Why Altrucoin Staking Is Moving From V2 to V2.1
First off, we would like to inform everyone that this is not a security issue. All tokens are safe in all versions of our vaults and we will be compensating all users who staked in Altrucoin V2 (even for just a day) with 110% of entry and exit fees. The bug described in this article only relates to time locking bonus calculations.
Altrucoin recently released staking version 2, and now we are moving to version 2.1. The team said that the next update wouldn’t be anytime soon and it would be a while before users were forced to move unless something critical came up. Unfortunately, something critical came up.
After deployment, a bug was found that did not properly reward users for time locking tokens. Essentially, all tokens were treated as unlocked for reward calculations. While this is not a security bug, it would prevent locked users from receiving their additional rewards for locking. Our locking users are one of our strongest supporters and the team highly values ensuring they are taken care of. As such, the team views this lack of time-lock bonus as a critical flaw, and have created a hotfix to the issue that is applied in V2.1.
Obviously users have paid an entry fee to enter v2 and would have to pay exit to leave V2 as they enter V2.1. The team will be airdropping enough tokens to cover both of those fees as well as extra tokens. More details are available in the “Compensation” section later in this article.
As the above critical flaw had to be fixed, the team took the opportunity to fix a few minor things that were reported or found.
Time Lock Bonus Fix — When users locked their tokens, rewards were calculated for those tokens as if they were not locked. This means that if a user locked for 90 days, they received normal rewards, instead of rewards +10%. This was the critical flaw that necessitated V2.1.
Display Date for Locked Tokens (Minor UI Bug) — When tokens are locked, there are two pieces of information to show regarding when they are unlocked: time remaining and unlock date. While the calculations happened correctly and the lock time displayed correctly, the unlock date displayed the current date instead of the correctly stored calculation. This has been updated to display the correct date.
Tooltip Updates (Minor UI Bug) — There were a few minor spelling mistakes in the tooltips that have been corrected.
APY Update (Minor UI Change) — In version one and two, the APY was calculated using the past seven days of data. At launch, when there was no past data, it assumed that the average would apply to days going forward. This meant that for day one, for instance, the APY calculations assumed that over 50k USD would be added each day to the vault.
In version 2.1, we are changing how the first seven days are calculated. Rather than assuming that each day going forward will be the same as the first day, it will assume that each day will be zero until it collects the data from that day. This will slightly underestimate the APY for the first week rather than overestimate it. After the first week, the calculations will work the same as before.
Note: These changes do not affect the actual APY, only the estimation that is shown at launch.
As before, deposits will be disabled by the team to ensure nobody enters the V2 vault after V2.1 is released, and all time locked tokens will be unlocked so users can move them freely. Fees will be compensated in the following ways:
As mentioned above, we want to make sure that nobody loses money moving from V2 to V2.1. As such, the team will be airdropping 15 trillion Altrucoin tokens into the V2 vault (after deposits are locked). This covers the 12% paid for entry and exit fees into/out of v2, as well as a little extra for our early adopters. This drop can be found here.
Note: This airdrop is to make up for fees from V2 to V2.1, and is in addition to the planned airdrop for the move from V1 to V2 originally which will now be taking place in V2.1.
The tokens dropped to reimburse the community as they moved from V1 to V2 will happen in roughly a week, to give everybody time to move from V1 to V2.1 if they want.
We’d like to thank all our early adopters, please consider the additional rewards to be compensations for testing our systems and helping make them ready for our partnering token projects!