Uranium V2 : launch, migration, audit
First of all we want to say a big THANK YOU to you all for your patience and for bearing with us while we dealt with the various difficulties we’ve encountered since the exploit. We really appreciate your support and you can rest assured that we have been working tirelessly to solve all issues as best we can and make the transition to and launch of V2 as smooth and as best possible.
We have considered every issue from every angle and listened to the community’s thoughts and concerns. We know we can’t please everyone, but all our decisions were made with the intention of doing what is the absolute best for all of you and for the future of Uranium.
Here we go:
V2 Branding : U92 is the new RADS
After an internal vote, we decided the RADS and sRADS tokens will be renamed !
RADS : U92
sRADS : U235
We have named them this way to distinguish them from the old RADS and sRADS. This way we avoid any confusion.
Our designer is working on them right now, and the new face of our token will be seen at the same time as the V2 launch!
V2 : the launch
Here is the main course, that a lot of you have been eagerly waiting for these last few days. As promised, the V2 will be launched this week, in two steps :
- Friday 16th April at 8pm UTC will be the official launch of the V2 tokens, which will be swappable, and the farms will be opened to deposits (but without rewards yet)
- Saturday 17th April at 8pm UTC all the rewards will be activated
Everything will take place on the usual webapps, which will be updated just before launch :
- https://app.uranium.finance
- https://swap.uranium.finance
V1 to V2 migration : process
For the V1 users, no matter the situation, you will have to go to https://app.uranium.finance/v1claims. Once there, you’ll see all the due amounts of U92 and U235 you should receive, following the rules explained in our previous medium post.
You’ll just have to approve two contracts (one for RADS, the other for sRADS) and to click on the “claim” button. This will fire the following sequence :
- THE TOTALITY of the RADS and sRADS in your wallet will be sent to the contract
- The U92 and U235 tokens due will be transferred to your wallet
For the people who have been in the RADS pool, the process is EXACTLY THE SAME, even if you don’t have any RADS in your wallet now (we know how much you had thanks to the snapshot we took and you will receive as much in U92, and 10% of that amount in U235 as compensation, as indicated in our previous medium article).
V2 Tokenomics
After the v1 experience, we felt that most of the initial choices we made were pretty solid and sustainable. But as everything is always perfectible, we are going to make some changes to optimize V2 even further.
All the details will be provided in the next medium post coming Thursday 15th April, and will cover the following questions :
- Money pot management and distribution
- Initial emission rate
- Initial pool offers
- Swap fees
We’re still working on the final details right now, but we’re 100% confident that you’ll like our adjustments !
Hot topic : the audit(s)
Audits were clearly a weakpoint for our v1, so we’ve learned our lesson and doubled our efforts. This is one of the main reasons why this post is later than we (and you) would have liked.
Of course, most of you probably know that it’s impossible to secure a comprehensive and renowned audit in the time we have available. The DeFi world is moving so fast, we definitely can’t wait for a month before releasing if we want to survive.
But, we definitely know that we have something to prove to regain the trust of some of you, that’s why after having carefully weighted our options, we decided to proceed like this :
- After having applied the fixes and some minor changes to our code, we contacted a talented White Hat who made a full review of it.
- We have signed a deal with HyperJump, who’s going to do a review of our code that we will be published BEFORE our launch. [Note that this can not be considered as a fully fledged audit, but covers all of the essential security points of a contract]
- Last but not least, we have an initial agreement in place with one of the most renowned auditing companies in the BSC/Defi space for a complete audit to be published at the end of April. Our NDA precludes us from saying more but once the agreement is finalised we will release the name of the company.
Quick review of our Compensation Plan :
Our compensation plan (announced in our previous medium article: https://uraniumfinance.medium.com/uranium-post-mortem-v2-compensations-aac4b0706d7d ) was generally very well received by the community. We thought long and hard about this plan and we were well aware that we could not satisfy all of our users.
Even though we’ve tried our best to provide the most reasonable compensation possible for as many of you as possible, we understand that some of you are still feeling that you’ve been wronged, in particular those who paid the 4% fee in the last hours before the exploit.
We thought about some ideas, like whitelisted farms, or more “direct” compensation solutions. But potential solution we came up with would take way too much time and resources and delay the launch with even more new code to produce and then audit. We are also very aware that every additional delay before the launch of V2 is more risk to all the RADS and sRADS holders who kept their trust into us to make a strong come back.
That said, there will be opportunities in V2 for people to stake in Uranium in different ways than in V1, but that will be explained in Thursday’s post.
Concerning the airdrop for people who panic sold on April 9 between (6:27am UTC) and (6:57am UTC) : we are processing all these applications by hand and it takes time, but it will be done right. The form will stay open for 24 hours, then it will be closed (April 14 at 22:00 UTC).
$1M Recovered funds
As stated in the previous article, the recovered amount ~ $1,000,000 is still here (thanks to the bullish market, it’s now nearly $1.130.000): https://etherscan.io/address/0x0854Ec1Af3bA4B8517DAf0D548C58b9e20096076
Previously we announced that we would move the recovered funds via Binance Bridge, but considering the recent issues with this tool, we will do it a different way (probably via TerraBridge). You will be notified in advance and of course all transactions will be published.
Everything will be paid in its entirety into the Money Pots to be rewarded as normal to all sRADS/U235 holders (the exact block number for the start of reward payments and the reward repartition will be revealed with the other V2 launch details on Thursday).
In conclusion
We want to sincerely thank all of you for your trust and for having faith that we will get through this and come out even stronger in V2. The community has been incredible right from day 1 and throughout the various issues we’ve encountered, you’ve always been there supporting us and we are very grateful for that ! We literally could not have done this without you.
No matter the outcome, we’ll work as hard as we can to deliver, so that your loyalty is definitely rewarded.
We have already gone through a lot of hardships, but we believe the worst is now behind us and that V2 is still just the beginning of long and prosperous journey.
Thank you for being part of Uranium.Finance
