BENV1
Ben v1
Ben v1
BENV1
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About Ben v1
The BEN v1 is the initial iteration of the BEN Coin, operating on the Ethereum blockchain and encountering challenges due to a flawed contract renouncement identified in a Certik audit. This issue resulted in no official ownership, limiting the project's management and update capabilities. Transitioning to BEN v2 addressed these issues by establishing clear ownership, enhancing control, and improving functionality, which includes potential upgrades. This migration also involved adjusting the token supply from 420,690,000,000,000 in v1 to 888 billion in v2, affecting the token's market value. The process was designed to be user-friendly, with significant implications for holders, especially those with loans from services like HyperBolic. The shift to v2 paved the way for future growth and an updated project roadmap.
Initial Version: BEN v1 was the original version of the BEN token, operating on the Ethereum blockchain.
Certik Audit and Contract Ownership: A Certik audit revealed that the BEN v1 contract was not renounced correctly, which meant that technically, there was no owner for the contract. This situation posed challenges in managing and updating the contract.
Functionality Limitations: Without ownership, the team behind BEN faced difficulties in performing basic administrative actions such as updating the Etherscan page or making necessary changes to the contract.
Need for Ownership and Control: The migration to a v2 smart contract was necessary to resolve the ownership issue. With a new contract, the team could take ownership, allowing them to make administrative actions, update contracts, change important parameters, or pause operations if needed.
Improved Functionality and Upgrades: Creating a v2 contract provided more control and allowed for greater functionality as the project aimed to build out its ecosystem. This included potential upgrades like burn functionality.
Reduced Total Supply: The migration involved a reduction in the total supply of BEN tokens. The v1 had a supply of 420,690,000,000,000 tokens, which was reduced to 888 billion tokens tokens in v2.
Price and Token Amount Impact: The reduction in supply was intended to impact the token's price. If the market cap remained unchanged, a lower supply would increase the individual token price, although the number of tokens in each holder's wallet would change.
Migration Process: The migration process aimed to be seamless for users, with further details provided as the migration date approached.
Impact on Holders and Loans: Holders who had loans with HyperBolic needed to close them out before the v2 snapshot. After the migration, they could open new loans.
Future Roadmap and Updates: After launching v2, the team planned to release an updated roadmap and explain the business structure and mechanics to grow the project and benefit holders.
The migration from BEN v1 to BEN v2 represents a significant shift in the project's strategy and technical foundation, aiming to address the limitations of the original contract and enhance the overall functionality and governance of the token.
