Greetings, numans! Since our last update in December, we’ve been working hard on getting the vault ready for launch. If you’re active in our Telegram community, you’ve seen some of these updates. The vault testnet can be found here; we’ve gotten some constructive feedback from our community, which is always appreciated. If you’d like to try it out, message @numadrew on Telegram, and he will send you some tokens for testing. It’s important for us to hear from our users.
Over the past few weeks, we completed an audit with CredShields and made the appropriate fixes. The final report can be found here. As a final check before the vault goes live, we’ve hired a private bug bounty hunter to review the code again. Since the vault will be the core feature of the protocol, we are taking security very seriously, and we’re doing everything we can to make sure it works correctly. We expect this process to take about a week, depending on the findings.
Once the bug bounty is complete, we’re ready to launch! We’re expecting to go live in the next couple weeks. When we get closer to the launch day, we will confirm the date and the exact details of what will happen. The steps involve removing the exist LP, converting the ETH to rETH, and depositing the rETH into the vault. As part of this process, we will be burning a large amount of tokens that are currently allocated to the protocol. We will confirm the exact number when we get closer, but it will probably be about 5m tokens.
We have a new team member who has been instrumental throughout the vault process, and he will announce his involvement when the vault launches. Correspondingly, we will begin our marketing push with the vault launch. Once the vault is live, we will resume development of the synthetics aspects of the protocol. In the coming weeks, we will announce a timeframe for launching the complete protocol, though we believe we are still on track for a late Q1/early Q2 launch.
We’re grateful for everyone who has stuck with us through this transition period, and we’re excited to finally get this protocol off the ground. As always, we encourage everyone to join our Telegram group and be part of the discussion.
