Migrating to a new token is a turbulent time, filled with anxiety, headaches and setbacks
One of the things that makes DeFi possible, immutable smart contracts, also make migrations essential as protocols grow. For most projects, migrating to a new token is a turbulent time, filled with anxiety, headaches and setbacks.
However, for Titano Finance, its migration on April 22, 2022, was just another day in the office. It went smoothly and required virtually no input from token holders.
From automatic staking to automatic migrating, this ease of use was in keeping with its approach of building a full-featured DeFi project that makes life simple for investors
To understand how monumental Titano’s migration was, we first need to look at the issues with the V1 Titano contracts, and what has been upgraded and modified.
Certik, the leading blockchain protocol auditors, identified several problems with the original Titano contract and it worked with Titano Finance to ensure the following were all resolved
1 - The MINT Function has been eliminated: Titano’s V2 contracts remove the mint function, which had previously allowed Titano to mint an infinite number of tokens. This function is now gone.
2 - Rescue Token Function has been eliminated: A rescue token function can be useful if someone sends money to purchase Titano to the wrong Titano wallet. However, having this also creates vulnerabilities. The rescue token function has been removed in the new Titano contracts.
3 - Buy and sell fees have been capped: Currently, Titano has a 13% buy and an 18% sell fees when you buy or sell the token. The Titano V2 contract eliminates Titano’s ability to raise these fees above these amounts. The project can, however, elect to lower these fees to zero.
4 - Treasury and RFV wallets are now Multi-Sig: The treasury and RFV wallets now require multi-signatures to enact changes to the contract, such as those Buy and Sell fees mentioned above.
5 - Security and code logic improved: Titano V2 contracts have upgraded security and code logic, making them stronger and more secure.
Furthermore, Titano's protocol is now monitored 24/7 by Certik's skynet system.