LP Token Relock (and lock upgrade)

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,

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.

164099519 = 31 Dec 2021 Midnight GMT

Re-lock happened in 2 transactions:

1. the successful extraction of the LP tokens from the old lock contract, calling the release() function.

2. the transfer of these tokens to the new lock contract, calling a simple ERC20 transfer() function:

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:

The code. Simpler than what it looks.

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):

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




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