After we revealed our final Medium article detailing the modifications to Scarlet Chains coming with V2, we have been met with a combined reception.
This ranged from confusion to pleasure and from disbelief to anger, however as soon as issues have been defined extra clearly, most individuals appeared to see the advantage of the modifications – the $SCAR worth goes up, together with the long-term viability of the protocol as a complete.
We at Redlight Finance have at all times mentioned, we’re nothing with out our group, and the discharge of V2 Medium is a testomony to that.
Since this was launched, we have acquired tons of suggestions from varied group members, mods, and admins, and because of that we have patched a lot of completely different loopholes that also stay in V2.
I am going to define the modifications under, and since we have needed to undertake vigorous further testing at a time once we would have merely upgraded an already examined protocol, this implies we’ll need to delay the launch of V2 by a couple of days.
Most significantly, when you’ve got paid for upkeep earlier than the dApp shuts down, you’ll nonetheless generate rewards through the downtime.
When V2 is lively, we’ll reset all chains’ upkeep timers to 0, so you are not penalized by not having the ability to use downtime actions to scale back upkeep.
With out additional ado, I convey you the brand new V2:
Chain creation prices have been improved as follows:
This was modified from 10% to fifteen% to keep away from individuals gaming the system.
When upgrading from SCR to SCP for example, the typical ROI of all 4 SCRs will likely be taken and utilized to your SCP.
i.e. if you happen to use 4 SCR with the next ROI:
(0+52+123+89) divided by 4 = 66%
Due to this fact, your SCP will begin with a 66% ROI.
Your V1 ROI will likely be withdrawn from all of your crimson chains. If you happen to had 115% ROI on SCR, you’ll have 115% in V2.
You’ll be able to proceed to compile and declare as regular. Nonetheless, if you happen to select to improve an SCR or SCP that has lower than 200% ROI, will probably be handled as a series that has 200% and will likely be charged the 200% degree chain creation value.
That is to make sure that you pay the next improve charge with out instantly tripling the worth of your funding on the push of a button.
In case your V1 SCR or SCP is greater than 200%, then the unique ROI will likely be pulled up the chain.
Instance 1
SCP chaining
Seize 4 v1 RED SCR ROI 0%, SCR ROI 140%, SCR ROI 70%, SCR ROI 100%
New chain created SCP ROI 200%
Instance 2
SCP chaining
Taking pictures 4 v1 RED SCR ROI 250%, SCR ROI 240%, SCR ROI 250%, SCR ROI 260%
New chain created SCP ROI 250%
Made an adjustment to the price of coming into the regeneration vault when the time comes.
That is to keep away from individuals primarily having the ability to create a complete new pockets for a fraction of the associated fee, after they’ve already acquired their ROI.
The modifications are as follows:
When coming into Sacrificial Vaults, a brand new chain (if you happen to get a series as an alternative of a booster) will now have the very best ROI assigned to it.
For instance, if you happen to enter 3 SCRs with 10% ROI, 20% ROI, and 50% ROI, if you happen to have been to get a brand new SCR, it could have a 50% ROI from the beginning.
Additionally, for every chain you enter the sufferer vaults, you’ll have to pay the doorway charge as follows:
SCR = 10 USDT-R
SCP= 150 USDT-R
SCB = 1000 USDT-R
There’s a excessive worth for SCB to keep away from bypassing the regeneration vault.
Because the protocol modifications, we needed to make the suitable changes elsewhere.
Having mentioned this, the next modifications will likely be made to the Full Moon and Daybreak Consolation Boosters:
Full moon
15% discount in regeneration charges
Gross sales tax discount of 5%.
5% improve on rewards generated from all chains
Downs Solace
2% discount in darkness upkeep prices
5% tax discount on receivables.
5% improve on rewards generated from all chains
After resetting Max Pockets Enhancer, different Enhancers may even obtain changes.
First, the entire provide of every has been modified as follows:
Second, there was a re-adjustment of reward will increase as follows:
To keep away from a loophole the place Max wallets can strategy limitless SCR with out affecting their SCBs’ ROI for a very long time, we have eliminated the characteristic for SCBs to construct a brand new SCR.
You’ll be able to nonetheless use your SCB to create new chains, however you’ll have to request first after which create.
This gave the impression to be the fairest strategy to permit SCB to proceed, with out critically damaging the protocol as a complete.
As you already know by now, solely 25 Witching Hours will ever be accessible. We have acquired a number of suggestions stating that it is unfair that these can be found on a first-come-first-served (FCFS) foundation, in addition to solely permitting individuals with a Max Pockets to take part of their buy.
In gentle of this, we have now determined to take away each of those choices.
To compensate for the FCFS characteristic, we are going to implement a lottery system to purchase them once we launch them.
How this works, you have to to burn 2 SCR to enter your pockets deal with into the lottery, which we are going to hold open for 3 days.
As soon as accomplished, 25 pockets addresses will likely be randomly chosen to be eligible to buy the Witching Hour.
The acquisition worth if profitable will nonetheless be 2 SCR, 2 SCP and a pair of SCB.
Nonetheless, the upkeep for them has been modified to the next:
1 SCR each 3 days, nonetheless on the twenty seventh day the value will likely be 1 SCP.
This prices the identical because the earlier upkeep, however is designed to maintain the proprietor of the Witching Hour extra accountable for their property, since you actually do not wish to miss upkeep and burn this down!
Attributable to this and different modifications, Witching Hour is not going to be accessible at launch of V2, however we are going to announce when it’s prepared.
Only a reminder, Witching Hours produces 10$SCAR and 5$REDLC each 24 hours.
We have additionally modified the phrases, in order that if you happen to do not pay for the upkeep of your Witching Hour inside 48 hours of it being due, it should self-destruct and you may lose your Witching Hour. This was 72 hours.
Sadly, resulting from numerous modifications, we needed to delay among the options. They are going to come after the launch of V2 as we will nonetheless work on them with out interruption.
- Hyperlink Enhancers will NOT be tradable at V2 launch (Nonetheless, when they’re, we are going to add Scarlet Nights to the sellables).
- Modified reward timer to be common at 00:00 UTC. The motion timer will nonetheless be set to this time.
Thanks for taking the time to learn these updates and I’ll add the brand new and improved Scarlet Chains white paper with all the brand new data quickly.
Rory
https://linktr.ee/RedlightFinance
