pieLABS (formerly DeFiPie) Summer 2021 recap
We understand that the $PIE community want to know more about what’s going on and our plans, and receive small summaries of our progress and achievements. This article will describe some previous periods, how we solved issues and what we’ll do next in case of communication with the community.
Hack recap
In July 2021 DeFiPie app was hacked. Peckshield team did investigation of this hack. You can check details of this hack here: https://twitter.com/defipiepie/status/1415003854001803264?s=21
Those, who think that we stole this money — you’re idiots. DeFiPie application was hacked for less than $1M. How could you imagine that we’d risk our necks with this amount? I hope that this question has already been resolved in our community and that it’s been put behind us.
DeFiPie team almost dropped hands, but a lot of our users from the community lost a lot of funds. We said before that we’ve been here for a long time and we’ll fight for success while we can breathe.
The DeFiPie team successfully resolved the issue with smart contracts and we’re planning to order a security audit from the same company and team who did the hacking investigation.
August 2021 recap
As always, there are 2 main aspects of crypto business: development and operations. And let’s start from the operation part to understand later what’s going on with development.
First question after the hack — how to restore funds to our community. Since we lost our company funds too, we won’t be able to repay everything in one go. So, we’ve started to work on a compensation program and this program was the best solution for us. There were 2 options: close the project or try to survive.
The team designed a compensation program, I’ve got this program on track and built a strategy for how to bring pieLABS to success with a new funding round and strong support behind us.
Once the survival plan was completed, we started to implement everything on the development side. The first task was to fix smart contracts vulnerabilities and we successfully finished this part.
As you saw, we’ve finished rebranding of the main app on the development side. We won’t publish it on mainnet yet (our results) but we’ll keep you posted when we finish full rebranding. By the way, a lot of products from a previous article are already finished such as pieOracle, pieEducation. And now we’re finishing pieCompensation. By the way pieConsulting has strong relationships with a few crypto companies who are looking for our technical advisory services.
Let’s summarise:
- compensation program;
- vulnerability fixes;
- new direction for DeFiPie;
- rebranding;
- strategy;
Activities for September
We have a small important update for the $PIE community: I’ll start doing small weekly video summaries (yes, this is Aleksei, and I am writing this article) for our investors and users. We’ll publish short videos on our telegram announcement channel, maybe on our YouTube channel and will do a brief written recap. Hope you’ll like it.
As I mentioned before, the DeFiPie team has successfully fixed the issue with smart contracts. During September we’re going to order a new smart contract audit to be sure that the previous vulnerability was fixed and I think that Peckshield will be our new auditor.
Our CTO, Maksim Malikov, has updated me that the compensation program will be finished by the end of next week. Attention all $PIE community: soon you’ll be able to stake your p-tokens and participate in our compensation program. We’ll keep you updated regarding this and will post a few screenshots of the UI in the upcoming days.
We already finished all the details of the new tokenomics and we’re going to publish them in mid September, not earlier. I hope you’ll find it extremely interesting. There are a lot of strict vesting terms, but with these terms we’ll be able to attract a lot of new $PIE supporters!
And finally one of the most important things for pieLABS (formerly DeFiPie) — to create a proper presentation. I’m planning to present our project to at least 100 VCs, angel investors to attract funds for further development. I’ll try to keep you updated about this.
Conclusion
We’re putting our hearts and souls into this project and we badly need your support during this time. Thank you for being with us and don’t hesitate to subscribe to our Twitter page and Telegram announcement channel.
