Community Statement / Post-Mortem regarding Pylon Gateway | by Woojin Lim | Terra Money | Aug, 2021
TLDR:
- The issues affecting the TWD launch are being remedied.
- Refunding all TWD Pylon Swap participants within the next few days.
- Refunding failed TX fees.
- Introduction of time-delay for Pylon pools.
- Continuing TWD Pylon Swap launch in mid-September.
- Delaying further Pylon Swaps until after Columbus-5.
- Further Pylon improvements.
On behalf of Pylon Gateway, we apologize for the inconvenience caused by the delays and parameter mishaps with TWD Pylon Swap.
Rather than contract error, the contract set-up parameter contained a mistake and did not catch up on the test scenarios the developers prepared before.
The minimum user cap in the private pool was mistakenly set at $20,000, and the maximum at $100,000, with the total sale amount set to 20,000,000.000 TWD. This initiated a situation where on the front-end, only transactions that put in that much or more were allowed through whereas we should’ve allowed $2,000 inputs at minimum to go through.
As a result of the incorrect sale parameters, the sale amount also exceeded 100%, resulting in more UST deposited than TWD allocated. However, given that this was a virtual fixed swap pool, none of the TWD tokens have been distributed yet.
Developers attempted to migrate the contract immediately but heavy network congestion caused a notable delay. There were two separate issues.
One was the volume of contracts itself as the primary reason for congestion, which happens for all blockchains when too many TX requests occur at a given time. This is what delayed the migrations of Pylon Swap contracts from happening in a timely manner.
The second issue was due to the slow response time from mantle. Users likely experienced slow app loading, and as a result, metrics weren’t displayed accurately.
Some of the immediate collateral effects on TWD Pylon Gateway participants included:
- The UI of the front-end showed failed transactions even though they were submitted to the queue and executed minutes later (currently being fixed).
- The UI of TerraSwap did not allow for changing slippage, causing trades to be executed with more slippage than intended.
- Misleading estimated Annual Percentage Rate (APR) for TWD Pylon Pools, which should have been fixed at 1 UST = 0.01 TWD.
Adjustments to Terra’s infrastructure are underway, and a UI fix to show that a TX that has been added to the mempool but has not been confirmed, shown as a “pending” state, will be deployed soon. Users will have more real-time information as to how the TXs are being processed, just like on Ethereum.
After the launch of Columbus-5, because of the overall increased block size, Terra will experience less congestion on-chain overall.
The issues outlined above are being further addressed in the following manner:
- Horizontally scaling the mantle cluster out so CosmWasm load is distributed more evenly.
- In the next version of mantle (WIP), it will be possible to automatically scale out mantle under congestion, providing better adaptation to the dynamic traffic changes.
- Most of the back-end bottleneck issues will also be resolved with the launch of Columbus-5, which includes oracle tx prioritization and block gas limit, as the current 30,000,000 limit will be increased to 1,000,000,000, allowing 33.3X more traffic to be handled per block. We are just over two weeks from launching Columbus-5.
- The upcoming launch of Astroport will ameliorate the current TerraSwap UI issue, and failed transaction issues on the front-end experienced during the TWD launch will be fixed to avoid the same problems from happening again.
In addition, Pylon Gateway will be taking the following steps to restitute users participating in the TWD Pylon Swap. These measures include:
- Refunding all TWD Pylon Swap participants within the next few days.
- Opening up Pylon Pools for withdrawals for a week starting August 29th 2:00 UTC (until September 5th 2:00 UTC).
- Refunding all fees for failed transactions within the block range 4229150 ~ 4241780.
- Additional steps will be taken for extended code audits and test coverage for future deployments.
Refunds for TWD Pylon Swap will be delivered at latest by August 26th (UTC).
For a week starting August 29th 2:00 UTC (until September 5th 2:00 UTC), TWD Pylon Pools will allow participants to withdraw their UST deposits as desired. Users who decide to withdraw UST from TWD Pylon Pools will have to forfeit any accumulated TWD rewards.
Upon TWD becoming available at market, multiple retrospective snapshots will be taken to roll out TWD airdrops as a reward for long-time MINE stakers post facto, on top of airdrops for ongoing MINE stakers
TWD Pylon Swap will be delayed and is set to re-launch in mid-September, with updated terms for MINE stakers, at a time that is accessible to users across the globe (13:00 UTC).
Given that Pylon Swaps need some rigorous examination and improvements, we’ve decided to delay further Pylon Swaps until after Columbus-5, with the new TWD launch as the only candidate for Pylon Swaps at the current time.
Upon all participants in TWD Pylon Swap being refunded for their swaps and the re-launch of TWD Pylon Swap (ETA mid-September), Pylon Swap will be continued after thorough evaluation and consideration of its future deployment within the Pylon platform.
For all forthcoming launches via Pylon Pools, there will be a time-delay such that users can deposit UST into pools a day or two in advance before project token distribution begins, preventing unusual traffic and network bottlenecks.
As opposed to Pylon Swap (upfront, immediate funding option), Pylon Pools provide consistent yields to project teams for early-stage MVP bootstrapping, whereas investors receive project tokens pro rata to the amount of Terra stablecoins staked.
Depending on whether the project is able to meet its roadmap goals via collective governance, users can collectively decide whether to continue or stop funding a project. Projects that fail to follow up on their promises can thus be filtered out by community investors via their due diligence over time, while still providing early-stage project teams an opportunity to improve their platforms and to better schedule their project spending habits.
In providing funding for new projects, Pylon Pools can minimize investor loss to the point of opportunity cost. Community investors should decide either to partake in Pylon Swap or Pylon Pools at their own discretion.
MINE governance stakers will be able to partake in poll and voting functions, which will be implemented with the launch of Columbus-5. This will allow decentralized due diligence on the part of the community to opine on new projects and revoke funding for projects that fail to meet their roadmap goals as they have announced.
Pylon Gateway is designed to be a permissionless DApp, whereupon any platform or project choosing to distribute tokens at their own legal risk can do so. The act of accepting a project token to launch on Pylon Gateway does not constitute investment advice. Legal treatment of assets will depend on jurisdiction, and users should partake in careful legal review and deposit funds at their own risk.
Moving forward, we will continue to incorporate valuable community feedback in improving the Pylon design and feature set. We apologize for the setback in the TWD launch, and will proceed with the utmost diligence in ensuring that the problems experienced are rectified and used as a basis for creating a much more robust Pylon platform.
As Pylon Gateway (token launchpad) transitions into a completely permissionless protocol built around community due diligence, Pylon Protocol will be focused on building on more use cases for recurring services powered by the protocol, not limited to its use as a launchpad.
Thank you for your patience and feedback.
Published at Mon, 23 Aug 2021 07:30:47 +0000
