First of all, we want to let you know that your funds are safe. For those unaware, depositing / staking / withdrawing are returning errors on our site right now. So — what happened, what are the next steps, and when will the site be functional again?
In the ethos of decentralization, and as a fulfillment of one of the requirements set forth by the Platypus teams, we chose to decentralize the protocol. We did this by setting the DevAddress on one of our contracts to the zero address. This address was previously set to a Multi-Sig owned by our core team.
Actions that relinquish ownership of Dev contracts are common in crypto and are typically done at a later point in a protocol’s life. Due to a warning posted by CoinMarketCap about our token, we were recommended with urgency by important, trusted members of the AVAX ecosystem to perform this act of decentralization sooner than we initially planned. Decentralizing control was always the plan and was part of our agreement for being whitelisted by Platypus. Thus, we were happy to oblige for the safety and security of our protocol and our community.
Setting the developer address to a 0 address is an irreversible action, since the only person who can set this address is the one who is assigned it, hence the decentralized nature of the action. Due to the complex nature of our contracts, performing this action inadvertently caused an issue with the VTX minting capability since you cannot mint directly to a zero address. This is why the site suddenly started returning errors and reverting transactions. Since every transaction calls the “harvest” function which is linked to VTX minting, all transactions — including deposits and withdrawals, are being reverted.
Funds are fully SAFU and were never jeopardized, as they are owned by a different contract: a Multi-Sig contract that is owned by both the Platypus and Vector teams, which is called “mainStaking”. This contract holds all deposited funds, and continues to accrue rewards. You can check the balance of this contract here: DeBank mainStaking
This contract, which holds all of the funds, has no issues and is highly secure. However, due to the complex protocol design and looped interaction into Platypus, users are currently unable to withdraw their funds. The situation will be fixed through an upgrade to the mainStaking contract, which will allow it to interface with a new MasterChef contract that we will deploy.
As noted, the mainStaking contract is a Multi-Sig contract that, for any changes, requires 4 out of 6 signatures from the Platypus and Vector teams — each of which has 3 signatories. Additionally, for further security, there is a time lock on any upgrades submitted by the Multi-Sig to the contract. This time lock lasts 48 hours, meaning that after initial approval, a new approval is required to be signed 48 hours later in order for the contract to be upgraded. This allows the contracts to be publicly visible and reviewable by the signatories and the public for 48 hours prior to the upgrade happening.
As mentioned, we will have to deploy a new MasterChef contract to remedy the situation, and thus, a new VTX token will have to be deployed. All old VTX will be redeemable 1:1 with new VTX. Additionally, all unclaimed emissions that you have received up until now will be claimable upon the deployment of the new MasterChef contract.
When will the site be functional again?
The revised MasterChef is nearly complete and will be finalized and extensively reviewed, well in advance of the 48 hour period. The 48 hour time-lock period began on March 1, 2022 at 1:00am UTC, and will thus be finished on March 3, 2022 at 1:00am UTC.
What are the next steps?
We will undergo a token migration along with the upgrade to the contract. This will be handled on the website where you will be able to interact with and perform the necessary actions to migrate your tokens to the new contract. Breakdown by type of user below:
VTX Tokenholders: You will be able to convert “Old VTX” to “New VTX” at a 1:1 ratio
VTX Stakers: You will be able to withdraw your Old VTX from the staking pool and then convert Old VTX to New VTX at a 1:1 ratio
VTX Lockers: You will be airdropped New VTX at a 1:1 replacement rate to your locked VTX amount
Stablecoin Depositors: There will be both a “Withdraw” function and a “Stake” function which will allow you to withdraw your receipt tokens from the old MasterChef contract and stake them into the new one. After this, you will be able to deposit and withdraw freely via the stake page on the site.
xPTP Stakers: You will be able to withdraw your xPTP tokens and re-stake them. The xPTP token is unaffected by this deployment and thus no migration/conversion is required
VTX-AVAX Liquidity Providers (including Rocket Joe participants): You will be able to migrate your “Old VTX-AVAX LP” to “New VTX-AVAX LP” at a 1:1 ratio
xPTP-PTP Liquidity Providers: You will be able to withdraw your xPTP-PTP LP and re-stake it. The xPTP token is unaffected by this deployment and thus no migration/conversion is required
vePTP Airdrop Recipients: You will be able to claim Old VTX and then convert 1:1 for New VTX
We understand that what happened was not ideal; however, what is most important is that all funds are safe and were never in jeopardy of being lost. The contracts were designed with utmost security for the users funds in mind. This includes the 48 hour time-lock that was implemented as a Multi-Sig with Platypus. We are extremely sorry for any inconveniences caused by this delay, or by the migration. We will make this as seamless of a process as possible. Your rewards are still accruing. Our 1 million PTP is still being staked and accruing vePTP. And PTP Rush will still be happening on March 3rd.
The current situation is a result of our attempt to better the protocol by moving to a more decentralized state. We appreciate your patience as we work hard to quickly implement the solution. Thank you all for being a part of the Vector community. We look forward to coming out from this with an even more secure, decentralized, and improved protocol.
The Vector Finance Team
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