NYA Treasury Update (Closed)
The NYA Treasury is a Timelock contract which has a 24 hour delay.
*Update: Dev Fund has paid 100% of the loan to Treasury*
Purpose: Temporary Loan for some LPs started before Nov 12, will be returned by Dev Fund on Dec 6.
Amount: 500,000 NYA Tokens
Destination: NYA Deployer, then to individual Rewards contracts (5)*
ETA: Nov 13, 2020 07:15:00 AM UTC+0
Queued Transaction Proof:
Executed Transaction Proof:
*Updated: Executed Transaction proof
*Corrected: 350,000 to 500,000
*Update: Nov 13, 2020 07:30:00 AM UTC+0
We made a mistake to transfer 500,000 NYA tokens instead of 350,000 NYA tokens. The unused 150,000 NYA tokens has been returned to the NYA Treasury.
Executed Transaction Proof:
When the ETA time has been reached, we will then be able to execute that transaction, which will transfer the NYA tokens to the destination. Feel free to check out our Timelock contract.
What’s going on?
There are some minor inaccuracies on the fees calculation for each Rewards. These fees only affects the Dev Fund; not the users’ funds. So now we’re forfeiting 100% of the Dev Fund so that there won’t be a single discrepancy.
So why is there a need to loan NYA tokens from the Treasury? This is because the Dev Fund only receives 10% of the distributed tokens when users claim their earned NYA tokens. If the user is claiming a huge amount of NYA tokens, and is also the last few holders in the contract, there might be a case whereby there isn’t enough NYA tokens. So that particular user couldn’t claim it, and the Dev Fund couldn’t receive the tokens which are supposed to be sent back to the contract. Hence, it resulted in a ‘chicken and egg’ issue. The simplest thing to break this loop is to borrow the NYA tokens needed from the Treasury.
We have initiated a transaction to Treasury for 350,000 NYA tokens, which would be sent the Deployer. Then, the Deployer would send these tokens to each individual Reward contract that needs it. Most of the other contracts already have the required amount of tokens, except the following pools. Here’s the list of the 5 pools and the amount that they would be receiving:
NYA-BNB : 100,000
PET-BNB: 100, 000
*Updated: Nov 13, 2020 07:30:00 AM UTC+0
All funds have been sent from Deployer to the respective pool.
The upcoming BHC-BNB pool is not affected as we’ve set the pool to not receive any fees.
Before these funds are transferred (on Nov 13, 2020 07:15:00 AM UTC+0) to the above mentioned pools, withdrawing from these might result in an error with these following messages
If that’s the case, please don’t try it any more and contact us on Telegram. There shouldn’t be any issues after we’ve transferred those tokens to these contracts. So in a way, these would be fixed in 24 hours from now.
When would the loan be returned to the Treasury?
Since the Dev Fund can only receive all of the fees at the end of all of the LP pools, the magic date would be the latest date of all the LP created before. And that would be the ending date for the DRUGS-BNB pool, which is Dec 6 12PM UTC+0.
To note that the Dev Fund would only be able to recover 100% of the fees earned when every single user has claimed their NYA tokens from all of the previously created LP pools. (all pools except the BHC-BNB pool)
We’ll be updating this in the next section to keep track of it.
Dev Fund IOU Details
Loaned: 350,000 NYA
Total Returned: 350,000 NYA (100%)
*Update: Nov 29, 2020 12:25:00 AM UTC+0
Dev Fund has sent 350,000 NYA to the Treasury. We’re even 😺
We’ll be updating this space until the Dev Fund returns every single NYA token. Apologies for the inconvenience.
From now onwards, the Dev Fund would be zero NYA tokens and only start to accumulate again after returning all the loans 😼
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