What is a Degen Score?

We believe that degenerates and autists are the biggest drivers of progress in crypto and should be commemorated for their altruistic contributions. That’s why we’ve developed our Degen Score Leaderboard to pay our respects to the $RUG holders who decide to ignore sound financial judgement and risk management just to make the world a more exciting place.

Each $RUG token that is redeemed for a physical FTX rug will forever be immortalised on the blockchain, and given a Degen Score calculated from the time of burn, and the current sale price. The higher the current price at the time of burning, the higher the amount of ETH that the burner has forgone to redeem the rug. These acts of bravery and financial negligence must be protected at all costs for the sake of our industry, and be celebrated with fame and glory.

We must be very clear. This is NOT financial advice.

How does it work?

After a $RUG token is burned and the Degen Score is logged, it will be ranked on the official overHere leaderboard for the world to see, and will forever contribute to the lore of each rug and the rich tapestry of it’s provenance history. Just as Antonio Stradivari imbued each of his legendary string instruments with a unique name, each FTX Rug will be forged with a unique score that symbolises the peak degeneracy of it’s founding owner.

Once a rug is redeemed, it will be shipped to the users specified address and a non-transferable NFT will be airdropped to the wallet address from which the original $RUG token was burned. The Degen Score Leaderboard being updated accordingly to reflect this.

How is it calculated?

To best approximate the pure degeneracy, we devised a formula that takes into account a range of parameters including the Price at burn, the Number of rugs burned, and the Blocks since project launch. This means that the earlier you burn and the higher the current selling price, the higher your Degen Score will be. The detailed formula is below:

These calculations will be done manually off-chain (excel/python) as each $RUG is burned (see below for more details)

1. Price at burn: this will be calculated by using the “instantaneous price function” which yields the “spot” price of the $RUG token at that point in time. This is in contrast to the smart contract’s ‘quotePotentialSwap’ function, which uses the “integral pricing formula” to compute the total WETH paid/received for a given quantity of $RUG bought/sold.

2. Block number at burn: this can be obtained using the block number <> burn transaction ID mapping, which can be determined via etherscan (the transaction will show up with the label ‘redeem’ to distinguish it from a ‘buy’ and ‘sell’)

3. Block number at launch: this can be obtained using the block number <> first transaction (’buy’ of $RUG - this numbers is static and will not change) mapping, which can be determined via etherscan.

4. Rug number burned: this can be determined by manually tracking the order of $RUG being burned (this can be done by tracking the number of “redeems” in etherscan).

5. N(7500,3000^2): This “random number” will be calculated manually using numpy.random.normal(7500,3000) in python. The seed for this python function will be derived by firstly, manually locating the block hash of the burn transaction of interest (on etherscan) and secondly, removing the non-numerical characters and all leading zeros. (e.g 0xb56de6efc3ff9a8e57c8882037f305356ac79aa254e0caff8d9f6cd340f85a17 becomes 566339988578820373053567925408963408517). Thirdly, given the resulting integer will be a very large number, a modulo operation will then be applied where the integer will be divided by (2^32). The remainder of this division will fit within the range of a 32-bit integer and is used as the numerical seed of the numpy.random.normal(7500,3000) function. These steps are required because NumPy in python is designed to work with 32-bit numerical only seed values with no leading zeros.

Is the Degen Score transferable?

No, the Degen Score is forever “Soulbound” to the original burn wallet address. This is to preserve the provenance story of the rug and its founding owner’s degenerate origins.