The Next Phase for Metawhale Gold
By: Defi Labs Foundation
Tags: Defi Labs, Cryptocurrency News, Gold, Paxos, Cryptocurrency

Metawhale Gold Community Update — Where we Right Now and Our Future Objectives

Hello Defilabs Community!

Recently, a logic error was discovered in the Metawhale Gold Contract. This error ultimately does not allow automatic burn of inactive wallets, stretching the deflationary cycle longer then was originally intended.

We can confirm that while wallets are not currently burning after 120 days, they are still being force sold at 35 days, allowing the protocol to continue its deflationary journey. On the surface, this logic error may appear to extend the cycle by several years, however with the protocol having already burned more than 150k MWG tokens on transactions alone in 4 months, this may not be as big a concern as it would first seem. The silver lining to this issue (or should I say gold..) is that more PAX Gold will be accumulated this way.

Be assured, the liquidity is locked, and the Gold is still in the smart contract and is going nowhere. Please also be advised, Metawhale BTC is not affected by this as the logic error is not present in the contract so its full steam ahead for the sister protocol.

There is also the locked liquidity on MWG, of which Dr. Mantis and BitByTheByte are exploring several options. Most of these options are long term (roughly a year), of which they will update more on in the coming weeks as we get closer to the end of June. There is also the community suggestion pin in the telegram chat as Dr. Mantis wants to communicate with the community and keep everyone informed, involved and engaged.

What is the error exactly?

For the serious degens out there wanting full details, this is what the logic error looks like:

In line 230 of $MWG code, it reads:

assert self.lastIndividualTrade[_address] > self.lastIndividualTrade[_address] + 10518972, “MetaWhale: Addy is still active.” #4months

It should read:

assert block.timestamp > self.lastIndividualTrade[_address] + 10518972, “MetaWhale: Addy is still active.” #4 months

Basically, the protocol is looking for the last individual trade time as opposed to the current time (block.timestamp) for the check, hence it always fails to call an inactive burn.

So What’s Next?

The goal has always been to get Defilabs more exposure on other chains, increasing the overall volume. The ground work for this was already being laid far before the logic error was discovered, with much of the foundation for what needs to be done for Metawhale Gold already in place. After Speaking With Dr. Mantis, he has narrowed it down to one option which is very interesting indeed. In his own words;

“here’s what I’m thinking. So obviously one thing that is affecting these kinds of tokens is gas. BSC is cool because of low gas but it’s centralized etc..

I’ve been testing other platforms and I narrowed it down on a surprising chain. EWC”(Energy Web Chain) https://www.energyweb.org/technology/energy-web-chain/

EWC has carbonswap, I was just trying out deploying a contract the other day. We’re talking of transactions that are settled within 200–300ms and costing close to 0.

They already have a bridge to Ethereum built in and accessible via carbonswap. So anything we’re doing here can be done there.”

Don’t worry, we were just as surprised in our core community by this news as you likely are. Dr. Mantis is already in the stages of testing this process as we speak.

For a bit more background info, the Energy Web Chain is a public blockchain network open to all utilities, users, and devices. With a virtual machine identical to Ethereum, developers can begin writing smart contracts and Dapps with little to no additional learning curve. The enterprise-grade EW Chain boasts high scalability, low transaction costs, and lean energy consumption, thanks to its permissioned Proof-of-Authority consensus.

You can find out more about this exciting project here;

https://carbonswap.exchange/#/swap

CarbonSwap is a carbon copy of Uniswap and is already listing tokens like LINK, REN, TRU, OCEAN, XRT, CAKE, BSC, UNI, BNB, UBT as well as all the major stable coins. The key takeaways being that it is very easy to use, and every Metawhale Gold holder would be able to transition easily.

Dr. Mantis continued to explain;

“Carbonswap is also as easy to use as ethereum. Via metamask all that needs to be done is to make add a new server in metamask and your eth addy is ported to EWC. The EWC bridge makes it easy to get in and out of the native ecosystem because they have a bridge asset on ethereum — EWTB”

The ETWB bridge was built by Raid Guild and can be found here;

https://bridge.carbonswap.exchange/

The bridge retains an easy way in and out of Ethereum and Carbonswap is identical to Uniswap, only more efficient. This makes the transition for Defilabs holders in and out of the Energy Web Chain seamless, all while massively reducing gas costs as well as mining costs to the environment.

You can find our more about how to use EWC here;

https://www.youtube.com/watch?v=aofA7cORFhw&t=407s

Further testing is needed before there will be a transition to EWC, so while we cannot set an exact date for when Metahwale Gold holders can take advantage of the bridge and Carbonswap, rest assured it is on the horizon. With Dr. Mantis already testing out code right now on EWC, we will have an answer in the coming weeks for what the next phase will be, and what holders can expect. This gives even more time for the token bridge to build out functions for users, as well as give the Defilabs community a chance to get affiliated with EWC and CarbonSwap.

In the meantime, Metawhale Gold remains solid and will continue to deflate and build reserves of PAXG. The protocol has already built a reserve of more then 129 OZs of PAX Gold, and as said, burned more than 150k MWG tokens on transactions alone, which is impressive when you consider that’s just with the volume we’ve seen so far inside 4 months.

There is no denying the logic error has sparked unrest in the community, but nonetheless, there is still quite some time before the dead wallets can truly become an issue to real holders. So while it is still present, it more or less represents a long term problem that is, without a doubt, being addressed.

For those wondering about the PAXOS reserves, we are currently in direct talks with them about the option of a community vote. This would be greatly beneficial in making it an easier transition, which we will keep the community posted on as soon as we have an update.

We sincerely appreciate the love and understanding from the community through everything, it has really been wonderful to see the feedback and general positivity. Dr. Mantis and BitByTheByte are working tirelessly to address the issue at hand, coupled with the exciting news and ground work already made on EWC and other chains, it really is only a matter of time before this is behind us.