Malt 24 Hours Post Launch — reflection and plan of action
First of all, we want to say a huge thank you to everyone who has taken part in the launch so far. It has outperformed our wildest dreams and we could not be happier with the performance so far.
The Successes
It’s been an unbelievable just over 24 hour period. TVL and market cap have been growing rapidly, far exceeding our expectations:
- TVL $60,690,725
- APR 21,035.97%
- Mcap $31,000,000
- Solid stability with stabilizer mechanism performing excellent so far.
- Community on Discord, Telegram and Twitter has been growing rapidly and there’s lots of positive energy in there.
The Bugs
We had our testnet running for 2 months prior to launch and saw some excellent results, making us confident we are ready for take-off. Nevertheless, bugs happen and some bugs only surface once the system is put under real life stress conditions. And what massive activity there has been!
We are keeping track of current issues. Here is a list of the ones we’ve identified as high priority:
- Rewards were calculated correctly from 1st epoch, but not displayed right away for the first 1 hour after bonding for the first time.
- “Upcoming rewards” feature was confusing and the calculation wasn’t accurate for some.
- Subsidized reinvest option removed after quickly identifying a potential exploit.
- DAI rewards stopped or showed 0 for some users after the 24 hours mark.
The Fixes
- Top priority is being given to fixing the rewards disappearing after 24 hours issue
- We will be working to release a V2 Liquidity Mine contract asap and everyone must migrate to the new contract
- We are investigating the causes and are actively recruiting new devs to expand the team and increase our development pace
- MALT treasury currently stands at 2,212,486 DAI which we will use to hire more devs, community mods, and perform an audit asap
- Certik are in the process of quoting us an audit
- We have the intention of holding a code423n4 competition to catch esoteric and very specific bugs and security issues.
The Near Future
We intend MALT to be a long term, stable, reliable token which is here to stay.
Despite over 2 months of dev and community testing of Malt in preparation for launch, real life conditions will throw surprises. It is our prerogative to face any curve balls with transparency to our community, resilience and giving our 100% to improve anything that is lacking. The battleship has so far survived and thrived, but we know this is only the beginning and things can be much, much better.
We have been incredibly fortunate to generate so much interest from the get-go. With the tremendous amount of participation we are able to catch these surprises super early and nip them in the bud.
Finding out about problems quickly means they get resolved quickly — and this wouldn’t be possible without all you Malty millionaires out there!
Despite the current problems, we are extremely proud that our crown jewel, the Stabilizer, has performed impeccably throughout the parabolic surge of TVL we experienced since launch.
With the treasury funds we are able to hire more talented devs and roll out fixes, improvements and long term features faster and better.
We are also working hard to secure an audit for our own and everyone’s safety.
Building integrations with other well-established Polygon platforms is also in our immediate goals, and we are reaching out to select, reputable projects we believe can bring mutual benefits.
If you are one such excellent project, platform, or just want to get involved in the weeds of Malt and have the skills to contribute — don’t hesitate to get in touch!
JOIN US
Twitter:
https://twitter.com/MaltProtocol
Telegram:
https://t.me/maltprotocol
Discord:
https://discord.gg/malt
