Feeder Finance Daily Update June 1, 2021

TL;DR

  • Bug fixed. Re-testing on mainnet. Will update in tomorrow’s update
  • CertiK call went well. CertiK Shield and Skynet verbally engaged; pending audit report
  • Contacted Aircoins per community suggestion
  • Contacted PeckShield
  • Reconnected with CoinTelegraph
  • Engaged PR firm to handle press releases

Core Development

Products

Jimmy has fixed the issue.  We’ve tested the whole thing on testnet first again (so we’re not wasting gas) it worked out well. We’ve run over 20 test scenarios, and all checked out.

We’ll start testing on the mainnet and provide an update in tomorrow’s update. Fingers crossed. We’re almost there guys!  

Audits & Security

We’ve had our call with CertiK today. It went exceptionally well!

Here is the brief:

  • We settled on smart contract submission for the vault mid-next week.  
  • We’ve verbally agreed to engage on CertiK Shield and CertiK Skynet
    • CertiK Shield would allow us, based on rough math, to use insurance funds to fund a premium that covers ~100x of the premium paid. It renews every 21 days ($100K premium = $1M coverage)
  • We need to think about how we should approach it; perhaps part of the insurance funds accumulates within our insurance wallet, and another part pays the premium. Why?
      • Premium paid is gone. That means we need to pay a premium every 21 days to keep the coverage. Using all of our insurance funds may put us at a disadvantage.
      • Having part of it accrued into a larger sum will give us flexibility; we could increase the premium when exploits are rampant and reduce while things look more secure in the crypto market—these things do come in waves.
    • This is our homework and we have until the Audit Report to think it through.
  • We’ve received incredible words of support for what we’re doing and how we’re approaching it. I think we’re on the right path and have you guys to thank for being patient and understanding in our ‘unique’ way of managing the project.
  • Completing the whole package (Audit+Shield+Skynet), CertiK will validate us publicly with a social media post. 

 

Business Development

  • Based on community suggestions and contacts, we’ve gotten in touch with Aircoins. He’s since gotten back and promised a marketing package. We’ll be waiting for that to see if it would work for us.
  • PeckShield has been a fantastic source of information for us on exploit post-mortems. That gave lead us to consider adding PeckShield as another party to audit our contract. We’ve reached out to them today; we haven’t heard back but will follow up in a couple of days. There is no rush on this as we trust CertiK work but thought it would give investors more comfort.
  • We’ve reconnected with CoinTelegraph on our marketing package for a press release and sponsored article. We’re discussing engagement now.
  • We’ve also engaged a PR company to help write up a press release for us, and they will spread the word out to hundreds of media channels once complete.

On-Going Activities

[Complete] CMC Retweet Giveaway:  LINK

Congratulations to our winners:

Our Meme contest is coming up tomorrow.  Stay tuned!

Nothing written here is financial advice.  Please DYOR.