We wanted to inform the community about the upcoming transition to Phase 2.
We will be moving to Phase 2 in May/June as per the launch schedule. Initially we were looking at first half of may to launch phase 2 but we have pushed that back for the following reasons:
First, we still have people who have not withdrawn their deposits from the User Vaults. This means that if we close the platform to update the code, those deposits will be lost. The original deadline for the end of withdrawals was May 8, but many users still haven't withdrawn their deposits. Therefore, we thought it was fair to extend the period a bit more so that as many users as possible can withdraw their deposits. We will continue to highlight the need for withdrawal in the coming weeks.
Second, we have added a significant amount of new code to our product since the last audit was completed. This code needs to be audited in addition to the already audited code to ensure that our platform is 100% secure. The new code is for the staking contract and is over 2000 lines of code which is linked to many other contracts on the platform. This code is currently with the auditors. We could launch Phase 2 without it and update it later, but the staking code interacts with all the other code, so the code needs to be deployed in one go when we launch phase 2. Launching the platform without the staking contract would cause more problems than waiting until the code passes the audit. We will use this extra time to improve the user interface and usability.
Third, as you know, the markets took a big hit last week. This means that it doesn't make sense to start the index vaults when we believe that more downside is to come. As the saying goes, "Nobody wants to catch a falling knife". The lower the entry point for starting the indexes, the less downside there will be for the capital deposited in the indexes, and the more upside, which can only be good for the users of the index vaults!
As always, we would like to thank you for your understanding and support as we work to develop the best Defi copy trading platform in the market!