SIL Reboot Sequence, Phase 5

Dear SIL users,

Thank you for all your patience, now the team are very pleased to say that the second round of audit has been completed by both CertiK and SlowMist, the team has updated the git repo with CertiK Audit Report added, the updated version of SlowMist report will be updated later.

And to thank the White Hat Hackers(samczsun, Tina, Dominator008) that helped us recently during the initial launch incident, the team has donated 40,000 USDt to the Pi-rate Ship collective in support of future white hat operations and MEV research.

Now the team has ample confidence to goto the next steps, let’s take a review about what has happened previously.

There are two parallel sequences, the Funds Returning sequence has been ended in Phrase 4, the SIL Migration sequence is ongoing:

1. Stop SIL master mining contract: Done.
2. Migrate SIL token from v1 to v2: <- HERE
3. Convert all current users’ holding of SIL from v1 to v2

The team is busy preparing step 2 at this stage, ETA of re-launch is around 13th April or beyond. The full review of step 1:

1. Deploy IMintRegulator mock contract, getScale() will return (_molecular = 0, _denominator = 1), [address: 0x4e8d173ce711fb72643217dd09219fb517d691db]
2. Initiate multi-sig transaction, queue action(call SilMaster.setMintRegulator(mockReguler), set MintRegulator to the contract on previous step)
   [already initiated by dev team, txid: 0x9536c273d53d2625484c931c9bbf78978391d3c4a2f430b5c231cad255cec17b]
3. Wait 24 hours for public audit
   Done.
4. Initiate another multi-sig transaction, to confirm the 2th step
   Done.
5. Call SilMaster.updateSilPerBlock() in order to execute massUpdatePools() to release minted SIL tokens, also will set silPerBlock=0 in order to stop SIL minting.
   Note: silPerBlockNew = baseSilPerBlock.mul(_molecular).div(_denominator)
   Done: 0x5bd6a64164610f5e6f1f16672625a744349eb0e1dde663d8086472a1ceedcb2d // Call SilMaster.updateSilPerBlock
   0xed923dbb25bfd0a09493d410ff485a813659d03a97dbe6b936e1b1cc07f8c009 // Timelock queue transferOwner
   0x304e3b21eeaab21986e4d2ee8134808695d2e4e800a8139e5d427ac739da23d4 // Timelock execute transferOwner

The SIL v2 will add the Impermanent Loss Mitigation mining entries on it’s roadmap(may not be available during v2 launch), please take a time to review how liquidity mining works and realize how two different modes work in SIL.

Normal Mode: Each side of users bears their own loss/gain. If the market price goes one direction, there will be unmitigated loss/gain imposed onto both parties. E.g.: ETH/USDT pair, when ETH to USDT price rises, the token amount of ETH side users will be reduced, the token count of USDT side users will be increased. When one withdraws, the token amount loss/gain will be final and won’t be mitigated.

Standard Mode: Both sides of users share the total loss/gain. If the market price goes one direction, there will be mitigated loss/gain shared between both parties. E.g.: ETH/USDT pair, when ETH to USDT price rises, the token amount of ETH side users will be reduced, the token count of USDT side users will be increased, this is the same. When one withdraws(ETH), the token amount loss/gain will be mitigated by the counterparty(USDT) as much as possible, and vise versa.

The NFT is ongoing too, follow SIL twitter for more incoming details.

SIL.FINANCE team