After a frustrating start to our launch, we have finally launched and pressed go on our initial public build. All of our preparations leading up to the IAO and beyond were not enough and we had multiple delays getting the protocol to mainnet. We take full responsibility and would like to share with the community the details about the delays leading up to the launch.
Our original launch plans were to have our dETF’s run through Pancakeswap, the most liquid DEX on BSC, but along the way we met the wonderful apes of Apeswap and decided a partnership was in both of our best interests. Our testnet protocol was fully deployed using Pancakeswap oracles and routing. Leading up to the IAO, we re-coded the infrastructure to use Apeswap oracles and Apeswap DEX.
Post IAO Delay
We notified the community we were waiting for an audit report so we could launch on mainnet and not have all you smart apes spying on the contracts. Once the audits came back clean we came up to our second delay which was caused by one of our six contracts not verifying on BSCscan which meant that users would not be able to verify the code nor interact directly with the contract in the event of an emergency, should the front end go down for any reason. We looked for several solutions and ultimately had to trim down the whole contract which we did as fast as possible, credit to our dedicated dev team. After we updated the code and ran several testnet deployments, we were ready to finally launch to the community. We set the timer and engaged our partners. We were so excited!
Failure to Launch
On Saturday morning from last week we deployed the front end and connected the contracts as many blockchain detectives noticed and ran small transactions on the protocol before pointing the URL and releasing on time. It was at this point we noticed that we had an issue on the “BURN” function. This function is used to exit a dETF and collect one or more of the underlying assets. The issue was a miscalculation of assets due to the oracle and front end not verifying the same numbers between one another. We did not want users to suffer any loss of funds and we were forced to pull the plug on the launch once more. Unfortunate timing would have us on the weekend which always makes things more stressful for a corporate-based team typically working Monday through Friday. Our team worked around the clock to find the calculation issues. Looking for a single issue on complex code takes a great deal of time to find the source. Once we completed the work, we enlisted the wonderful team at Dapperlabs subsidiary PixelPlex. They did another code review and logic review to make sure our smart contracts are as safe as can be. We have officially been audited by DeFiYield, Gordian and now PixelPlex. We have reached out to Certik for our next audit and will share updates with the community once we are fully onboarded.
biT10 Launch
After combing through the code, we found the core issue and the actual fix was fairly simple once detected. We have now launched the project and sent our code to Certik for our fourth audit. We thank the community for their patience. We are excited for the biT10 dETF made up of 10 BSC native tokens that are the foundation of the Binance Smart Chain. You can explore the dETF and our platform on app.bishares.finance
So What’s Next?
Now that we have launched our platform and verified its safety, we can focus on the future. Late this coming week or next we will go live with our DAO and staking contracts so the community can get involved in the platform and help guide its future.
We will also be releasing the GAME dETF to capture the current hype in the NFT gaming sector. We are finalizing the tokens that will be included in the platform and will be ready to announce them shortly.
We had planned to release our first partner dETF with Apeswap on Aug 4th but since their IAO has been delayed for Dragonary, we have decided to wait for the new date so they can be included. Stay tuned for that dETF which is sure to be a popular one.
There are many more dETFs planned for launch now that the platform is live. We welcome community suggestions on what dETFs they would like to see released.
Our near-to-mid term roadmap also includes building v2.0, which includes going multichain with an exciting new partnership and BiShares NFTs. The longer term roadmap will include a FARMING fund that allows all the underlying tokens to farm their underlying protocols creating constant growth for the underlying dETF while accelerating growth for holders.
