Update on Relay3r and Token Swap
Today I discovered an issue with a functional aspect of the Relay3r Network. First of all, your funds are safe. This is merely a function of the network that will add long-term value as everything will perform as intended. That said, to resolve in full we will have to issue a new token. Read on to find out what happened and why a token swap is the best path forward.
To keep it short, the `doKeeperrightChecks` function was coded by mistake as an internal function, which doesn’t allow the transfer of relayer rights from one address to another.
Why swap to a new token?
The reason is that you cannot edit the deployed smart contract for the token as it was not a proxy deploy, rather a direct deploy. In order to include the corrected function, a token swap is necessary.
Are funds at risk due to this mistake?
No. This only affects the functionality to transfer relayer rights from one address to the other. No funds were lost or ever in jeopardy.
What is the swap ratio for the new token?
Swap ratio is 1:1. Each swap converts the old token to the new token, and at the end burns the old token you’ve supplied. It is a one way swap and you can’t swap back to the old token.
What about bonded tokens?
Once the migrator contract and the new token contract is deployed, the unbonding and bonding delays will be set to 0 to allow users to unbond and swap to the new tokens.
What about the time-locked liquidity and tokens?
Time-locked tokens and liquidity tokens will be withdrawn and swapped to the new token after time-lock delay has passed. Liquidity from the old token will be added to the new token at the same ratio.