Dear community,
The last few hours were intense. Intense for you and for the team as well.
As you may know, the LP token lock deadline was the 24th of February.
This technically would allow the team to get these tokens from the lock contract and possibly remove some liquidity.
As a result, we encountered a lot of FUD, and even some nasty threats.
Today at 10:15am ET, we RE-LOCKED the liquidity,
making it inaccessible until the 31st of Dec 2021.
It means that nobody can remove this liquidity (representing 90% of the total liquidity on Uniswap) and that the token can remain “safu” to be traded.
Details about the re-lock.
The new LOCK Contract can be found here: https://etherscan.io/address/0xe454cc70e8469a3b72e5368c6f80e9f6042bbe71#code
It now contains 1,582 LP tokens (out of the 1,674 in circulation today), securing close to 95% of the token liquidity.
Reading the contract will show the current metrics.
Re-lock happened in 2 transactions:
1. the successful extraction of the LP tokens from the old lock contract, calling the release() function.
https://etherscan.io/tx/0xed2c455ddb4289e467ebfde942672619a15b14e3a6554e6a736a4f5f592c583f2. the transfer of these tokens to the new lock contract, calling a simple ERC20 transfer() function:
https://etherscan.io/tx/0x462d84c06001188c30d22223b81de3918cba24f15c841f1e55ced6c3fb0efba3
As for now, it is IMPOSSIBLE for anybody to extract the LP tokens.
An attempt will generate an error, like shown in this transaction:
The new Lock contract
The main issue with the older lock contract was the need to “extract” the tokens before you could relock them into another similar contract. It creates a moment between 2 transactions where the tokens are in the wild, and potentially security issues… and fud.
As a result, we upgraded the contract, adding the “extend()” method:
Under 2 conditions:
1. Only the _beneficiary (our treasury) can call this function
2. _newReleaseTime can only be greater than the current _releaseTime
This new contract allows us to EXTEND the lock period without having to extract the tokens. We simply call the function with a new date.
We can also call this function at any time, clearing FUD in advance and ensuring the community feels that their funds are “safu”.
This transaction shows a successful example of extending the lock period (by 1 second):
https://etherscan.io/tx/0x9af9e6b9373a77bcb2add5be340fe615ef062e280c6067f435b788865072141d
What it means for you:
LP tokens have been locked until the end of 2021, and we have now the possibility to extend this deadline while the funds stay locked.
— The DeFiat Team
