Posted Sunday Sep 12, 2021
Hello, #PartySquad. We are happy to publish our first audit and the token lockup smart contacts. Both of them will bring a new step into offering a secure platform for our users. We couldn't be more excited!
Solidity.finance performed our first audit; they are a small company that offers in-depth smart contract analysis. Their objective is to find possible flaws that could let third-party users take advantage of code vulnerabilities.
Please click here to read their analysis. We also published their audit on our landing page!
In their analysis, we confirm the code is secured to bring you a safe and great experience. However, the only flaw pointed out was a possible mechanism that could allow users to use flash loans to affect the price of AVAX/PARTY and take advantage of it in the process.
The good thing is that Avalanche doesn't currently offer any service with flash loans (at least with enough liquidity) that could allow these types of attacks. Still, we know they are coming very soon due to the exponential growth of AVAX. So we will start applying different measures to prevent a successful attack of this type by integrating TWAP and Chainlink in our application. Our current ETA for the deployment of these improvements is set to be by the start of next month (we will publish more details in a new blog post after our app release).
Aside from that, we plan to do more audits with bigger companies in the future. Please stay tuned for these!
To offer a secure system, we need to give you reasons to trust in us. We locked the tokens that were planned to be used in specific development areas of our platform. We set deadlines that are closer to the date of the usage of these tokens.
To know more about how our team will manage the initial token distribution, read our Tokenomics article.
Team allocation tokens are scheduled to unlock in six different batches.
The 50% of our Airdrop tokens are scheduled to unlock in two different batches.
For the Jacuzzi (single-sided pools), we will keep in our multi-signature wallet 3,002,125 $PARTYs for the next 91 days. (Note: to know how this works, please refer to the Jacuzzi article).
The rest of the tokens (17,622,875 $PARTYs) will remain locked in a contract for the next three months. Once these tokens are unlocked, we plan to take the next batch of tokens and re-lock the rest.
We will keep in our multi-signature wallet 50% of the tokens destined for community marketing. The rest of these tokens will be held in our multi-signature wallet.
As we specified in our Tokenomics article, we plan to keep 5% of these tokens pay development costs. The rest will remain locked in a smart contract for the next two months. After that, we plan to use 95% of these tokens for governance and DAO, but we plan to keep them locked until governance is not active yet.
Investor tokens are scheduled to unlock in six different batches.
We plan to keep 9,327,125.04 $PARTYs in our multi-signature wallet.
And that's it! Thanks a lot for trusting in us, and we hope this article brings more transparency.
PartySwap is a Decentralized Exchange (DEX) launched in Avalanche where you can do permissionless swaps between currencies, earn interests in farms and liquidity pools in one interoperable, highly scalable ecosystem.
If you have inquiries about our platform, please don't feel afraid to ask! firstname.lastname@example.org