Smart Contract Time Locks
Clam Island launched a completely novel yield farming model on the 30th September, while the key parameter were the result of careful simulations, there was the potential for needing to make adjustments based on demand and actual usage of our platform.
The contracts currently behind a proxy. We decided to do so because the system is complex. We purposely did this to allow us us to fix tokenomics and issues when they arise. For example in the first week after Go-Live the team added another calculation to change the price of Pearl when Clam price halved.
Once Clam Island finds its equilibrium the team will will relinquish ownership of those proxies. And place into the governance contract so SHELL users can vote on future system changes.
For those worried about this: The team are fully publicly doxxed to Filecoin and Tachyon. And we are a part of a legit company. It would be very dangerous of any of the team to harm users with a rug pull.
After Clam Island finds it equilibrium a 6 hour timelock will be applied, and we will assess an appropriate time to move the timelock to a longer period depending on how things go following the stabilization and equilibrium period.
We understand that some yield farmers may be concerned with security in the period without a timelock, but please remember that this project is the culmination of over 7 months of hard work, our founders are fully doxxed to Tachyon (which is the incubator arm of Consensys), and 2 out of 3 of our founders are also publicly doxxed. We are here for the long haul, and we are determined to see Clam Island go where no yield farm has gone before.
A Timelock with 6 hours delay, means that any critical operation on the token (for example minting) will be delayed during this amount of time before it can be successfully executed.
Last modified 1yr ago