Ruze Finance is building a new DeFi based borrow and lending ecosystem. The idea is to enable lending and borrowing of stablecoins with anonymity while also possessing a unique flexible supply mechanism. Ruze token claims to have an inbuilt hourly rebase feature. As a result, it will adjust its supply to ensure the value stays stable, much like how Ampleforth works.
Unknown DeFi Project or scam?
As with many unknown DeFi projects operating primarily on Uniswap, there is a heightened risk. From checking Ruze Finance’s telegram, followers have been quick to point out the dev’s github activity is dying. There have also been accusations of dumping dev share RUZE tokens onto the market. Furthermore, others claim there is a hidden mint function in the smart contract.
So this was a pump and dump scam… it does seem that Ruze is looking like an exit scam. Trading volume is going down and though the developers have locked some liquidity in Uniswap for 2 years. It is only a small amount of funds, in terms of ETH.
- Red flags: Ruze Finance’s hourly rebase features should have gone live mid Augusts. Existing stakeholders are still waiting for the new token. As far as we can tell, this has not happened.
If this project is real… if the developers do reappear from hiatus, then watch closely for their explications. Their website claims features around wrapping any asset to collateralize for loans. Supported by a blockchain that can offer up to 7000 transactions per second. If the main product does launch, with the high gas costs the current DeFi ecosystem is facing on Ethereum, it could be a winner.
Hah, that will be the day.