Remember when we started the Fjord Foundry Liquid Bootstrapping Pool three months ago? We put 5 million of TROTEL into sales.

Now, we've finished that process and raised $500. We want to explain how we'll use this money transparently with you.

An overview

Let's be honest, $500 isn't much to work with. Most of it will be used for emergencies or to cover operational costs like RPCs and infrastructure.

We could also use some of the money for marketing.

The good thing is that the funds are in USDC, so they're liquid and we don't have to sell our revenue tokens on the market.

The process

As usual, our plan is to vote on proposals when we need to use these funds for specific operations, so you can participate in the decision-making process.

Over the next few weeks or months, we'll be focusing on improving the current TIP process to make it more decentralized and enhance our governance system.

The first step will involve categorizing TIPs into different groups such as protocol changes, application features or fixes, and treasury management.

Our goal is to engage the community in making the best decisions possible for our treasury, while also maintaining flexibility.

A hack worths 120 dollars

On Friday, January 28th, 2024, we faced an API attack that allowed a malicious actor to mint 1.8 million tokens. As a result, 700,000 TROTEL were transferred to an address we control and promptly burned. The remaining tokens were sold on Uniswap by the hacker.

We have since resolved the issue, making our system more robust and resilient. This error could have been much more costly. While our on-chain operations are secure with audits from independent parties and rigorous testing, the weak point remains in our Web2 centralized infrastructure, which we plan to decentralize as the project grows.

Security measures

The hacker exploited a vulnerability in our API endpoint, allowing him to mint any amount from 0 to 100,000 TROTEL. To prevent further abuse, we've implemented changes: now, we directly fetch users' pending rewards balances to prevent cheating.

Additionally, we've introduced weekly limits on TROTEL claims, set at 1,000 tokens per week per user. You can claim your tokens every week as needed, with a global maximum minting cap of 100,000 TROTEL per week. This measure helps us control inflation from the Web2 side.

Importantly, this incident did not impact staking or any of our smart contracts; it was confined to the API.

We're committed to building this product with your input and have invested heavily in vision, marketing, knowledge enhancement, and security measures to ensure your safety and satisfaction.