A September to remember
Moving into September there were a lot more eyes on X7 with the additional information and products that were released. The community had solidified around the launch of the DAO and constellation tokens and started to permeate into social media.
Some big names took note and started investigating and investing in the X7 ecosystem. One of these big names was CultDAO. Based on research from the CultDAO community members and their guardians, a proposal was made to invest into X7.
This provided a great opportunity for the X7 community to educate a wider audience about X7 and led to the first ever AMA, hosted by Cultmander from CultDAO. And it was timely. At first, the proposal was not going in favour of X7, as the CultDAO community had a lack of information on the protocol.
The AMA quickly changed this due to the excellent explanations from the well educated and engaged community. The proposal passed successfully and CultDAO became the first DAO to invest into X7 Finance. The recorded AMA can be found below.
CultDAO x X7Finance AMA #1
The upgrade
As all of this was going on, the devs decided to throw an unexpected curveball. They announced that to achieve the maximum amount of censorship resistance, reduce centralization risk and achieve long term flexibility, a complete ecosystem upgrade was going to take place: the migration from v1 to v2.
It was framed that v1 was an MVP that had paved the way for the roll out of the final infrastructure for the protocol in a v2 migration. Well thought out deficiencies and mitigations were detailed to the community, aswell as information on which tokens would be migrated/merged. In addition, this was an opportunity to improve the liquidity, especially on the constellation tokens.
Throughout the whole of September on-chain messages, regular transactions and contract deployments were being executed from the connected ecosystem wallets. The team was obviously working and the entire community was watching the process on-chain, waiting in anticipation.
On the 28th of September 2022, the migration from v1 to v2 took place. To emphasize the X7 motto “Trust no one, trust code, long live DeFi”, the developers created a smart contract to automate the entire migration process. This contract was verified in advance, giving the community time to read the code.
Many skilled researchers and developers from the community provided their feedback in the community chats. It was exceptional. Not only was the code very clean and organized, but there were lines in the code that not even the experienced developers in the community could understand! Again, it is clear that we are dealing with a talented team.
Prior to the migration, a dApp was created on the website for holders to deposit their tokens into this migration contract. Amazingly, conviction from the community was so high that over 90% of the supply of all ecosystem tokens was deposited into the migrator.
At the allotted time for migration the smart contract flawlessly migrated 8 tokens at once. Each token in the ecosystem was upgraded:
- X7m105 and X7 Protocol merged into X7R
- X7DAO (v1) upgraded to X7DAO (v2)
- X7001 upgraded to X7101
- X7002 upgraded to X7102
- X7003 upgraded to X7103
- X7004 upgraded to X7104
- X7005 upgraded to X7105
One of DeFi's most complex migrations to ever take place was delivered without a hitch, in a fully decentralized manner. No value was lost in the process, no holder lost funds and all liquidity was transitioned perfectly.
Community trust and further decentralization
To build greater trust with the community prior to the migration and to further decentralize the structure of the project, a community multi-signature Gnosis wallet was set up. It receives a portion of tax revenue with additional funding coming directly from the developers.
The developers nominated 5 dedicated community members to fill the roles as signers and manage the funds for community and marketing operations. In the future, the DAO will ultimately decide whether to continue to fund this particular multi-sig wallet.
Then on 15th of September 2022, without prior warning, the IPFS website x7.finance went live. There was also some new information on the website that had not been shared anywhere else until then, including an updated whitepaper and information on who the ecosystem had been designed for:
The X7 Finance website
As per usual the community took the initiative. A dedicated community member with the “researcher“ role (gained by being active and delivering useful content/research to the community) created a community dashboard immediately after the website was released.
This community website has lots of excellent features and information for holders and has been upgraded with further functions since then. Woxie, the creator of the community dashboard, has since stepped up to be among the community team with the “technician” role. The community dashboard can be found here: https://x7community.space/
The X7 community dashboard
The community is rewarded for their commitment
At the launch of the website a series of utility NFTs were launched by the dev team. The utility of these NFTs is detailed on the website and separate articles and threads, but essentially they offer a range of discounts on fees across the ecosystem. These will offer big benefits and an edge to active teams, traders and governors as the ecosystem grows. You can learn more about the NFTs here.
But there was still one more NFT to be released. After all these events, the team recognised the support they had received from the early community. Each community member that participated in the migration process (apart from those that migrated manually after the migration) were rewarded with a Pioneer NFT.
Not only does each Pioneer NFT have a set of 7 unique artworks (1 of 7 artworks can be locked in to represent the NFT), but holding one also grants periodic rewards out of the Pioneer reward pool. This reward pool will receive 6% of all funds that go to the X7 treasury splitter, including future revenue share when the Xchange is live.
All funds from the reward pool are distributed evenly among the Pioneer NFTs. This reward is a thank you to the amazing community for the support and growth of X7 Finance! Check out the X7 Pioneer NFTs here and join our community.
A big thanks to our community who remain vibrant and committed to the future of X7 Finance and the future of DeFi. They will ultimately drive the adoption of X7 Finance and legitimate DeFi. Never has there been a greater need to push forward with true DeFi and work towards mass adoption. You are our future. Join us on Telegram.