LockPay V2 Migration Proposal
After investigating why LockPay didn’t stop the crash, we found some very important data on the blockchain.
From May 26-29 we saw a steep crash down, -87% down in just 3 days.
What we found are the following facts:
✅ There were 255 transfers of 43,902,245 tokens during the crash of LockPay.
✅ There were 4,655 transactions during the crash, so a lot of people were selling their tokens
✅ Over 26,842,759 tokens which are mostly sales from May 26-29
✅ 62% of all transactions indeed transferred from wallet to wallet, trying to exploit the system.
As a result of the above, it’s clear that people used an exploit on our ADM and the LockPay contract in order to try to cash in more money than the daily limit. These people who used transfers to exploit must be punished and held accountable.
As a result, all v1 holders who exploited the ADM with transfers are blacklisted from migrating to v2. You should know that the consequences you have brought are a loss to investors, hurt the reputation of LockPay, and without consideration to others, the consequence is your address is permanently blacklisted from v2 migration.
Consequently, the LockPay contract needs to go through a well-needed upgrade.
Here is what I propose for V2 LockPay:
✅ Stop all transfers to prevent any future exploit
✅ Reduce daily interest from 2.35% to 0.7% daily interest
✅ Allocate 1% tax toward paying BUSD to all v1 honest holders as airdrop weekly for 1 year (Only those who hold from May 31)
✅ After 1 year, the 1% will be dedicated to donations to children in 3rd world countries
✅ All tokens will be locked, the owner will not take any tokens whatsoever in v2
✅ 10% (or more) of supply for burning (however they will be locked until the burn)
✅ Owner will give up ownership of the contract 30-days after launching v2
✅ We will add immediate utility to V2, designed to reward long term holders with more benefit
Another exploit with the v1 contract is that people were receiving more interest than they can sell each day, giving them no consequences for selling daily. That weakness in v1 caused too much sales pressure. Therefore, in the v2 version, the interest rate will only be 0.7%, and we will open the daily ADM to 2-5% more often, so that when people can sell, consequently they are slowly losing their tokens, and losing their share in LockPay.
Only long-term holders will benefit from the law of compounding, because this law only works by holding your tokens, not selling them. We will reward people who hold more often, and people who sell will receive fewer rewards.
As a result of this v2 proposal, the v1 version will open the max sales rate to 5% allowing people to exit their trades starting on May 31, and we will shut off the rebase, otherwise it will take too long for people to exit their position. At this rate of 5% per day, it will take people 60-days to sell 95% of all their tokens.
If you keep your tokens, without selling them, then you will be able to migrate to v2 by:
- Plug and connect your wallet to an online Dapp website to convert v1 to v2
- And you will be able to trade the v2 version once we fund the liquidity pool
However, many of you are in serious profit, and we understand you would like to sell, so we will open the max sales to 5% every 24-hours starting today.
Lastly, there have been many false accusations (without any evidence at all) online which I will address in the AMA one at a time, such as:
✅ Slow rug pull
✅ Owner is selling their tokens
✅ The ADM doesn’t work
✅ My involvement in Safejet
Anyone who has made a false accusation for LockPay will receive a letter from my lawyer, and you are at risk of a lawsuit for millions of dollars in damages from your selected countries.
Also, the community at Lockpay who know the truth will surely rebel against such false accusations, trying to hurt their investment. We all know who you are, and we will not tolerate such a destructive approach to eliminating competition and innovation.