Migrating to a new token is a turbulent time, filled with anxiety, headaches and setbacks
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Migrations can be a messy business within the Decentralized Finance space. A successful migration can make or break a protocol as it tries to adapt and change.
One of the things that makes DeFi possible, immutable smart contracts, also make migrations essential as protocols grow. For most projects, migrating to a new token is a turbulent time, filled with anxiety, headaches and setbacks.
However, for Titano Finance, its migration on April 22, 2022, was just another day in the office. It went smoothly and required virtually no input from token holders. From automatic staking to automatic migrating, this ease of use was in keeping with its approach of building a full-featured DeFi project that makes life simple for investors.
To understand how monumental Titanos migration was, we first need to look at the issues with the V1 Titano contracts, and what has been upgraded and modified. Certik, the leading blockchain protocol auditors, identified several problems with the original Titano contract and it worked with Titano Finance to ensure the following were all resolved:
1 – The MINT Function has been eliminated: Titanos V2 contracts remove the mint function, which had previously allowed Titano to mint an infinite number of tokens. This function is now gone.
2 – Rescue Token Function has been eliminated: A rescue token function can be useful if someone sends money to purchase Titano to the wrong Titano wallet. However, having this also creates vulnerabilities. The rescue token function has been removed in the new Titano contracts.
3 – Buy and sell fees have been capped: Currently, Titano has a 13% buy and an 18% sell fees when you buy or sell the token. The Titano V2 contract eliminates Titanos ability to raise these fees above these amounts. The project can, however, elect to lower these fees to zero.
4 – Treasury and RFV wallets are now Multi-Sig: The treasury and RFV wallets now require multi-signatures to enact changes to the contract, such as those Buy and Sell fees mentioned above.
5 – Security and code logic improved: Titano V2 contracts have upgraded security and code logic, making them stronger and more secure.
Furthermore, Titano's protocol is now monitored 24/7 by Certik's skynet system.
The second major problem Titano was facing was through its exposure to Pancake Swap, a third-party decentralised exchange (DEX). Every Defi protocol needs to have an exchange to enable users to buy and sell their tokens when they want to enter or exit the project. As the DEX is providing this service to the protocol, they take a percentage as their payment for facilitating the trade. However, since Pancake Swap is not interested in holding Titano or any other token for the long term, they sell these tokens on the open market at random times. This can lead to increased price volatility and sell pressure. Rather than fight Pancake Swap on their percentages and how they sell them, Titano launched SWYCH, a brand new DEX. The fees collected during Titano swaps will now be used as a source of revenue, for buybacks and burns. All elements will help with upward price pressure.
SWYCH isn't limited to offering swaps on Titano. SWYCH aims to become the defacto Dex for all DeFi protocols and has committed to burning all the tokens it collects through fees. Also with over 80 thousand wallets and 125 thousand followers across social media, Titano has positioned itself to give instant visibility to every project as it lists its token on SWYCH.
With the launch of the new contract, security will always be top of mind. Titano Finance has demonstrated it is not only taking security seriously today but indefinitely into the future by activating Certik SkyNet. Certiks Skynet program enables real-time monitoring of the protocol to detect any irregularities that may happen. It is the equivalent of upgrading from calling the police after a break-in, to a security team standing at the gate. Skynet will be instrumental in protecting the protocol every day.
Now that the contract upgrade is complete and SWYCH is launched, Titano will focus on building out further utility. In less than a week after migration, it has already brought back the fan-favourite, PLAY protocol and this time, under Certik‘s watchful SkyNet. Titano PLAY is a weekly no-loss raffle game where players are entered into a draw to win huge sums of Titano tokens. The added benefit of Titano PLAY is that a percentage of the prize pool is actually burned which means it has a deflationary effect on the eco-system. There are other utilities coming down the line too, with a lottery, weekly buybacks, passive income NFTs and much more. Just because the contract upgrade is complete, doesn’t mean that Titano is done innovating.
For DeFi lovers looking for a project that places innovation, safety and ease of use as its selling points, Titano has proven once again that it is a force to be reckoned with and will lead the way in this ever-evolving space.
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