Latest Updates and Progress Insights at Tradocaps
Way to go forward…
Hello Everyone, Hope all are doing good. Recently at tradocaps we are experiencing a calm just before the storm. We would like to cover as much as information about the Latest Updates and current in progress activities that we are progressing at Tradocaps. But before going much in detail about Updates and Progress related things, we would like to bring attention of our users and investors towards tokenomics upgrades and vesting strategy as lot of investors are enquiring about same.
Upgraded Tokenomics and Way Forward :
Most of our initial investors are aware about the Mint Function bug in initial contract of Tradocaps, where Mint function was defined as Internal Virtual in the contract which basically means it can only be called from inside the contract as Public Role Based Mint call was missed. It basically means whatever coins that were minted at the launch of Contract, total supply going to be remain as is i.e. no more new coins can be minted. Hence total supply of Tradocaps is limited to 2.4M Tadoc’s only.
We at Tradocaps discussed about this bug with initial investors and proposed two possible solutions for same as both options have multiple Pro’s and Con’s associated with them. Options initially given were:
- Launch a new contract with Mint Function bug fixed.
- Keep using the current contract and limit the supply to 2.4M only.
Option 1 has lot of con’s associated with it as it will incur lot of cost to the team as Liquidity is Locked for 2 Years, all the features that Tradocaps team has built are based on initial tradocaps contract and if we amend and launch the contract then it means we have to go for all audit cycles and build cycles again which will incur heavy costs and delays.
Hence based on voting by Initial investors we opted for option 2 i.e. keep using the existing contract, but there is one major con’s associated with same i.e. No new tokens can be Minted. This directly impacts the vesting schedule as new tokens can’t be minted. To overcome this situation team has put a lot of thought into it and came up with strategy of Buy Back and distribute tokens to initial investors as per vesting schedule. This again incur cost’s but Team is willing to do so as it won’t incur cost incomparion with option 1.
Now vesting tokens was not the only concern for option 2, Lack of mint function also impacts the overall tokenomics which was initially decided. So team has decided to do major buyback from the Market in month of April to fill it’s reserves. Post doing the buyback, team will distribute the 1st lot of vested tokens and divide the rest buy back tokens into 4 buckets initially planned i.e. for Liquidity, Staking Rewards, Smart Trading Node Rewards, Marketing & Listing Strategy. Team will continue to build up their reserves via Buy back till the time it reaches the initial goal of Tokenomics. First buy back is planned in month of April and then team will be doing monthly buybacks.
Now question will arise, what if team dumps the tokens on investors which they buyed using buy back, to ensure and protect investors interest, Team will time lock these 4 Buckets as per vesting schedule mentioned on Tradocaps website.
Hope this clears all the ambiguity around the Tokenomics and vesting. Before moving to next topic, lets share the dates:
16th — 30th April — — — Buy Backs in Packets (all buybacks will happen via deployer address)
30th April — — — First lot of Vested tokens Distribution
30th April — — — Locking of remaining buy back tokens into 4 buckets
Upcoming Updates and Progress:
We know lot of people are looking forward to the updates and progress about developement activities. We wish to inform everyone that for most of the features that we are planning to launch we have already received the audit reports which we will be publishing to all our community. In Initial Audit report, Auditor reported few critical bugs in the Front End which required a redesign for some of the sections and hence delayed the launch of multiple features like Staking & Smart Trader Passive Nodes.
Good news is redesigns are complete and codes are again submitted back to auditors for the final audit before the launch as we can’t risk the same mistakes again.
List of upcoming features:
- Staking — Weekly, Monthly, Quaterly and Yearly (Target — 1st Week of May)
- Smart Traders Passive Income Nodes (Target — 2nd Week of May)
- NFT’s for Smart Trader Nodes (Target — 2nd Week of May)
- Tradocaps Dex Version 2.0 ( Target — 3rd Week of May)
- Tradocaps Smart Traders Launchpad (Target — End of May)
- Long awaited first CEX Listing coming in May, we cannot disclose more information due to NDA.
There are lot many other updates like Publishing of Git, Revelation of Audit Reports, Marketing Boosts and much more.
That’s all for today, we will be publishing our updated Roadmap in coming week.
Thanks Everyone. Keep Connected , Keep Building.