Dear POSI Community,
Position Exchange’s team is glad to announce that POSI is coming back in its new version POSI v2. We would like to express our thanks and gratitude to all POSI Community members who have been supportive during these hard times.
After a long week of hard work and sacrifice, our corrective work came to an end with great results. We are ready to continue this exciting journey with the POSI Community in order to achieve our main mission which is to create the most Decentralized Trading Protocol with POSI v2 as a strong and sustainable utility token that serves its ecosystem.
Before providing further details about the newly implemented measures, we would like to remind our valued members about the core feature of Position Exchange’s Protocol, which is On-chain Derivatives Trading with a focus on Futures Contracts. As it is detailed in our Whitepaper and several previous publications, the team is investing all its time and efforts in the potential value of the token.
Once the derivatives trading platform is launched (Check our Roadmap on position.exchange), the total amount of fees generated from Trading will be used to buy back and burn POSI v2 in order to control the circulating supply and increase the value of the token.
Our futures contracts trading feature will be the heart of the protocol allowing us to attract long-term investors and traders, who will benefit from low trading fees, low slippage, and high leverage allowing a great trading experience in DeFi all while having a creative and user-friendly interface. Derivatives Trading along with the other features will guarantee the high utility of POSI v2.
Regarding the previous incident, we would like to assure all our community members that Position Exchange’s team has set several measures to prevent any similar situation from occurring in the future and guarantee safe and sustainable operation. The Dev Team has successfully detected the source of the last anomalies and has reviewed all the vulnerabilities.
The Exact time of injecting the liquidity be communicated in our Telegram channel. We would like to make sure that users can convert their Tokens before injecting the Liquidity to guarantee a fair launch.
Following are the measures and the plan going forward to get the project back on track and release POSI v2:
1- The team has developed the new smart contract (POSI v2), with improved security. Exchange and farming will reopen again on July 27th with the same position prior to the incident.
Liquidity will be injected at $0.5 (the value of before the attack happened).
POSI v2 Contract details:
Network: Binance Smart Chain
Contract Address: 0x5ca42204cdaa70d5c773946e69de942b85ca6706
Name: Position Exchange
Symbol: POSI v2
2- All wallets’ balances will be brought back to their initial value before the incident had occurred. We will convert the old POSI tokens to POSI v2 tokens using a calculated conversion rate that automatically removes all the tokens generated from the RFI breach. You will not lose any value, only the bug-tokens will be deleted.
Users will have the same balance they had before the attack happened unless they have already sold their tokens. Only POSI tokens will be converted!
The conversion process will be done manually by the users, it is very simple and fast on our website. Users can click on the convert button after they connect their wallet and confirm. The conversion will start at 08:00 UTC on July 27th same time as the AMA, we will guide you through the process.
Migrate Smart contract: 0x79eaa59d796aa10960bb29917c5daaa641adde17
Please note that: The sudden dump in the price was caused by users selling the tokens generated from the RFI breach (bug tokens). This caused a big loss in liquidity for Position Exchange.
For users who bought POSI after the attack happened, you will be given a refund in BUSD with the same value spent for the purchase.
3- Users who have staked LP tokens in the farm will be able to withdraw their funds or decide to keep them. The LP tokens will be converted to POSI v2 at a conversion rate of 1:1.
The rewards generated from farming can not be harvested and will be deleted.
4- Our Audit will be conducted by Certik. As our main feature, On-chain Derivatives Trading is still in development, we were advised to proceed to the Audit once the protocol code is fully completed which will be very soon. For our new smart contract, we have built on top of an existing smart contract that has already been audited and verified. The Audit report will be published as soon as it is ready.
5- We will keep our promise about the Airdrop even with this inconvenient situation. It represents only 1% of the max supply. Many fear the Airdrop distribution will have an impact on the price, each user will only receive a low amount which would not affect the price much. Nevertheless, we have decided to organize the Airdrop distribution as follows:
The distribution will happen over a period of 10 days:
Every day 10% of the Airdrop which represents 100k tokens will be distributed.
The Airdrop will start getting distributed one day after injecting liquidity.
The measure is taken so that we can control POSI circulation and prevent a sudden dump in the price.
6- The RFI Technology will still be implemented in our protocol. This feature will allow all POSI holders to share the 1% fees generated from the transactions. So, Just HOLD & EARN!
For more information, make sure you attend our 3rd AMA session on July 27th at 08:00 am UTC. Be there!
Together we are Stronger!