NALIS locker / Detailed information and update

Koalas,

Edit:

Here are the steps to migrate from old to new Locker and start claim your rewards:

1 : press transfer lock button create the same amount locked for the same wallet into the new contract 🔓

2. Refresh the page 🔄 after confirming the transaction or just wait a few moment ⏲

3. the new contract have the same interface and same distribution features but on a smooth 6 weeks block per block. 🗓

4. You can press claim anytime to get what’s available 📤

5. When all is claimed, no more lock and no more access to the claim button ❌🔒🥳

Again, Koalas, we’re sorry for inconvenience and we will keep BUIDLING hard to make you happy with your lovely LYPTUS and NALIS tokens!
Your funds are safe

We heard that some of you are worried about the amount of Nalis locked in the NALIS Harvest locker and how it will get released.

At the time of writing this blogpost, there are 142609 NALIS locked in the NALIS locker and the release of the locked tokens will start in 9 days.

In this blogpost, we will explain what is planned for the release of these tokens and how we will make sure to make the distribution of the locked tokens smooth with no risk of dumping before the release of the tokens in 9 days.

Before explaining how it works, it’s important to give some explanation about the utility of the NALIS locker and the thought behind it. 😉

What is the utility of the locker and how does it work?

The NALIS locker has been put in place to solve a problem : Whales 🐳 :

When a new farming token is released, there are crazy high APRs in the first hours/days for early adeptors. Whales can get a very large amount of tokens in this first period, which could result into a hard dump a couple of days after the launch of a new token when the whales start taking their profits.

We can already tell you that the NALIS built-in anti-whale system and the NALIS locker have been a great success for the first 7 days since the launch of NALIS! All you need to do is take a look at the price chart since launch. 🎉

The NALIS locker have the following process :

  • During the first 15 days (since the launch of NALIS), half (50%) of every harvest reward from any farm or pool, goes into the NALIS locker.
  • After the first 15 days since the NALIS launch, no more harvested NALIS goes into the locker, all the rewards (100%) go directly to the users wallet.
  • After the first 15 days since the launch of NALIS have passed, the release of the locked NALIS tokens starts progressively in a smooth way for a period of 6 weeks. This means that the locked NALIS will be distributed smoothly during 6 weeks and not all at once to prevent a big dump.

Actually, this is what we had planned…
But we are facing a problem with the configuration of the harvest locker.
Please don’t worry, it has all been solved and your funds are all safe! Let us tell you what happened and how we solved it. You know transparency is very important to the Koala Defi team!

What went wrong with the current NALIS locker smart contract ?

During a routine safety and security check on the contracts and website we found out there was a problem with the smart contract handling the distribution of the harvest lockup.

The release of the locked NALIS tokens was planned for a duration of 6 weeks for a smooth distribution. But we made a mistake in the smart contract, instead of 6 weeks, the release duration has been set to 20 years 🤯.

This means the Nalis distribution from the current harvest locker smart contract would be extremely slow and take years instead of weeks! Although we’re in it for the long run, we think 20 years is a bit much for our investors. 😉

We’re sorry for this mistake and will make sure it won’t happen again.
But what does this mean for you? The investor. Pretty much nothing!

How do we plan on making sure you will receive the Nalis you have in the locker in a fair amount of time?

Of course, we have a backup plan Koalas 😉 and you will get all the locked tokens in your wallet following a smooth release of these tokens over a period of 6 weeks, like we had planned before.

We can’t switch the NALIS locker system to a new smart contract, Koala Defi is too secure, we did some testing during the past couple of hours and there no way to switch to another smart contract without problems.

So what will happen?

  • The 50% reward distribution to the NALIS locker smart contract (on every harvest) will be ended the 13th of July around 1 PM UTC. This means that we reduced the planned lockup period from 15 days to 7 days. We can’t stop the distribution immediately, because the whole NALIS system is protected by a timelock contract of 24 hours and every change requested by the devs needs 24 hours to be executed. This is a standard safety and security protocol to keep the contracts safe 🐨❤🔒
  • All the locked amount in the locker will be compensated. 🐨❤🐨 There will be around 180000 NALIS to compensate. This amount will be taken from the dev tokens to compensate our investors. This is the reason why we will stop the NALIS harvest lockup as soon as possible to avoid a crazy amount of Nalis to compensate.
  • We will set up a new smart contract with the same locked value for each users that has harvested and locked NALIS tokens in these first 7 days since the launch of NALIS. At the end of the initial 15 days lock up period you will get a second option in the user interface (website) to make the switch from the actual NALIS locker to the new NALIS locker distribution system.
  • The distribution period will be the same as originally planned, a 6 weeks smooth distribution to avoid any dump from these tokens.

Again, Koalas, we’re sorry for inconvenience and we will keep BUIDLING hard to make you happy with your lovely LYPTUS and NALIS tokens!
Your funds are safe

🐨❤🐨

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