This is a joint statement from the Blocto team and the Flow team.
Hi Flow and Blocto community members,
What happened during the BloctoSwap launch on Jan 23rd?
1. In the build up to the planned launch time, an exceptionally high volume of transactions were sent to Flow Access Nodes. These requests were generated by bots trying to get FLOW from BloctoSwap at the lowest price (or front-running). These transactions clogged Flow Access Nodes, causing balance retrieval and trading functionality to be unstable.
2. Access Nodes are the nodes on Flow blockchain that allows users to read from and write to Flow. When the Access Nodes are unstable, users tend to experience degraded performance. Since BloctoSwap is a decentralized exchange that relies heavily on on-chain transactions and data parsing, it got significantly affected by this issue.
3. After the initial traffic overloading, the Blocto team decided not to launch BloctoSwap until Access Nodes got back to a more stable state. Unfortunately, bot attacks persisted and Access Nodes were not stable enough within the hour of the planned launch for us to feel comfortable to proceed with the launch. Eventually the Blocto team decided to abort the launch for the day. Otherwise the trading would have not been fair and a lot of people would have been negatively affected.
What are the actions being taken?
1. Flow team will rollout transaction fees to mainnet within the following weeks so bots will have economic punishments.
2. Blocto team has added rate limits on Blocto’s fee subsidization service so it cannot be abused by bots.
3. Flow team will also upgrade Access Nodes to handle the anticipated higher demand.
These are more than minor upgrades and they take at least a few weeks to implement. BloctoSwap will not launch until all the upgrades above have been completed and the services fully tested. In other words, BloctoSwap will not launch within a few weeks.
USDT <-> tUSDT teleport service is now enabled both ways.
FLOW token airdrop
As an apology to the users who participated in the BloctoSwap launch, we are sending out 100 locked FLOW tokens to your Blocto Flow wallet.
1. Those who have successfully teleported their funds to the BloctoSwap contract on Flow before 7AM PT/10AM EST, Jan. 23,2021, are eligible for this airdrop. US/Canada users are not eligible for this airdrop.
2. The airdrop tokens are locked for 1 year, dated from Jan. 23, 2021, the 100 tokens will be unlocked on Jan. 23, 2022.
Token claiming period, rule, and distribution time details will be announced in a separate communication.
We would like to thank you all for being part of the Flow and Blocto community, and the warm support you gave to us.
