FrostFlakes Version 2 — What You Need to Know
It’s been two months since FrostFlakes launched. We are proud to release Version 2 on August 3, 2022 at 11am PST. This article details what steps users need to take to migrate, and what changes to expect moving forward.
Before diving in, if you are new to FrostFlakes, please read our previous article as an introduction. Additionally, here is a video recording of our AMA from last week, where we went into the details of Version 2, marketing strategy, and future roadmap. Or, you can at least get a sense of our vibe from some candid community testimonials:
What you need to know about Version 2
Version 2 is a contract migration that allows for improvements to the sustainability and investor experience. We are migrating the data (investors, referrals, balances, funds, etc) from the existing contract to the new one. Keep in mind this is a one-time change. Here is a screenshot directly from the website.
The migration period will start on the 3rd of August at 11AM Pacific Time. You can not migrate before this time. You can always migrate after this time. There is no deadline to migrate by, you just won’t be able to use the site until you do.
There are Two Phases of the Migration:
- The migration of current users/investors
- Moving BNB from the old contract to the new
Both phases run in parallel: while users migrate, so will the BNB. Watch this video to understand the details of the migration.
1. The Migration of Current Users/Investors
The launch will affect users in the following ways:
First, each individual user must initiate the migration of their own data by clicking the “MIGRATE” button. Only once they perform this action, their data will transfer to the new contract.
- Current users (from the old contract) will need to click the MIGRATE button to initiate their migration before they can perform ANY action on the site, which will be an interaction with the new contract. Upon clicking the MIGRATE button, they will initiate a new transaction, which will require gas fees of 0.0035 BNB, plus 0.0002 BNB per referral. Make sure you have enough gas in your wallet to perform this transaction.
- New users (users who only invest after launch) do not need to do any migration. They will be served the new contract automatically, upon visiting the site.
IMPORTANT: All users (once migrated) will be able to Freeze (compound) from the get go, but no investors will be able to Defrost (claim) until the balance of the old contract has been moved over — or at least until there is enough to withstand the claim pressure on the new contract. The Defrost button may not become active within the first week.
The New Contract Balance
As mentioned in our previous article, we are now operating with a 50/50 setup: 50% of the BNB deposited will go to the contract balance, and 50% will go to PancakeSwap where it will be staked, earning rewards.
What this means: after launch, looking at the contract balance alone will not represent the health of FrostFlakes. It will only be half of the story. There will be an indicator on the website showing how much is being staked in PancakeSwap as well. Both of these values will show you the accurate picture.
10% Bonus Period
To incentivize and celebrate the launch of Version 2, there will be a 24 hour bonus period, which will start when the migration period begins on the 3rd of August at 11AM Pacific Time, and end 24 hours later. During this time only, the following bonuses will be available:
- For any new BNB deposited into the new contract, the depositor will receive an extra 10% added to their deposit. This can come from new and current users, and there is no restriction on the number of new deposits made during this period.
- With any airdrops received, the receiver will get an extra 10% of the amount of BNB airdropped. Again there is no limit. This applies to any/all airdrops received.
In closing…
If you are already an investor, we are very grateful for your early support. We are excited to get this migration done, bring new features to you, and continue developing a better experience for you.
If you’re new to our project, you are here at the right time. Version 2 takes into account feedback from early investors, and you are getting the latest and greatest from us.
Before you go, consider following this publication, as it will be the channel to receive project updates and new feature releases. Additionally, we greatly appreciate any claps you can give below, as it will help us promote on Medium and of course, grow the project!
Links
- Join FrostFlakes.
- Join our telegram and announcements channel.
- Follow us on Youtube and twitter.
The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a duly licensed professional for investment advice.
