Modefi General Update: Uniswap Liquidity, Kucoin, and Development Progress

MOD Token Uniswap Liquidity

Last week we shared this message on Telegram. The essential info is:

• There has been a security breach at Multichain, one of the leading bridges in the crypto space.
• In response to this risk, the Modefi team made the decision to remove MOD/ETH liquidity from Uniswap. This precaution ensures that even if MOD tokens are taken from the Multichain addresses, the person(s) responsible for the breach will not be able to drain our liquidity.
• For now, the MOD and ETH resulting from the LP withdrawal are being stored safely in a team controlled multisig wallet while we determine the best path forward.
• We urge anyone that is also supplying Liquidity on Uniswap to remove it ASAP.

The team is still weighing options and making a plan to restore liquidity. At this stage, the most likely solution will involve migration to a new token contract. Stay tuned to our official channels for details as they become available.

Development Status

The above situation has not affected our development schedule, as CTO Jesse is still hard at work revamping the On Demand Oracle with our new consensus mechanism.

After numerous weeks of testing and over 185,000 lines of test code written, re-written and verified, integration within the ODO dapp has started.

Once the smart contracts are done being integrated, some changes will be needed to the frontend UI. After this is completed, beta testing can be resumed at full pace.

Upcoming Content

As we move into the testing and auditing phase for the updated ODO in the back half of 2023, there will be a push from the team to provide more consistent communication and transparency for our community. We are planning a variety of new content for our official Medium including:

• A rundown at the end of each month.
• Intermittent “Developer’s Logs” entries produced with input directly from our CTO Jesse Ireland.
• A multi volume “All About Modefi” series that will provide a go to information source for existing and new community members.
• A collection of articles outlining some of the key use cases we see our On Demand Oracle being used for in the future.

Be sure to join our Official Telegram Announcement Channel to be notified when new content is published.

Kucoin Delisting

Read a statement from Modefi CEO Ryan Lowe regarding the Kucoin delisting.

Modefi trading is now deactivated on Kucoin. Users have until January 28th 2024 to withdraw their MOD tokens from the exchange. In the event that the MOD token is migrated to a new contract, we will provide a method by which holders can exchange their old tokens for new ones after withdrawing.

However, we urge our holders with Modefi tokens on Kucoin to withdraw them ASAP, as doing so will expedite and simplify any token swap that may occur.

Looking Ahead

While we are facing some challenges at the moment, we are committed to meeting these challenges and emerging stronger in the end. To summarize:

• A solution is in the works to restore liquidity.
• Development on the ODO has continued uninterrupted.
• The community can expect more regular communication and content throughout the remainder of 2023.
• We encourage anyone with MOD tokens still on Kucoin to withdraw them ASAP.

Thank you for your patience and commitment!

Sincerely,

The Modefi Team