$FAN — way forward
The past 12 months weren’t easy for $FAN holders. Even though we worked vigorously in the background to make the situation better, the macroeconomics and the general crash in the crypto markets didn’t help us at all. Our development plan was supposed to wind up in 2023. Unfortunately, last week’s exploit was a blow that pushed us to change our entire strategy and come up with a new strategy. Please find below what we cooked up so far:
Way forward plan:
a. We will release a new token with a completely new tokenomics (including much lower supply, large parts of the team tokens will be burned)
b. New token will be claimable by every holder from before the exploit (based on the snapshot)
c. The token will be listed on major centralized exchanges to expand our community
d. New token will integrate broader parts of the Fanadise NFT ecosystem
e. It will be a utility token, with lots of benefits and partnerships related to our current business activities
More elaborate plan will be released by the Fanadise team as soon as possible, but not later than by the end of this year. We need a fresh start, because the company, overall, on the business side, is doing really well. Every major corporation in the world is investing in Web3 and the metaverse trend. We’re in talks — or have already signed contracts — with dozens of them. The NFT revolution will be the biggest paradigm change since the inception of the internet. And we will be a part of that change.
Holders are an asset that was always vitally important for Fanadise. Web3 is all about community, you cannot build anything in this space without it. The trust you gave us since the beginning was a key component to the success we achieved with this company so far. We want to live up to the expectations. We will do our best to resolve the situation in a way most rewarding for all sides.
UPDATE — 1.09.2022
One month after the exploit we want to provide an update and come with more details.
- We want to confirm that the reason of the exploit was an opened bridge between the new and the old contracts. Shortly before the exploit, we started the process of the removal of liquidity from the old contract, as we have announced months before in the migration plan.
- Despite our efforts, we weren’t able to close it, which resulted in significant damage done to the new token. Exploiting bots were buying the old $FAN, transfering the tokens to the new contract, and dumping the token relentlessly. We will paste the wallet addresses of the bots below.
- We won’t be resuming the trading of $FAN token. We will provide compensation plan based on the snapshot. It also includes token staked in the app. You don’t need to do anything else.
- The recuperation plan will be implemented in 2023, will include a new token, that will be a part of the Trait Swap ecosystem.
- List of wallets that participated in the exploit:
If you have any further questions, please reach out to us on Telegram.