Flashstake v2 Pre-Emptive Patch Migration Plan

Flashstake v2 Official FAQ

What happened to Flashstake?

Note: Blockzero Labs (XIO) is not impacted by any of the following information. 

There was a potential security issue discovered in the current Flashstake smart contract by a current and long-time Flashstake community member. After deeper research, we believe it’s in the best interest of the project to immediately deploy Flashstake v2, a pre-emptive patch to secure the Flashstake protocol for years to come.

A snapshot was taken at block #11897600 (2:20AM UTC Feb 21) of all $FLASH holders, Flashstakers, and LPs. To ensure proper liquidity for Flashstake v2, we immediately removed our initial liquidity at block #11897619 which will be used in Uniswap for Flash v2.

The price of FLASH will be set at the same price it was at the time of the snapshot.

 

What are some examples of suspect transactions?

https://etherscan.io/tx/0x65712147542c69441f4d19bd006ed1f2b87a957adfcc56a4ef5476b3e8437b99

https://etherscan.io/tx/0x893df77825b49c34dd93f7d23dc4123e8ea510c7246144a3e2a5d984a71da4cb

https://etherscan.io/tx/0x271267b4cd2f304da63c634785549100740b567bf2ccd83ffac2b5b86ce4262c

https://etherscan.io/tx/0x355198f8887cfe5daae68ac729f352a3912cec18356b00110d5325c80fdf9caa

https://etherscan.io/tx/0x2fca232fe51f47fbb82523ff46db2fe5ef62902211a1ac1182bded160400e7a4

We’ve provided these transactions for sake of full transparency.

 

What are the next steps? 

The Blockzero Labs team is working on an upgraded Flashstake v2 smart contract to prevent this type of exploit in the future. We are working on this as quickly as we can, and hope to make a release as soon as possible. We have taken a snapshot at block #11897600 to protect all tokens at that point in time. Any tokens included in the snapshot will be able to migrate to v2.

 

What will FLASH holders need to do? 

When the migration is ready, anyone who held $FLASH at the time of the snapshot can upgrade their tokens to Flashstake v2 by going to a URL we will provide in due course.

Tokens acquired after block #11897600 will not be eligible for v2 migration.

 

Why should I move to Flash v2?

Blockzero Labs will be offering a total of 100,000 $FLASH tokens which will be shared among those who participate in the following liquidity mining/staking program which will run for 30 days upon launch of v2. For each day you are staked, or in either of the LP pools (Uniswap or Flashstake Dapp), you will earn at the following ratios:

  • 1.25x Multiplier: Users have an active stake on v1 or users who Flashstake for a minimum of 30 days on v2
  • 2x Multiplier: Uniswap WETH/FLASH LP token
  • 4x Multiplier: Flashstake.io (Dapp) WETH/FLASH LP token

A daily snapshot will be taken of all holders. After one month, users will be able to redeem their earned $FLASH from our Claims dApp.

In addition to $FLASH rewards, any person who successfully migrates their $FLASH within 10 days will earn 100 $FLASH.

LPs will also receive 100 $FLASH per every liquidity pool they participated in at the time of the snapshot (ex: If you had 50 $FLASH staked, you had 50 XIO/FLASH LP tokens, and 50 FLASH/WETH Uniswap LP tokens, you’d receive 300 $FLASH total). 

We hope these tokens can be used to earn future Blockzero Labs projects, or cover for ETH gas fees.

 

What is the immediate action that needs to be taken by any FLASH liquidity providers? 

At this time, we highly encourage all LPs to remove their liquidity from any pools that they are participating in, and migrate their tokens to Flashstake v2 when that is made available.

 

What about those who have current stakes in the Flashstake dApp?

Individuals who have their $FLASH staked inside the v1 dApp do not need to do anything at this time. These tokens will be migratable to Flash v2.

 

Are Blockzero Labs $XIO tokens affected?

Not at all. $XIO tokens have no relevance to this issue, and your tokens are safe and will continue to earn future tokens (such as $AQUA). Only Flashstake v1 is affected.

 

Will I be able to claim FlashV2 if I sold my FlashV1 and repurchased?

In order to migrate to Flash v2, you will need to have held $FLASH tokens up to the snapshot time. This means if you held 1,000 tokens at the time of the snapshot, but then you sold, bought back, you will be eligible to claim up to 1,000 Flash v2.

 

What happens if I removed liquidity and received mostly FLASH tokens, but the snapshot FLASH value is lower?

Blockzero Labs will take care of these types of discrepancies on a one-on-one basis. LPs will be able to trade in their non-migratable v1 FLASH tokens for new FLASH v2.

Please fill out this form with your information: https://blockzero.typeform.com/to/Mm4HNA7Z

What if I need further assistance?

Please send us a support ticket at https://help.blockzerolabs.io 

 

Heartfelt thank you!

The strength of the Blockzero Labs community is one of our greatest assets. We thank you for your amazing support as we work through this situation together.

We wanted to be as transparent as possible with this delicate process, and your steadfast support and understanding goes beyond words!

We understand that this is a sudden announcement, and we do not take the security and safety of FLASH supporters lightly.

A full report of the technical findings and timeline of this migration will be published after the migration has been successful.

Thank you to all of you who joined our YouTube live-stream and for helping us spread the right messages throughout our Telegram and socials.

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