Astra DAO Hardfork to Arbitrum: Token Burn and Airdrop

Dear Astra DAO community members,

In the wake of the recent security breach that occurred on September 14, 2023, we want to take a moment to reflect on what has transpired and outline our ongoing efforts to ensure the safety and prosperity of the Astra DAO ecosystem. Your unwavering support and trust in us have been invaluable, and we are committed to making things right.

Immediate Response

Forking the Project

The hacker's malicious actions resulted in losing all the funds invested in our indices. We made the tough but necessary decision to fork the Astra DAO project to safeguard the project and its stakeholders. This step is crucial for rebuilding a more secure and robust ecosystem.

Choosing Arbitrum as the Main Chain

In our quest to enhance efficiency and usability, we've chosen Arbitrum as our primary chain. This decision is rooted in the need to mitigate gas fees and make the Astra DAO ecosystem more accessible to all. Arbitrum offers a promising solution to these challenges.

Steps Taken to Fork the Project

To make this transition as seamless as possible, we've taken the following steps:

  1. Pause of Astra DAO Token Contract on Ethereum: We temporarily paused the Astra DAO token contract on Ethereum to prepare for the migration.

  2. Tokenomics Adjustments: We've made necessary changes to the tokenomics, increasing the total supply of ASTRADAO tokens to 130 trillion. Of these, 20 trillion tokens were minted to compensate Indices investors, and an additional 10 trillion tokens were set aside to provide liquidity and boost our treasury for Astra DAO on Arbitrum.

  3. Launch Token on Arbitrum: We successfully launched the Astra DAO token on Arbitrum, ensuring that our community continues to have access to their assets and investments. The new token contract address is 0xd3188e0df68559c0B63361f6160c57Ad88B239D8. This token is not yet tradeable.

  4. Airdrops on Arbitrum: We've compiled a list of ASTRADAO token holders and distributed ASTRADAO tokens on the Arbitrum network. This ensures that our community members continue to hold their tokens on the new chain. The airdrop snapshot was on the 22nd of September, 2023; every address with ASTRADAO at block number 18193303 had their balance replicated on Arbitrum. This means if you had your token in your Ethereum wallet, the same number of tokens has been airdropped to your Arbitrum wallet. Check your wallet on Arbiscan to confirm. If you had your tokens on MEXC, your tokens are also still available in your wallet.

  5. Airdrops to Stakers and LP: A comprehensive list of platform stakers and LP and their associated rewards was prepared. These rewards have been airdropped on the Arbitr network to maintain the integrity of your investments. Stakers include both Astra DAO and iTokens stakers.

  6. Compensation for Index Investors: For those who suffered losses during the breach, we've gone above and beyond by compensating them with ASTRADAO tokens equivalent to 2X the amount lost. This means if you invested $1000, you will receive $2000 worth of ASTRADAO tokens.

  7. Token Burn on Ethereum: To solidify the transition, we've burnt ASTRADAO tokens on the Ethereum network and destroyed the contract, ensuring that they cannot be further accessed or manipulated.

What's Next?

Our commitment to security and your satisfaction remains unwavering. Here's what we have planned for the future:

Vesting Schedules on Arbitrum: We will create vesting schedules on Arbitrum to ensure a seamless experience for users who wish to claim their tokens, just like before on Ethereum.

Full Launch on Arbitrum: We are actively working towards a full launch on Arbitrum, further enhancing the Astra ecosystem's capabilities and accessibility.

At Astra DAO, adversity is an opportunity to grow and improve. Our dedication to rebuilding, securing, and enhancing the Astra ecosystem reflects our commitment to you, our valued community members. Thank you for your continued trust, and rest assured that we will keep you informed every step of the way.

Stay tuned for more updates, and let's continue this journey towards a brighter, more secure Astra DAO.

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