TEN sells over 5 million TENFI in under 10 minutes
For those that had been waiting, today was finally the day TEN Finance had their token launch. The launch itself was a smashing success, selling all 5,120,000 TENFI tokens in less than 10 minutes (with almost 4,000 rejections once sold out). The BSC network was a bit congested at the time, however many users reported having no issues claiming their tokens.
The Smart Contract Incident
Soon after the token launch the team released the dApp for investors to being farming, however it was at this point the team discovered a small bug in the smart contract, and informed the community.
The issue arises from a small modification in the smart contract, that has been discovered, and is in the process of being fixed, however it will require a new smart contract deployment. The team was really communicative, and began informing the community of the issue the moment it was discovered. They have come up with a rather elegant and fair solution; deploy the new contract, exchange your TENFI tokens on Ten.finance for a 10% bonus, and then the exchange will automatically burn the old TENFI tokens.
They have posted a Medium article that details the problem and subsequent solution, and in that Medium article, they outlined the timeline for their plan.
We would like to do this on Thursday, May 13th at 14:00 GMT which most likely we will have on our website the same portal to which everyone participated on the launch where you will connect your MetaMask wallet and send in your TENFI token and in exchange you will get 1.1X your TENFI in return to your wallet.
After 24 hours, Friday, May 14th at 14:00 GMT (maybe more if community feels we need longer for everyone to exchange their TENFI), we will open the staking and farming for all the pools in a fully functional manner.
https://medium.com/tenfinance/ten-x-re-re-re-launch-d8660eb08887
While no one plans for issues to arise, they often do and its nice to see that the team is taking it seriously, acting fast and communicating with their community at each step. With such great enthusiasm regarding the project from the community, and the massive potential this project has, I am personally glad to see the problem handled so well so far.