Notice about GYM NETWORK In coinmarketcap

Simple Summary: About the support for the GYM NETWORK project and its possible consequences due to the notices on Coinmarketcap.


Motivation: A project is included in Alpaca Finance and it is also advertised as “Official Partner Alpaca Finance” but when entering the Coinmarketcap tracking page, the following warning appears: “The smart contract for following token contains variable tax rate function - this open the opportunity for contract owners to modify contract behavior (ie. change fees, or transfer tokens). Please exercise with extra caution if you are investing in this token”
It seems to me to be disastrous publicity for GYM NETWORK, but I am more concerned that Alpaca Finance is associated with this type of project.
I am not evaluating the operation of the smart contract of GYM NETWORK, only the negative marketing that this can produce to Alpaca Finance.

**Rationale:**The projects that are included in the governance grazing pool should be immaculate projects… since this would give us a better brand image, which in the end is what we are looking for in the long term. We do not achieve this if the projects we support have bad publicity. A high A.P.R. it doesn’t matter if the price is zero.


**References:**Gym Network price today, GYMNET to USD live, marketcap and chart | CoinMarketCap

good work thx guy !be careful for gym

Thanks for bringing it to our attention, but we don’t have anything to do with Gym’s marketing or what CMC or other sites say about their smart contracts. If you’re using Gym, and you’d like to tell Gym to talk to CMC to fix/edit that, I suggest going to Gym directly.

Gym is a Grazing Range partner, and that’s the extent of our relationship. We have our own DD that are made public on every Grazing Range article. Grazing Range Pool#52 — Welcoming GYMNET to the herd! | by Stonkpaca | Alpaca Finance | May, 2022 | Medium

I can’t speak for Gym personally since I didn’t do the DD on them, but they have 2 audits according to that article. If you’re interested in smart contract security, I suggest reading the audit results, rather than listening to what non-security-affiliated crypto directory sites like CMC say. In my experience, most of the staff at sites like CMC don’t even know how to use metamask :face_with_diagonal_mouth:

1 Like

Hi, thanks for reply
In the first place I think, I did not explain myself well, my English is translated and it is possible that I make mistakes, I will try to explain myself.

Since CMC, even being a BINANCE company, does not seem to be affiliated with security… I collect what COINGECKO tells us about GYM NETWORK:

“The following token has a variable tax function in the smart contract to change tax rates upon implementation.
Please do your own research and be careful if you are trading this token.”

“Variable tax rate function names come in all forms, but they serve the same purpose: to allow contract owners to change the tax on the purchase, sale, or even transfer of a token.”

Me and I suppose some others, it’s not that we don’t study the audits of the projects (I’m sure Terra had… and the good ones).
We support a DEFI project, we study it to the best of our knowledge, and we invest our money in it. Along the way, of the almost 20,000 projects that populate this area, we are interested in one that has been promoted by where we graze… in my case in Alpaca, and we see if we can invest in them (surely that is what the projects of grazing range, that someone invests in them), it is then when we find the notices… which will be clear and assumable, and perfectly reasoned in the audits… but they will prevent people from putting their money in them.
This may not matter to Alpaca, it is the problem of GYM…, DE SCIX…, DE PAYB… and FANTOM… in other meadows.
But in the end these things always affect, they do not generate trust.
It’s like if they offer you a glass of water… it’s free, but it’s water.
I highly respect who I trust with my money, and I do, but I would also like to find some substance in the grazing range.
Thank you very much.