and royalties to the product creator (where applicable).
What is slippage?
Price Slippage is shown as the difference between the price you expect to pay/receive vs what you actually pay/receive after the transaction is complete.
The auto slippage percentage (%) is set at 5% by default, you can change the slippage by selecting the gear icon.
If your slippage is set too low, your transaction may revert (fail). This happens when other transactions is processed ahead of of your transaction causing the price to exceed your max slippage.
If your slippage is set too high, then you may pay more WETH than expected when buying $RUG; receive less WETH than expected when selling $RUG.
What is an approve transaction?
The first time you trade (buy/sell/redeem) $RUG, you have to approve the token to be traded. This gives the overHere Protocol permission to trade that token from your wallet on the bonding curve or to be burned to redeem the physical product.
If you trust the protocol, approving a higher amount will reduce the need for additional approval and hence gas needed.
What is WETH?
Wrapped Ether (WETH) refers to the ERC-20 compatible version of ether. It's used in our DApp for transactions, as it conforms to the standardized token format of the Ethereum blockchain, unlike native ETH.
WETH can be created by sending ether to a smart contract where the ether is placed on hold, in turn receiving the WETH ERC-20 token at a 1:1 ratio. This WETH can afterward be sent back into the same smart contract to be “unwrapped” or redeemed back for the original ether at a 1:1 ratio. Note that Gas is incurred during this process.
You can swap ETH for WETH via our DApp, directly interacting with the WETH contract or through exchanges such as Uniswap.
Can I only buy $RUG with WETH?
Yes - the overHere protocol only accepts WETH (Wrapped ETH). You can swap ETH for WETH via our DApp, directly interacting with the WETH contract, or through exchanges such as Uniswap.
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