We are pleased to announce that the MetFi community has voted to switch the MFI primary price peg from BUSD to USDT and to deploy new functionality that will make switching to another stablecoin very quick by simply changing a parameter.
This will give the MetFi ecosystem enhanced flexibility and make it very easy to switch coins in the future if it is desirable to do so.
USDT is the most widely used stablecoin on BNB Chain with over 286 Million in liquidity making it the best stablecoin solution for MetFi at this time.
Background
On February 13th Paxos, the issuer of BUSD released this statement confirming that it had received a Wells Notice from the SEC and would therefore cease issuing new BUSD whilst continuing to redeem circulating BUSD until at least February 2024.
On the surface it may seem that we have time up our sleeves however the situation remains fluid and may change at any time which is why we are putting all of our efforts into switching to USDT as soon as possible, for the following reasons:
BUSD is already being used less than it was before the Wells Notice and some exchanges have already delisted BUSD. We believe that this trend will continue, meaning fewer people will be willing or able to transact with BUSD which has the potential to slow our growth if we delay switching to USDT.
It is possible that the SEC decides to file a lawsuit against Paxos and force them to stop redeeming BUSD earlier than currently expected.
While we do not expect a lawsuit to be filed before April 2023, we feel it prudent to put all of our efforts into implementing the switch to USDT in March.
This is why we paused the ongoing development of the Treasury Claims module on the same day that Paxos received the Wells Notice from the SEC.
Our roadmap will be updated to reflect the revised timelines in the coming weeks but rest assured that the Treasury Claims module will be deployed once the higher-priority works have been completed.
USDT Switching Process
Almost everything in the MetFi ecosystem is bound to BUSD.
MFI pricing is bound to BUSD and used for providing liquidity, and token buybacks, as well as running the entire marketplace and lending platform.
All of these smart contracts (and others) need to be rewritten, retested, recertified, redeployed and connected to the existing MetFi ecosystem.
This is a huge undertaking and the dev team will take this opportunity to include the fixed MFI supply and halving upgrade that was also recently approved by the MetFi community, thus completing two (2) major development milestones at the same time.
Furthermore, the MultiSig Dashboard will be upgraded allowing MetFiers to permissionlessly veto any treasury transaction and stop funds leaving the treasury which moves MetFi significantly closer to achieving its stated goal of total decentralization with the MetFi community in full control.
All smart contracts have already been analyzed and multiple simulation scenarios run, with game theory applied.
The dev team knows the exact scope of work that needs to be executed and how each individual smart contract will interact with each other and the entire ecosystem — they have already finished coding 3 smart contracts.
We will rewrite a total of 12 smart contracts with thousands of lines of code and write one new smart contract. Some contracts only require minor changes while others require extensive rewrites.
This is a list of the smart contracts that require rework:
Smart Contract | Difficulty | Status
- Treasury| Hard | In Progress
- Token Collector | Easy | In Progress
- Router | Medium | In Progress
- Community Manager Payout | Easy | Coding Completed
- Development Payout | Easy | Coding Completed
- Staking Manager | Hard | In Progress
- MultiSig | Hard | In Progress
- MFI Vault | Easy | In Progress
- MFI Staking Pool (NEW) | Medium | In Progress
- Burn Controller | Medium | In Progress
- Market | Hard | Coding Completed
- Lending | Hard | In Progress
Once the initial development of the smart contracts has been completed, they will be deployed on our internal network (Test Net), thoroughly tested, and shared with Certik who will verify each of them so that we can all be confident of their veracity.
We will also start the development of the new front end that will connect to the smart contracts.
In parallel, we are preparing new documentation that contains a list of the enhancements which will be shared with everyone when all of the smart contracts have been deployed to Main Net (live).
Smart Contracts Test | Waiting
- Certik Audit | Waiting
- App Frontend | Waiting
- MultiSig Frontend | Waiting
- Statistics | Waiting
- Main Net Deployment | Waiting
- New Documentation | In Progress
- Final Report | Waiting
In Closing
We are striving to have all of the smart contracts deployed in March and conduct the first halving on April 1st and no this is not an April Fool’s day joke!
During the development phase, MetFiers will be asked to approve a new Certik audit as well as any other governance matters that have not yet been voted on so stay tuned to our Telegram and Discord for the latest developments.
Thank you for your continued support while we make this necessary and beneficial transition.
Further Reading
Certik Audit
Roadmap
Official Links
Whitepaper: https://docs.metfi.io
Website: https://metfi.io
Twitter: https://twitter.com/MetFi_DAO
Telegram: https://t.me/MetFiChat
Discord: https://discord.gg/R7YqC5xVSW
YouTube: https://www.youtube.com/@MetFiDAO
GitHub: https://github.com/metfi
Medium: https://medium.com/@MetFi_DAO
METFI Contract: @0x3E7f1039896454B9cb27c53CC7383e1AB9D9512a
