Below is the detailed explanation of what the MoonRat team did, aiming for The Secured MoonRat Token to be the most stable and secured version to Earn BNB. The Secured MoonRat Token prides itself as a completely transparent project in the BSC ecosystem.
Yesterday, we withdrew 8,304 BNB ($4.4 mil) from MoonRat v1, however, we never have thought to take advantage of this huge money!
We tried our best to migrate as much as BNB from the v1 to v2 to make sure you have the same market cap as v1
This plan is risky but we did it even though there was a BSC network issue at that time
Thank you for your patience and your trust! Our team appreciate it
We burned 13.2035% of SMRAT
We can’t change anything from smart contract anymore! (Renounce ownership)
Classic MRAT (v1) trading is now locked! Migrate your v1 token (MRAT) to v2 (SMRAT) now, your fund is still safe.
How to migrate to v2:
Tracking listing sites like CMC and Coingecko will be updated soon!
MoonRat Migration Step Timeline
We will explain how we were able to these steps in the migration yesterday!
Step 1: Lock Trading v1
In the v1, we didn’t renounce ownership the contract, so we can change a few things. We can set maxTxAmount = 0 to lock trading in v1
Step 2: Exploit the BNB Reward Pool
Because of the reentrancy bug, we can exploit the BNB reward pool. The total exploit is 3398 BNB.
Step 3: Unlock MRAT/BNB LP to sell MRAT and get BNB to add LP v2
1,784 BNB from removing LP
Step 4: Sell 8% of MRAT to get BNB, then add LP & BNB Reward Pool.
Only the contract owner can perform this action. The contract owner can bypass the AntiWhales features! We actually sold 10% instead of 8% as planned. Because we want to have enough BNB for v2 LP.
Only the Burn Wallet (owner wallet/deployer wallet) can bypass AntiWhales and locking trading.
So, We transferred all MRAT from Marketing and Foundation Wallet to The Burn Wallet to sell and get more BNB for v2.
When the migration completes, we will send the exact SMRAT (v2 token) amount back to the Marketing and Foundation Wallet.
Sell MRAT to get BNB from Marketing and Foundation wallet
Step 5: Use BNB from Steps 2,3,4 to add LP and BNB Reward pool v2. Then lock LP v2
The total BNB from the BNB reward pool and selling MRAT is: 8,304 BNB
Add 5,686 BNB to LP v2 to make sure the price is equal to MRAT at the locking trading time
Numbers at the locking trading/transfer v1
MRAT LP: 6.7655% of total MRAT
BNB Pool: 5686 BNB
Add 2,618 BNB to the BNB reward pool v2
We will add 1,018.83 BNB left to the BNB reward pool from cycle 2 (1 week from the migration date)
Burn all SMRAT/BNB LP Token
We’re tired of locking on Uniscrypt with many bugs, so we burn all of the LP token.
Burn 3% of SMRAT
3.01% of the total supply was burned 🔥🔥🔥🔥 This 3% number is the same as the percentage of the Burn Wallet in the v1.
It means we can’t change anything smart contract like locking trading or turn off AntiWhales anymore!
Remove bypass of AntiWhale of Deployer Wallet
Burn all SMRAT
We burned 4.6% SMRAT from Burn Wallet. A total of 7.6% SMRAT was burned
Renounce Ownership Migration Wallet
The migration wallet is used for transfer SMRAT with the ratio 1:1 from MRAT. Renouncing the ownership of the migration wallet means after all un-swapped MRAT migrate to SMRAT, the rest of SMRAT is burned!
At the writing time this post:
The Migration Wallet has 16.5664% SMRAT
The un-swapped MRAT has 10.9629% MRAT
So if all holders swap MRAT to SMRAT, about 5.6035% SMRAT will be locked in this wallet forever (5.6035% is burned)
The rest of BNB from Locked LP v1
There is 776.29 BNB that we can’t withdraw because of LP locking 6 months. After 6 months, we will unlock and transfer 776.29 to the BNB reward pool!
After 6 months, we will unlock and transfer 776.29 to the BNB reward pool!
Source : bsc.news
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