Ten Finance Sells Out Within 10 Minutes But Must Redeploy Token Contract

Ten Finance sold out all tokens available upon its launching within the first ten minutes on Tuesday. The launch, however, was not successful as the farm contracts could not access the minter function.

The Challenges With the Launch

The total number of tokens disbursed was over 5 million TENFI tokens. The TENFI team members as well as a lot of folks highly anticipated the launch of the token. Before the launch, a lot of users of the BSC network aired their complaints about the network’s speed and failure to execute transactions. Sadly, this technical issue coincided with the launch. The TENFI team was unable to deploy liquidity pools swiftly during the launch partly because of the glitch the smart chain network experienced. As a result of this, thousands of attempted transactions were rejected — 3,896 transactions were reportedly rejected during the course of the launch.

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Further, the token and farm contract had issues communicating due to developing issues. After handing the TENFI ownership to the TENFI Farm contract, the team quickly released the Farm contract as not on the minter list. This caused issues as the function can only be called by the owner, which the TENFI Farm contract did not have access to. The team was not pleased to have disappointed the thousands of people who highly anticipated the launch. 

The Ten Finance Solution

Based on the announcements previously made on their social media platforms, it has always been their goal to carry out a fair launch, where all users will have equal access to the tokens. The technical difficulties made it difficult for this goal to be achieved as users were unable to stake, farm, or even buy the newly launched tokens. 

In an announcement made on Twitter, TENFI informed its audience that it will be carrying out a relaunch due to the unexpected setbacks experienced during the launch on May 10th. The relaunch is scheduled for 13th May. The TENFI team also expressed its desire to compensate all those who are currently holding TENFI tokens with 10% extra tokens. The team acknowledged the fact that it disappointed its audience and takes full responsibility for performing below expectations.The main reasons for a relaunch was because the developer team failed to take cognizance of some little details. 

Wrap Up

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Instead of dwelling on the situation, however, the team is willing to amend its flaws and move ahead. To move ahead, the TENFI token will be re-deployed. The TENFI token exchange will relaunch with a new and improved token. Also, extra tokens will be given to all users who swap their existing tokens to the new one as a means of compensation. The relaunch is expected to take place on the 13th of May, at 14:00 GMT.

Source : bsc.news

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