Liquidity issue in BSC of Punk.Network Announcement
A Comprehensive Retrospective conducted by the technical committee regarding Punk’s liquidity issue with BSC.
Under the investigation by supervision of the security organization, the reasons were as follows:
On July 28th, 2021, Punk.Network originally planned to conduct IDO crowdfunding on DoDo to build a pool (From August 4th to August 7th), and provided Punk into DoDo in advance. Then, under the proposal and voting resolution of the community and DAO, it was decided to cancel the IDO plan.
Punk.Network submitted technical instructions to withdraw assets after canceling the IDO resolution plan. However, due to DoDo’s liquidity protection mechanism, these instructions were refused to be implemented.
After the IDO time expires, the remaining tokens still enter the liquidity protection period, and a liquidity pool is established in DODO based on the PMM mechanism and is traded in the market. The following is the document of the DODO PMM mechanism: https://dodoex.github.io/docs/zh/docs/pmm.
The technical committee will resolve the issue of the agreement within 24 hours and safely remove the liquidity in the agreement.
Here, the Punk Technical Committee is deeply grateful to all community members who have jointly supervised the development and growth of Punk.Network and provided valuable advice in advance, and will continue to complete the Punk ecological technology in the future.
🛸Let’s build on Punk and be a part of Metaverse🛸