Sirwin
Sirwin

DRIP Network — Is an Example of what -not- to do in DeFi

By DeFi Demon - CryptoX0 | Defi Demon | 11 May 2023


Examining the Pitfalls and Lessons of a Failed DeFi Experiment

I believe that Forex may have a vested interest in seeing DRIP Network collapse, as it would remove the burden of having to constantly address user requests for new utilities and features.

I’ll admit it — I aped into DRIP Network with some cash I could afford to lose on a good old-fashioned gamble. I knew the risks and the warnings. After all, anything in the crypto world that promises more than 1% APY is usually too good to be true. But I was lured in by the hype and the promise of easy money.

As the first 24 hours passed, I eagerly watched as my DRIP investment increased by a meager 1%. But that was enough to hook me in. I didn’t even bother to look at the actual numbers; the allure of earning more Drip tokens and the possibility of the price exploding was too tantalizing to resist. Telegram groups were abuzz with excitement, and I found myself getting caught up in the hype.

I was too blinded by greed to see the warning signs

At first, I wasn’t too concerned about the downward price movement of DRIP Network. In my mind, I was convinced that it, along with its sister project Animal Farm, were the keys to filling up my bank account. But looking back, I realize how foolish I was to believe the hype.

I fell prey to the seductive words of Forex_Shark, the project’s lead developer. I devoured every piece of content he put out, from AMAs to YouTube videos to Medium articles. I even went as far as to download Telegram and become an active member of the DRIP community. I blindly followed Forex’s every word and doubled down on my investment by dollar-cost averaging into my position.

As the price began to drop, I foolishly believed that it was only a temporary dip and that it would soon recover. Forex kept making empty promises of new utilities and features, and I continued to believe him. I kept buying more and more, thinking that I was getting in on the ground floor of a revolutionary new DeFi project. 

After what felt like an eternity of waiting, Forex_Shark finally announced the release date for Animal Farm, the sister project to DRIP Network. I remember feeling a glimmer of hope and excitement that maybe this would be the turning point for the project. But boy, was I wrong.

The release date of Animal Farm was delayed, not once, but twice. When it finally came out, there was no change in the situation. The price of DRIP continued to plummet, and the community was in a state of disarray. People were understandably upset that Forex had not delivered on his promises, and the disillusionment was palpable.

It was at this point that I realized Forex had no intention of helping DRIP succeed. His promises of new utilities and features were empty, and he seemed more interested in his personal gains than the success of the project. Looking back, I should have seen the warning signs earlier and cut my losses, but I was too invested — both financially and emotionally — to see the truth.

I honestly thought Forex was a well-renowned dev with a series of successful projects under him. I believed the Telegram community would be, well, err, a community. One that embraced newcomers and those who had questions about their investment, price movement, and challenging conversations about the project’s future.

I was so, so wrong.

Yet, I carried on ignoring the red flags. I kept on listening to the repetitive AMAs in the hope that something, anything, would actually get released.

What did investors get as a reward for their patience?

Not a lot. Within weeks of Animal Farms’ launch, Forex announced that the platforms would be split and he’d distance himself from the project. The drip network would go from being the heart of the ecosystem to just another side project.

Over this time, Forex became less involved with the DRIP chat and concentrated full force on AF. It was always the same excuse: I am working very hard; a lot is being developed right now; projects are 99% finished, X month will be a month of releases then we’ll release something every month after that. Rinse and repeat.

Those amazing utilities never came.

Anyway, let’s look at those groundbreaking “utilities”, shall we?

Drips New UI:

This does not, and will not add any value to DRIP whatsoever. Thus the impact on the Drip is almost zero.

Guardian of the reservoir:

NFTs as a whole are failing. Their market is crashing hard. I need to figure out where to start on this. Someone has created terrible NFTs intending to send profits to the reservoir to hold the project up. These NFTs are terrible; nobody outside the community will want to invest. Who in their right mind would want to “invest” almost $500 on this crap?

So this is not a utility.

Cross-Chain Functionality:

This is a bridge that may benefit people on other chains and may bring in new investors. But then again, DRIP is already on BSC, which has incredibly cheap gas fees. Plus, any serious investor has multiple wallets & accounts across different networks. So the chances are they’re already on BSC and invested in DRIP. 

Once again, this won’t make a difference to the price.

Drip Drop Draw:

A raffle game with grand expectations. Drip is growing exponentially, and inflation is out of control. If you truly think this can sustain a payout of 1% a day on a million+ dollars in deposits, you need help. Add to the fact that the only investors are those already invested in DRIP. This is akin to an echo chamber with extra features. They are, in essence, paying their own interest.

The fiat-on-ramp may bring in extra money. So far, it has failed to do so. The price has continued to drop.

Forex promises more than he can deliver. Without BB he is nothing. He uses the hype that came from Drip to try and keep people investing. Its all hype and lies about new utilities that will never come.

Where are the scratchies, the lending, and the new layer 2 UI, the hacker game?

Everything gets announced, then as time passes Forex creates something new and exciting to string investors along. Over time more and more people are geting pissed off. Even the most hardcore drippers will eventually wave the white flag.

They will eventually become sick of Forex’s lies, endless excuses and pointless AMAs

No one can take Forex or drip seriously now, especially new investors.

There was the hype for #DripJanuary?!? Then #DripMarch failed. May has just begun, and we’re seeing no real developments. Are we meant to believe something will come this month?

Before you get angry. Can’t you see what is happening here?

After AF was launched, we were meant to get a new product every month. Did that happen? No!

Nothing except the stupid voting system and fiat on-ramp has been released months after that claim. Even though Forex swore he had 4–5 games ready to launch.

The cycle will carry on as the project heads for the $0.001.

“But then everyone can buy a max wallet”

Yes. Everyone will be able to buy a max wallet for $10. This will cause the project to mint more tokens, reducing the price, leading to bigger buys, reducing the price, causing inflation to lose control, reducing the price even more.

So on, so forth.

Until your bag is worthless.

It’s all a bunch of hype with worthless imaginary coins added into the mix.

These flaws and Forex’s inability to follow through on his word are why I’m stepping away from the Forex ecosystem. I initially did a 180 from FUDDER to an investor. Now I shall complete the 360 and return to FUDDING. After all, Medium pays, DRIP has only lost me money.

I’ve got to the point where I will take whatever money I can. I’ll wait for the tax to decrease on my DOGS tokens. I’ll also have to wait to remove my PIGS tokens from the farm. And, of course, we have DRIP, where my money is locked “earning” 1% daily, minus the continual drop in token price.

Yes, the contract does what it says. But the 1% per day doesn’t beat a 2–3% loss.

DRIP is like a fish out of water. Flapping and floppings its way to a slow and painful death. The ‘sideways’ action is a load of nonsense. It only goes down- Showing a tragic tendency of red days, lost hope & money. The tax vault has been filled by suckers literally burning their money, AKA giving others exit liquidity. Yeah, we’ve had a few days of green. But if you zoom out.

And yeah, call me a FUDDER or an asshole in the comments. Complain about how I’ve returned to dissing DRIP or don’t understand the project. Tell me how I don’t understand the contract. You know, people are allowed to change their minds. They are allowed to complain about being disappointed.

Plus, are you even investing new capital? Or are you taking as much money as possible and running for the hills?

If you claim the latter. I don’t believe it for a second. Everyone in their right mind are removing funds and investing them elsewhere.

DRIP and the Animal Farm are dead to me. I will avoid any future Forex projects. As I don’t see any potential in his projects anymore. I’m curious whether he dumped Rake, BR34 and whatever projects he created before DRIP. He’s done the same as he has done with DRIP. Animal Farm is the new shiny toy, and Forex has abandoned Drip as he did with Grim, Rage and other projects.

There is a perfect reason why Forex hasn’t doxxed himself.

I advise anyone considering investing in Forex to look elsewhere. There are plenty of better-run projects out there. Don’t waste your time and money on something with little chance of success.

TLDR: I got duped. It’s my fault that I didn’t see through the charade of Forex Shark. I fear hundreds of others have fallen for his tricks too. Honestly, I feel bad for the drippers. Even though they have continually insulted me, it is those drippers who will be left holding worthless tokens DRIP inevitably reaches $0.01. From my observation, many of these people appear to be young, naïve, and possibly more heavily invested than any of us reading this article.

They have more to lose, so they defend Drip so heavily.

 

 

 

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Defi Demon
Defi Demon

Defi Demon is a blog that covers all things related to decentralized finance (DeFi). DeFi has rapidly emerged as a transformative force in the world of finance, offering a wide range of decentralized financial applications and services that aim to disrupt traditional finance systems. In Defi Demon, you'll find a wealth of information on various DeFi protocols, including lending and borrowing platforms, decentralized exchanges, stablecoins, and yield farming.

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