The next steps of our journey have swiftly been taken through a sudden turn of events. An unexpected error in the MLTP smart contract code means that MoonLift is going to migrate onto a new token, MLTPX!
Having implemented the tax in the token model complicated the contracts enormously and, as many of you have become aware through direct experience, this has also created issues with our purchase and sale mechanisms from the very beginning.
On top of this, we had been wondering for some time whether we wanted to keep the MLTP token with the tax mechanism, because the inherent complexities that were bound to arise as we expanded its utilities were daunting.
As we were testing some new product features on MLTP, the first DEX release was delayed because the token model was creating a lot of implementation issues. Then, after additional stress testing, the MLTP contract stopped functioning completely.
With the help of experts and of our partners, the error was discovered but it was not repairable anymore. This means that MLTP in its entirety is stuck and the associated 2M USD locked on wault finance is irretrievable.
Nonetheless, community members should remain assured that their funds will remain untouched from this. A new token (MLTPX) will be issued asap and every previous MLTP holder is going to receive a 1:1 equivalent of the new token. The MoonLift Core Team will provide the necessary funds to do this. All holders will be airdropped their new tokens without having to lift a finger. The value in USD is going to be exactly the same through manual insertion once MLTPX will be released.
The only difference between the new and old token model is that the former will not have an inherent tax mechanism. Needless to say, passive income generation will remain one of our hallmarks and our roadmap remains the same, since the tax utility will be absorbed by our DEX.
The new token will remain deflationary and will start with the same supply as where MLTP left off (87.5 billion).
Changing the token model fixes many implementation issues that were found as we looked to introduce the old version into our products. In so doing, the change that was forced by the smart contract failure actually becomes a big opportunity for further developments for MoonLift and its community.
Although being forced into a change was not the most gracious way to address the token model problem, the MoonLift Core Team is positive that ultimately this will prove to have eased things in the long run. In fact, the new token will be more easily accepted on CEX in the future, as well as other platforms. Additionally, the new token model is less restrictive and will allow for better products to be rolled out in the future.
Finally, the MoonLift DEX will be launched right away once the new token is live. Together with the recently announced Polygon integration, every single Mltpx holder will also be air dropped tokens to use on Polygon as soon as we go live on their chain.
As always, last but definitely not least, we wish to extend a warm thank you for the understanding and continued support to the MoonLift community, without whom we could not have achieved what we have so far.
The MoonLift Protocol Core Team
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