Successful Migration to the New GIFT Contract

Dear Ubuntu Tribe Community,

We are thrilled to announce the successful migration to our new GIFT Contract. This important step forward ensures our platform remains at the forefront of blockchain innovation and security.

Why a New GIFT Contract?

The initial version of the GIFT Contract utilized an older upgradeable model which, during our upgrade tests, revealed issues related to storage slots. To enhance our system’s robustness and scalability, we decided to implement the latest OpenZeppelin UUPS upgradable model. This upgrade aligns with our commitment to providing a secure and efficient platform for our users.

Details of the Migration

The migration process was meticulously planned and executed to ensure a seamless transition for our token holders:

Contract Pause and Snapshot: The old GIFT Contract (0xbC7D79107f1b39D52ec4a1ef699FEa4dD5c468dD) was paused, and a snapshot of all holders’ balances was taken to ensure an accurate and fair token migration.
Deployment of New Contract: The new GIFT Contract (0xCfde7c43EDB3c9f71331AAc1003b099CE40c94ea) has been deployed and is now fully operational.
Initial Minting and Distribution: Tokens were initially minted to the new “GIFT Treasury Safe” account, from which all existing token holders were allocated their tokens directly. This distribution consisted of two transactions:
1. The original amount each holder was entitled to.
2. A second transaction to refund the transaction fee costs to our users.
View the Initial Minting Event here.

The old contract is set on pause, like that no further transactions are possible. We will burn all the Tokens after successfull verification period of 1 month. (latest by 30. Sept. 2024)

Ensuring a Smooth Transition

The two largest holders, the Liquidity Pool and the old GIFT Contract deployer/minter wallet, have been carefully managed and migrated to the new system. The former deployer/minter wallet has been replaced with the new GIFT Treasury Wallet to better serve our community’s needs and enhance security.

We are deeply grateful for your continued trust and support as we make these significant advancements. The successful migration marks a pivotal moment in our journey towards making financial inclusivity a tangible reality for communities around the world.