Official document at:
Community Update #8
This is it! (trumpet sounds)
Starting at midnight on Wednesday, July 29th, 2020, we will stop listening to the HODL smart contract. From that point forward, the URL www.hodldex.io will be updated with the new Dex app. This will be the start of the 6-day cease trade period.
Do you feel that? That’s momentum.
Step one of the migration process has officially started. We would love to be able to tell you when it will be completed but it’s a bit like a Thanksgiving turkey — it’s done when it’s done.
As mentioned in an earlier update, valid claims concern HODL that were put into the sales process and were not sold.
However, your first move should be to try “Cancel Ask”. Most of the time, this will fix the issue.
Also, if the gas price is over $5, this is an error. Please file a claim.
We have created a new Discord channel for possible claims. It can be found here: https://discord.gg/uXw9xN.
If you need to proceed with a claim, send us your wallet address, the amount of the transaction(s), and the approximate time of the transaction(s) to facilitate processing the claim.
If the claim is found to be valid, the balance will be fixed approximately 24-hours later.
If the claim is not found to be valid, we will send an extract of the Etherscan receipt to justify the refusal. As you all know, blockchain is traceable; nothing is lost.
In case you missed it in Community Update #7:
The steps in the process are:
- The core team launches a synchronization smart contract, which will listen to synchronize balances between the old and the new smart contract. This process runs in the background and will not affect trading. All trades done during this process will be accounted for.
- When synchronization is completed, and both contract balances are mirrored, we will announce the last block to be listened to. Starting from that block time, any transaction occurring in the old smart contract will be invalid. We will announce the change at least 48 hours in advance.
- When the last block event is called, the new HODLdex will be made public, and all balances will be already set. Synchronizing your MetaMask will recover your full balance. During this time and for a period of six (6) days, trading will be disabled on the old dex and the new dex.
- During the six (6) days of no trading, anyone can make a claim if they believe that an error occurred with the balance. We will be able to respond on a valid or invalid claim and send the Etherscan proof. If a claim is valid, the balance will be adjusted. Any claims must be filed during this period.
- After the six (6) days of no trading, trade will resume. No claims can be lodged at this stage because the core team will resign ownership of the smart contract ownership. Thus the system will become decentralized again.
This process has been chosen to treat any possible error(s) during synchronization fairly and with definitive proof.
The aforementioned is a lengthy and very delicate process. We will not rush steps for any reason. For this, we extend our sincerest gratitude to the community for its patience and resolve.
The new Dex is ready and verified, it will be made available Thursday during the day.
The HODLdex will be in cease trade, remember buying and selling won’t work for 6 days.
After this period, the trade will resume
The top bar now shows:
- Market cap;
- Current HODLC value.
Pages is now in two sections:
- Ether Balance: Deposit & withdrawals;
- HODLC Balance: Trade & issue HODLT’s;
- HODLT Balance: Approve ERC smart contract & redeem for HODLC’s;
- Global scrolling events list.
- Buy & Sell HODLC;
- Global Orderbook:
- Ability to cancel your orders with one click;
- My Orderbook:
- Ability to cancel your orders with one click.
The process of issuing and redeeming HODLT is built following ERC standards and first needs approval. This needs to be done to convert your HODLT tokens into HODLC commodity. The rest is a click away!
Automated price increase (API)
The automated price increase (API) is a newly added function to the HODL family. It will allow for long-term sustainability as well as incentivizing more institutional funds to leverage the HOLDCommodity.
The API works much like a compounded interest rate, but on the price of HODLC. It will automatically adjust the price daily following a schedule based on 12-month cycles.
The first cycle will provide a full 100% increase over its duration. This increased rate slowly decays until it will reach a floor rate of 5% after 30 cycles.
The increase rate is applied daily; thus, it will impact the current price at the time of writing. This means that the community will benefit from a better rate based on an increase in transactions.
In the beginning, this may sound like a small detail. However, over time it will become a beacon of stability. Imagine a guaranteed 5% return rate in 30 years. Considering the difficulty in achieving that today, it will be nothing short of miraculous. And with 30 years of history to build on, HODLC will become a trusted and stable asset for large hedge funds, family offices, and sovereign funds.
Together, we are building something life-changing and dare I say it, world-changing. This would not have been possible without your support. From the bottom of my heart, thank you. If you would like to donate to future upgrades and the project’s sustainability, it can be done here.