DeGate Mainnet Beta Redeployment (Oct 2023)
Dear DeGate Community,
Our Mainnet Beta phase is focused on testing the security of the protocol. This is a top priority of DeGate as always. To this end, we have been operating a USD 1.1m Bug Bounty on the Immunefi platform to find any potential bugs that could hurt the security of DeGate. Through this Bug Bounty, we have recently found a non-critical bug. We note that this bug, similar to previous bugs reported, will not lead to any loss of funds without malicious intent from the operator. Nevertheless, as always, we will choose to fix this non-critical bug, so that even the operator of the team can “do no evil.”
In addition, DeGate DAO has noticed a trend of non-critical bugs that affect full trustlessness, because the operator can technically do evil, no matter how unlikely. To address this issue, we will redeploy Mainnet Beta with the ability to upgrade the smart contract, with a time delay. The exact time delay is being determined, but should be a substantial period of time in the region of 30 days or more. This time delay will allow users to withdraw their assets from DeGate if they assess that any upgrades to the smart contract will threaten their assets. This means that DeGate operator can still “do no evil”, and remain trustless. It also means that we can upgrade the contract in the face of future non-critical bugs, without redeploying the protocol. Ultimately, it also helps DeGate to upgrade in response to exciting developments in Ethereum, such as EIP4844, allowing us to better provide a low-fee Order Book DEX to users without redeployment in the future.
This redeployment will likely happen in November, with current projections for the first week of November. Current users have two options. The first alternative is to withdraw funds on the current DeGate Mainnet Beta, and deposit them at the DeGate Trading App address: app.degate.com, when the Mainnet Beta is redeployed. DeGate will reimburse withdrawals on a reimbursement basis and capped at $100 in value for each eligible address, subject to review. For further details on reimbursement, please contact us through this online form. The second alternative is, if users choose to not withdraw, users will have their funds returned to their Ethereum Wallet on Mainnet automatically when DeGate Mainnet Beta is redeployed.
We trust that this development strikes a balance between giving users a good experience on DeGate, while remaining trustless. DeGate will be stronger, and better positioned to be the safest, lowest fee DEX on Ethereum. We thank you for growing with us on this journey to Trade Easy, Sleep Easy.
