Migration success! Next: here is how we’re moving funds from V1 to V2 of FrostFlakes transparently
We are FrostFlakes- a hybrid platform that incorporates the best features of ROI Dapps and Miners. Our ethos revolves around transparency and sustainability. If you are new to us, please click into our publication and read about what makes us different. Our first article is a good place to start.
We have successfully deployed our new V2 contract on the date promised, issued the 10% bonus on deposits and airdrops, released auto-compounding, and deployed funds to our new liquidity staking on PancakeSwap (PCS). We saw a nice bump in new deposits during this time period. Overall, our migration went very smooth. Thank you to all who participated!
We made a significant change between V1 and V2: with V2, 50% of each deposit is now going to the contract balance, while the other 50% is going to PCS to be staked for liquidity, earning rewards, which are continuously compounded. We understand that moving funds from one contract to another is an opportunity for exploit, and that there is a lot of trust involved during this process. This article is intended to break down the process of how we are going to do this, ensuring maximum transparency to our community.
How we are going to move the BNB balance from V1 to V2
Our V1 contract has roughly 300 BNB in it. 150 BNB (50%) will go our V2 contract and 150 BNB (50%) will go to liquidity staking on PCS, providing us a new form of revenue.
We are going to move 10 BNB each day: 5 BNB will go to the V2 contract balance, and 5 BNB will go to PCS for liquidity staking. Moving 10 BNB per day will allow us to move the entire V1 contract balance over a span of 30 days.
Transparency is the name of the game
For your reference, you can always follow along by monitoring these transfers yourself. All you need to do is monitor the owner’s address for V1, which the transfers will be going out from, and our V2 contract, which 50% of the transfers will be going into. Lastly, our Liquidity sheet will show the other 50% of the transfer of BNB going to PCS.
This means that both our PCS Liquidity and our V2 contract balance are going to be increasing steadily over the next 30 days, in addition to any new deposits made, which there are more of by the day! No funds will be lost during this transfer process, but there will be an insignificant amount of BNB used to cover the gas costs of each of these transactions.
Please note, we will be creating these transactions manually, and will give weekly updates to our telegram community regarding this transfer.
We are greatly looking forward to making this process as smooth and transparent as possible, and getting all our V1 balance to V2 within 30 days.
#stayfrosty
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.
