This month has presented the project with a number of challenges, while also bringing important progress towards launching the most flexible on-demand oracle product in the space.
Uniswap Liquidity
Due to the security breach at Multichain which has affected the entire crypto market, the team made the decision earlier this month to pull the MOD and ETH being used to provide liquidity on Uniswap. Read more details by checking out this Telegram post.
The funds are being held in the following multisig address:
https://etherscan.io/address/0x9ecaa163695cac650ad84a3a8ab3001f12d947e1
The liquidity fund consists of 147.44 ETH and 1,599,332.93 MOD. This implies a MOD value of 0.00009219 ETH, or approximately $0.1735, as of July 31, 2023.
When the new token is distributed, this liquidity will be readded to Uniswap. In the meantime, we encourage anyone providing liquidity to, or trading MOD tokens on any DEX, to refrain from doing so until the situation has been resolved.
We have written a contract that will allow token holders to receive their new Modefi tokens through a claiming process. The contract is currently being audited by a third party while also being internally reviewed. We are working to resolve this issue as soon as possible.
In the event the Multichain account that is currently holding a large sum of $MOD tokens maliciously sells the tokens on Uniswap, please refrain from trying to “buy the dip”. Due to the very small amount of liquidity (~$4k ETH) in the Uniswap LP (which we have no control of), the price is very easily manipulated.
Any $MOD tokens acquired in the event of the Multichain account selling, WILL NOT be eligible to claim those tokens upon the reissue.
On-Demand Oracle Development
Earlier this month, we published the first in a series of ‘Developer’s Logs’ created in cooperation with Modefi’s CTO Jesse Ireland. You can check it out here.
To summarize, the first end to end tests for simple data requests have been completed. Testing for more complex datasets is now underway, with a second round of public beta testing to follow.
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 swap window opens, we will provide a secondary method by which to receive your tokens.
Looking Ahead to August
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!
