memoscan

0xc761…91cb

All memos sent from and to 0xc761…91cb.
0xc761f359…91cbsent to0x00000000…dead·#15,449,454·0x0110a84e…f88cb5
GM or GN wherever you are. The alpha test is going well, and we have seen more success on this iteration than expected. In order to achieve the maximum amount of censorship resistance, reduce centralization risk, and achieve long term flexibility, the following migrations will need to take place before we can go live with all components of the protocol and hand off control to the X7DAO governance via X7DAO token ownership and a trustless governance contract. Due to risk of scammers we will NOT announce token names and addresses until we get closer to the launch day. The following deficiencies exist on all or some of X7m105, X7 Protocol, and X7DAO: --------------- * Deficiency: Fee receiver wallets are held by individual contributors. * Mitigation: Token trading fees will be sent to a splitter contract that will apportion fees among each contributor and the multisignature wallet in a trustless manner. Of fees collected: * 51% will be routed into the multi-signature wallet. * 7% each will be routed into the following contributor wallets as a heartfelt thank you for their hard work on this important project: * Contributor 1: 0x07f83C49244294aE76d0a96D9e00589Baf459A74 * Contributor 2: 0x394b77972f2B914430D27AfE6a5a2B85Ddf67Ad1 * Contributor 3: 0x499CFc7B79D75591E2214dC004bF191E71998C50 * Contributor 4: 0x56d13422Dbf491dD928541D54Aba001c1Eb68aE1 * Contributor 5: 0x7000a09c425ABf5173FF458dF1370C25d1C58105 * Contributor 6: 0x8FE821FB171076B850A3048B9AAD7600BE8d0F30 * Contributor 7: 0xeFACd3261f3F2038220e725A6Aca2D376a07aA8d --------------- * Deficiency: Token fee swap thresholds are hardcoded to a high token amount which leads to large liquidations that will be unsustainable with the current and future price profiles. At present the threshold is set to 100k tokens. This is already liquidating 1ETH each time. For example, at 200m market cap, that will be a 200+ ETH sell on the chart which risks creating market panic. The higher the market cap, the worse this market effect will be. * Mitigation: Token fees will be swapped at a fixed percentage of the trading pair to ensure the market impact is reduced. --------------- * Deficiency: Token fees are fixed. In the future we beleive there will be circumstances where token fees should be reduced or eliminated, through DAO governance. * Mitigation: Token fees will have a hard cap at their present levels, and will be reducable to zero. --------------- * Deficiency: Token fee allocation is fixed, which prevents flexibility as the ecosystem evolves. * Mitigation: The liquidity hub model (0x700000f7c2c71caab6b250ca85237117ff702ebb) has been working flawlessly achieving a flexible and effective fee allocation strategy. This will be the model for token fee management throughout the X7 ecosystem. --------------- * Deficiency: The LP tokens for X7dao, X7m105, and X7 Protocol have been burned. Providing a challenge to fairly upgrading the ecosystem. * Mitigation: The LP tokens for the V2 versions of these tokens will be placed in a lengthy timelock. The DAO will have governance over whether to burn, extend the lock, or withdraw the LP in the future. --------------- All migrations will occur via trustless contracts as token swaps between the old and new token contracts. We expect to do the migration within the next two weeks and we will announce the deployed contracts on chain in future transactions. The following migrations will occur: 1. X7m105 and X7 Protocol tokens will be merged into a single "benefit" token. The new token will launch with the combined market cap of the existing X7m105 and X7 Protocol tokens. 2. The X7dao token will be released with a V2 version. 3. The X700 series each will be swappable for a corresponding X7100 token. We will also use this opportunity to improve the liquidity significantly on the X7100 series of tokens. These above changes, and the governance structure we are putting in place will provide resilience and decentralization to the X7 Finance ecosystem now and in the future. Trust no one. Trust code. Long live DeFi.