Closing the Pre Funding Contract! IMPORTANT
Moving to BSC & Closing the Pre-funding contract
On Monday this week, we shared our 5 step plan to eliminate all smart-contract custodial risks from DAO Maker. Since then we have closed all vesting contracts and their portals. Participants of vested SHOs will from now on receive their tokens directly via their respective clients.
The current active farms on DAO Maker are for the most part emptied, with approximately $400,000 remaining in all 3 farms. We want to urgently remind all participants to remove their Liquidity by the end of Next Week as we are removing the UI support for these farms on September 17th.
All participants will receive an email from DAO Maker next week informing them of the current active vesting schedule for their token releases. In case vesting periods are adjusted by the respective companies, DAO will inform the participants via email.
Whitelist contracts on BSC & BUSD
As stated on Monday, we will replace our Pre-funding contracts with Whitelist Contracts, which will be accessible only for the winners of each SHO. To improve user experience and cost-effectiveness, we decided to implement our new system on the Binance Smart Chain (BSC) and its native stable coin — BUSD — as the sole payment option. After winning a SHO, users have 12 hours to contribute. Allocations of users that fail to contribute in time will be added to Venture Yield for all participants to benefit from.
Closing of the existing pre-funding contracts
In order to reduce gas fees costs for our users and improve the user experience we will offer our participants two options:
Option 1:
Users are given time until Wednesday, September 15th at 12 pm UTC to withdraw their contributions if they wish to do so. It’s up to them if they want to convert their USDC to BSC and buy BUSD or not. Users that did not withdraw their funds by Wednesday are automatically added to users that choose option 2.
Option 2:
DAO Maker will pull out all users’ funds as if it would be a massive SHO for all participants that have not withdrawn their funds by Wednesday 12 pm UTC. We built a script that costs exactly 0.003 ETH per wallet that we withdraw from the prefunding contract. For users to withdraw their funds directly it would cost 0.006 ETH with 100 gwei.
It would cost us between $9 to $13 per user depending on the price of ETH on Wednesday, while it would cost users about $18 to $26 just to withdraw from the contract — plus an additional $20 to $30 to convert it to BUSD on BSC.
We will withdraw all remaining users’ funds and return them 485 BUSD on the BSC chain and between 1 to 5 dollars worth of BNB allowing them to instantly participate in SHOs. The amount of BNB will depend on the price of ETH of the day.
We will replace the pre-funding contract User Interface on Wednesday at 12 pm and the prefunding contract will be empty. Deposit access to our pre-funding contract has been closed already.
Users that do not want to receive BUSD are required to withdraw their funds until Wednesday, 15th of September 2021,12 pm UTC!
How to switch Metamask from ETH to BSC:
https://academy.binance.com/en/articles/connecting-metamask-to-binance-smart-chain
