Hello, KlayFi community.
This is KlayFi Lab.
Yesterday, We officially launched KlayFi on July 26, 2021, at 19:00 (KST)
First, we apologize that our official launch was absolutely unprofessional.
We call it a ‘messy’ start. There is no excuse for it.
Therefore, the team listed up the issues that we encountered after the launch.
Recapitulation of KlayFi’s official Launch
1. Delay of the official launch
2. Issue of a clerical error: Kai Pools, APR/APY, Reward, etc
3. Malfunction of some features in front-end side
4. Providing liquidity into the KLAY-KFI Pool in KLAYswap
Our team has many years of experience with Ethereum and BSC networks, but it was such a challenge for us to develop a DeFi protocol with the Klaytn network. We never thought it would be easy but much more challenging than we expected.
Since KlayFi has a complex scheme of governance & token economy, we had many issues while we were deploying contracts on the launching date. Although we had many tests before launching, it was not enough.
1. Delay of the official launch
We expected to fix a few codes within four hours, but it was not enough time to make our protocol flawless. As mentioned above, we tested many times prior to the official launch but couldn’t detect such problems.
2 & 3. A clerical error & Malfunctions of some features
KlayFi collects massive amounts of data from various sources. Errors repeatedly occurred while collecting data, and most errors are fixed by now. Yet, the team is still figuring out the exact numbers for KAI Pools because there are airdrop rewards from KLAYswap. We will fix this issue as soon as possible. Your airdrop rewards will be auto-compounded as well. The current issue of showing accurate APR/APY is fixed along with stable features for other vaults.
4. Providing liquidity into the KLAY-KFI Pool in KLAYswap
To stabilize the price of KFI and the KLAY-KFI Pool, we actually planned to provide the appropriate amount of liquidity into KLAY-KFI Pool right before the official launch. But the market worked differently. When you provide liquidity into the Pool, you need to deposit each side, in this case, KLAY and KFI. Due to the dramatic increase of trading in the KLAY-KFI Pool, the team was not able to provide liquidity on time. Some users may think this was suspicious behavior, but we will provide incentives to the community in return.
Once again, we appreciate your support during the LaunchPad period, and the team will put every effort into providing a better service.
Sincerely,
KlayFi Lab
[Additional Note]
- The total number of Minted $KFI: 2,070,000$KFI
- Test Pool: 1 $KFI
- Rewards for LaunchPad participants: 1,983,446 $KFI
- Liquidity Provided: 30,000 $KFI
- Special Airdrop for KLAY-KFI stakers in KLAYswap: 60,000 $KFI(Daily 1,000 $KFI)
- Deficit Amount: -3,447 $KFI (*deficit amount will be covered by KlayFi’s ecosystem amount)
