YFDAI Token Locks

Dear Community,

Following on from the research completed by @defiyield we have deployed the contract in a testnet environment and the Staking/DAO tokens can be transferred. After discussion with our Developers this morning they have advised this was a safety mechanism where the owner of the contract can return tokens that may have been sent to the contract address incorrectly.

Our ethos is to provide the most secure environment for our DeFi users, therefore we have the following resolution.

Today we will create 3 separate time release smart contracts. The first for the Farming Pool tokens that will be time locked until Farming service released. The main farming contract will have the withdraw code removed.

The second contract will be for the DAO tokens that will be time locked until the date of product release. The main Dao contract will have the withdraw code removed.

The third contract will hold the Staking tokens which will be time locked until the 25th October. On this date the new Staking contract will take over from the current contract excluding a withdraw function.

This will fully lock the funds and guarantee that no transfer is possible. Once the products are live, the staking, farming and DAO contracts code will be amended to ensure the withdraw function is removed. All contracts will be audited by Blockchain Consilium to confirm.

The breakdown of the token allocations are:

Staking: 5594 tokens allocated. 466 will be left in the current contract to fulfill the staking rewards to the 30th October. 5128 tokens will be transferred to the new secure time locked smart contract immediately.

Farming Vaults: 1455 tokens to be transferred to new secure time locked smart contract for farming pools immediately. On the 20th October 2020 the Vaults will be released and the 1455 tokens will be transferred to the production Vault locked contract.

DAO: 300 tokens to be transferred to new secure time release smart contract immediately. This contract is time locked until 15th December 2020. The DAO service will launch between the 15 and 20th December 2020.

The above measures will ensure full protection is given.

We will also be reaching out to @defiyield and will request that he also fully checks all code. We will also be offering him a bug bounty with YFDAI as his research has helped us spot this early for which we are very grateful.

Due to the above the launch of the farming vaults will be moved to a later date, we will update the community as soon as we can with the new expected launch date.

The above changes will be seamless, at present you will not be required to stop staking and the rewards will continue as normal.

We are committed to ensuring YFDAI is regarded as the most secure, transparent, full DeFi Suite in the industry. Once we have completed the transfers to the time locked wallets and provided the proof, we will be available in the chat room to discuss.

YFDAI Team