TL;DR:
- The ProjectX Smart Contract will be upgraded to include new Features (compounding without claiming & node transferability)
- This will include downtime (24–48 hours), your rewards will accumulate during the downtime; there is nothing for you to do on your end during the maintenance window.
- After the new contracts are live, you’ll have a few clicks to approve and migrate your nodes over and instructions will be provided ahead of time.
We are VERY excited to announce another big step forward for Project X, rolling out brand-new, decoupled, modular smart contracts!
With this release, two of the most requested Community Features will be included:
- Ability to compound your rewards into a new node without claiming
- Ability to transfer your compromised nodes to a new wallet
We are plannning to complete the switch this weekend! Our target window to begin the upgrades is Saturday 16th April, at around 6 pm UTC.
Why is this happening? This allows us to include a host of upgrades, including two of the most sought after features by the community, plus some extras!
The upgrade schedule includes but is not limited to:
- Compound nodes without having to claim (This will lower the fees when creating new nodes from rewards!)
- Transfer nodes due to wallet having been comprised (unfortunately this occurred a lot, get a bloody hardware wallet people!)
- Node Regeneration fees
- NFT Integration 👀
- Intermittent High Gas Bug has been squashed once and for all 🐛
It doesn’t stop here either! With these new modular smart contracts, any further enhancements can simply be attached to the new contract. This means no further downtime in the future!
Also, please keep your suggestions coming in the Discord #suggestions channel. The Team looks at and reviews all of them! You should see the document we have shared and marked up; it’s quite the sight.
How does this affect you, the investor, in the short term? It will mean a brief downtime while we shift everything across to our new, swanky smart contract. Once the move has taken place, there’ll be a few clicks needed on your end to approve and migrate. Don’t worry, we’ll post all relevant instructions when the time is appropriate.
IMPORTANT — PLEASE READ THE BELOW!
AND THEN READ IT AGAIN!
YOU WILL SEE A LARGE RED CANDLE ON THE CHART AS LIQUIDITY IS REMOVED.
LIQUIDITY WILL BE MOVED FROM THE CURRENT POOL TO THE NEW CONTRACT.
Below we have crafted a list of what we think will be the most asked questions; if something isn’t answered please feel to reach out to us in discord or on Twitter and we will assist with answering your query!
How will the Contract Upgrade Work?
- Trading will be halted
- Liquidity will be removed
- The website will be updated
- Liquidity will be added to the new contract
- Trading will be resumed
- Users will migrate nodes and tokens by themselves (as per above)
REMEMBER LIQUIDITY IS BEING MOVED; THE CHART WILL DISPLAY A LARGE RED CANDLE.
FAQ’s
Q. When will the upgrade begin? (time in UTC and date)
A. Saturday, Apr 16 2022, 6pm UTC
Q. Estimated time for completion? Will network congestion have an impact on this?
A. We don’t believe this to take too long but would estimate 24–48 hours and will be doing everything we can to adhere to this.
Q. Will Users still be making rewards during this time?
A. Yes, rewards will be accumulated during the downtime.
Q. Do I need to claim rewards before the migration?
A. No, you will have buttons after the migration to claim your rewards
Q. Will the rewards rate stay the same?
A. Yes, the rewards rate will remain unchanged with this contract upgrade; .17 per node, per day.
Q. Will we be moving to a new symbol?
A. We will move to a new ticker, more information will come on this
Q. Will liquidity be removed from the current chart?
A. Yes, liquidity be removed from the router pool. And it will result in a big red candle as we will be moving all of this liquidity to the new router pool.
Q. How will the users move their nodes/rewards to the new contract?
A. Each user will have three buttons on the homepage:
Step 1 - Migrate Nodes — When the user clicks this button, the request goes to old contracts to check if this user is a node owner and how many nodes they have in their wallet, it then creates the same amount of nodes on the new contract.
Step 2 - Migrate Rewards — When the user clicks this button, the request goes to old contracts to check if this user is a node owner and for any unclaimed rewards they have associated with those nodes, it then creates the same amount unclaimed rewards on each node on the new contract.
Step 3 - Migrate Tokens — When the user clicks this button, the request goes to the old contract to check how many tokens this user has in their MetaMask wallet, then the same amount of tokens are minted and sent to the same wallet the request was made from.
Q. Will Regeneration fees go live with this upgrade?
A. Yes, Regeneration fees will go live with this upgrade. (remember there are 30 days to settle them and a further 30 days grace period.) However, your nodes will be paused at Day 31. More info below.
Q. What are the Node Regeneration Fees?
A. Node Regeneration Fees are 3% of the cost of a node. Example, if PXT2 is trading at $3 per token, a node costs $30. The fee per month, payable in AVAX, would be $.90 per node. If you have 50 nodes, that cost is $45, 100 nodes would be $90 per month.
Q. What happens to my unclaimed rewards if my nodes are paused? (Day 31 of no payment)
A. Any unclaimed rewards at the time of the node being paused will be forfeit and sent back to the rewards pool. Remember, you can reactivate your nodes at any time during the 30 day grace period by paying the node regeneration fee.
Q. How long is the Grace Period and do my nodes accumulate rewards while paused?
A. The grace period is 30 days, after which your nodes will be burned. Your nodes do not accumulate rewards while paused.
Q. What happens after the Grace Period ends? (Day 61)
A. Any nodes that have not paid their regeneration fee will be burned forever. RIP.
We appreciate your patience with us on this. The Moderation Staff, as well as Core Team Members myself will be on hand to answer any queries you may have. Onwards!
About ProjectX
ProjectX aims to be a Core Defi Ecosystem providing sustainable, passive income opportunities for all entities. Initially built as NaaS (Nodes as a Service)/DaaS (DeFi as a Service) hybrid, ProjectX is quickly expanding beyond its roots to gameified utility and TradFi/FIAT access to the blockchain. ProjectX currently has over 350,000 Nodes running and securing the AVAX network.
Learn more about ProjectX by visiting projectx.financial, or reading our Whitepaper at projectxbook.gitbook.io/whitepaper.
Join the discussion via Discord discord.gg/projectxfinance
Follow us on Twitter at twitter.com/projectxfinance
