5 Lessons Learnt from PolkaCash v1.0
We are truly grateful for the projects that have taken part and shouted out to their communities for us, and for community members that have taken a leap of faith with us and stuck throughout our 5 days of genesis.
It is with great regret that we would like to now announce a closure to the project, and once again we would like to reassure users that their principal is available for their withdrawal whenever they are ready.
Meanwhile, here’s a quick recap of what has gone wrong, and a what we intend to do for the future.
- Burning of admin keys — In order to establish greater trust from the community via the ethos “don’t trust us, trust the code”, the burning of admin keys have proven to be a devastating blow as bugs that actually have been easily solved were pretty much unsolvable.
- Clogged traffic — Due to a congested ETH network and our reluctance to disappoint users by delaying our launch with further in-depth testing, we pushed through our smart contracts despite the gigantic fees to launch as planned. As users might have noticed, we still launched 25 minutes later despite paying through the nose for gas.
- Fair play for small stakers — In an attempt to level the playing field between our small stakers and whales, we intended to put in a limit of $20,000 stake limit instead of a free-for-all. Alas, we messed up and put in a 20,000 TOKEN limit instead of 20,000 DOLLARS. This resulted in many stakers failing to stake.
- Hexa-decimal issue — Despite several rounds of intense testing, we failed to realize that the number of decimal points provisioned on the front-end could prevent users from staking properly which was unfortunately un-detectable on the test net. On hindsight, we realize that this sounds like a very elementary mistake but it is what is is and we have certainly learnt from this mistake.
- Bonds issue — An extension to the above hexa-decimal issue, a mis-reading of the price oracle which unfortunately was also un-detectable in testnet resulted in users being unable to purchase bonds when board room opened. This was perhaps the stake in the coffin for the project.
We are truly sorry to end on this note for a project that should gone so much further than this.
We highly encourage users to withdraw their principal at this point in time.
It’s been a stressful few weeks for the team for sure, and the unsuccessful launch has certainly been disappointing though we have learnt an immense amount from PolkaCash.
Now, let’s talk about the future.
We understand that the majority of losses incurred by users were in the form of enormous gas fees which we unfortunately are unable to do anything about.
We remain committed to protecting the community’s interest and assure users that we will be the last ones to leave our liquidity pools.
We will carry on building and learning, and our next project will certain reflect the lessons we’ve learnt.
We would like to assure our loyal supporters that should you be keen to participate in our next project, whether it be PolkaCash v2.0 or something completely different, we will certainly come up with a way to prioritize and incentivize PolkaCash v1.0 users.
In the meantime, stay safe and may the bulls shine on you.