First of all, we would like to thank you everyone who trusted us and invested in the project either via private sale or public sale. Also, we are very grateful to our promoters who worked really hard to market the project. So, we want to be completely transparent and honest with TYFI community.
We had faced some technical issues coupled with our dev teams’ personal family situation led us to take a tough decision. Let’s first talk about some of the issues we faced and then the decision.
Concerns/Issues:
Tronscan upgrade caused issues with our TYFI token: This is the major issue happened due to Tronscan upgrade while we launched the project. This caused our token not being available in wallets. Due to which, all users including us can’t find their tokens in their wallets and can’t transfer from one wallet to another, if needed. This made our launch very difficult and we had spent days and nights answering peoples’ questions through DMs and we reached a stage where we just can’t continue like this while we still need to fix the contract issues.
Maybe it was a bad timing to launch TYFI when Tronscan was being upgraded. This has caused so many issues and is the main reason behind our decisions. TYFI investors can’t find their tokens in wallet and even TYFI team can’t unlock TYFI token for private sale investors due to this mishap. We raise a support ticket with Tronscan and are waiting for their response.
Referral issues: People who are promoting TRONYFI can’t see their referrals and their referral income. This is discouraging our promoters and we fully understand this. This happened due to some human error by our dev team. We are all humans so mistakes do happen, but the best is when we accept those and find ways to fix that rather than just ignoring.
Due to the referral issue, anyone sharing their referral link gets only 1/10th of their actual referral income. Since launch, we have been doing manual calculations and rewarding our promoters by manual compensation. It takes a lot of time to verify and then run numbers and is not a long-term solution.
These are the only issues we have found after thorough investigation.
Other suggestions: We also got other good suggestions from our TYFI community to improve the project and we are going to implement those as well. For example, putting a timer at the staking page so that you know when you’re going to get your rewards.
Decisions and next steps
Based on the above facts and our own observations, we have taken some tough decisions which we believe are good for the project as well for TYFI community.
Decision 1: Due to the above issues and the fact that NO ONE can change the contract, which is live, we have decided to pause buying and selling on TRONYFI. This is to ensure that some people don’t exploit the system and drain the contract which would cause loss to the early investors.
As everyone knows, in blockchain you can’t modify a live contract so TYFI team is working tirelessly to find a workaround. That’s why TYFI team needs time and focus to address those issues and consequently, protect our investor’s trust and funds. That’s the reason, we decided to pause buying and selling on TRONYFI.
Decision 2: This goes in combination with Decision 1. We decided not to stop our existing investors from staking and continue earning TYFI. We didn’t want to pause this as staking would keep our investors earning 1% on their tokens in Dapp. We hope that this would help them increase their tokens which would eventually result in better profit. So, please continue staking.
Decision 3: In order to make sure that our promoters are compensated for their hard work, we will continue doing manual checks and verification and those will be rewarded from our pockets. This is to ensure that we keep our community intact and continue instilling trust among them. We have received many messages with their account details and transactions, and we are conducting a manual verification. Please bear in mind that this exercise takes time, so we expect your cooperation and support and request your patience.
Decision 4: This probably the most important decision we took. WE ARE GOING TO ADD LIQUIDITY ON JUSTSWAP ASAP. Initially our plan was to add liquidity in late Jan but we decided to do it earlier to ensure that TYFI community’s interest is protected. This is to ensure that our private sale investors and public sale investors get equal opportunity to buy or sell TYFI tokens. We’re finalising details for the liquidity event and will share information soon. Stay tuned!
Next steps:
1. Thorough further investigation of the issues and develop a solution.
2. Once a solution and strategy is agreed, then share with TYFI community. Get feedback from the community on the solution, accommodate that and deploy the new contract (most likely scenario).
3. Launch liquidity on JustSwap and introduce TYFI deflationary feature to reduce total supply.
4. Apply for Coingecko and CoinMarketCap listing.
5. Introduce yield farming using TYFI and an incubation project where TYFI will invest in promising projects and distribute profits among TYFI holders.
Final comments: WE WANT TO ASSURE EVERYONE THAT YOUR FUNDS ARE SAFE IN THE CONTRACT. NO ONE CAN WITHDRAW THOSE EXCEPT YOU. But please also note that implementing above items will take time and we don’t want to be in rush and implement something which may cause interruption to our project.
For all who may come and blame us for everything and anything, we would like to say only one thing — if we had bad intentions, we would have just sold all remaining tokens and close everything like many scam projects have done. But we WANT to be transparent and have our project to blossom and be a system that people can leverage to generate passive income through TYFI. That is still our mission and we are fully committed to work day and night and make it happen.
Once again, thank you for your support. We are truly grateful and doing our very best to do what is best for TYFI community.
