Modefi Monthly Recap — August 2023

4 min readSep 1, 2023

A Look Ahead at the Token Relaunch

We thank our community for their patience with the token relaunch process.

It is one of our two main priorities (the other being ODO development), as it is essential for everything else to move forward.

It is critical from both a security and operations perspective that this transition is done correctly and creates the proper foundation for long term success. While we are keen to move ahead, a few extra weeks spent now can pay dividends for several years into the future.

We are still finalizing some details. However, we can confirm the following:

  1. Users will be claiming new tokens, based on a snapshot of the existing MOD holdings on the corresponding chain (snapshot date TBA).
  2. After the migration, the new token will be listed on Uniswap with a value of 0.00009219 ETH, or approximately $0.152 USD based on today’s ETH/USD price.
  3. For the Relaunch we will be rebranding from Modefi to a new project name (to be announced). The rebrand will be part of a larger effort to give the project a fresh start, while staying focused on the delivery of the On Demand Oracle system.
  4. In addition to the rebrand we will be adding some brand new revenue generating features / products to the ecosystem. With some already close to completion, and lots more in the pipeline. This is something the team is very excited about, and we think the community will be as well! Stay tuned for more details.

Our focus is not only on delivering the ODO and these new products but also creating the first commercially viable implementation of it. This will uniquely position us as not only a backend tool for other crypto projects to utilize, but as a standalone end user product that can appeal to the masses.

Despite the challenges of the bear market, we have managed our resources responsibly and are ready to set the foundation for our journey into the next market cycle. Thank you for continuing to support us.

Uniswap Liquidity

In July, we removed liquidity from Uniswap in response to a security breach at Multichain which affected the entire crypto market. These funds are being held in a multisig address:

The liquidity fund consists of 147.44 ETH and 1,599,332.93 MOD. When the new token is created, liquidity will be readded to Uniswap using these quantities.

Multichain Breach

More information about the Multichain situation can be found in articles like this one.

As of this update, MOD tokens acquired on DEXs are still eligible for the upcoming swap.

However, if the address holding $MOD tokens from the Multichain breach begins selling, tokens acquired after that time will not be eligible for the swap. If this becomes the case, the team will endeavor to make an announcement as soon as possible..

On-Demand Oracle Development

Earlier this month, we published the second in a series of ‘Developer’s Logs’ created in cooperation with Modefi’s CTO Jesse Ireland. You can check it out here.

In this update, Jesse discusses optimizations being made to the ODO system, while also providing two case studies about bugs that were identified and patched.

Moving forward we aim to provide developer logs every month or so, as part of an effort to provide greater transparency for our community while also promoting a greater understanding of the development process. The logs will sometimes provide ‘big picture’ progress updates, and at other times focus on a specific topic or challenge related to development.

Kucoin Withdrawal Deadline

As of June 2023, Modefi is no longer traded on Kucoin. Users have until January 28th 2024 to withdraw their MOD tokens from the exchange.

As we will be migrating to a new token contract, we urge all holders of Modefi tokens on Kucoin to withdraw them ASAP in order to expedite and simplify their token swap.

For users who complete their withdrawal after the token swap snapshot, we will provide a secondary method for users to complete the swap.

Looking Ahead to September

Final preparations are being made for the migration to a new token contract, which will be accompanied by a token claim and the restoration of liquidity on Uniswap.

Jesse and the development team are moving full speed ahead on preparing the ODO backend and UI for our second public beta test.

Keep an eye out for additional dev logs, use case analysis, and important updates on our token swap!




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