Moonlight has announced an impending update to its Lux (LX) smart contract to address a technical issue. The Moonlight team plans to commit the update to its Moonlight ICO template repository immediately “following confirmation from the Nash team that they have tested [the] revised smart contract and established that it works with respect to their exchange features.”
According to Moonlight, “the contract will be redeployed to MainNet using the NEO framework method Contract.Migrate.” Moonlight is utilizing the Contract.Migrate function to avoid conducting an airdrop based on a snapshot. In a conversation with NEO News Today, Moonlight engineering director and co-founder, Chris Birmingham said:
The reason Moonlight chose to adopt the contract migration methodology is twofold. Firstly, we believe that once a holder of LX initiated the mintTokens contract method, we no longer own or have any claim to those tokens. Secondly, we made a promise to our community that the tokens allocated to the founder team and the project would be subject to a vesting period which has not yet lapsed.
Using an airdrop, we would need to take control of the total supply of LX and then allocate them. To do so would create a conflict with the two reasons already mentioned.
Lastly, the NEO team built a Contract.Migrate method into the smart contract API for exactly these situations. Using the Contract.Migrate method allows us to update the smart contract without taking control of tokens we shouldn’t be able to access.
Further information is expected to be released following the review and approval of the smart contract update.
In the meantime, Moonlight has asked Switcheo to halt trading, deposits, and clear unfilled trades until the issue is resolved. At which point the LX token can re-list. Additionally, the update will allow LX to integrate with Nash, where LX will also list.
The full article can be found at the link below:
https://medium.com/moonlight-io/moonlight-contract-migration-a-decentralized-technique-8b354582bb05
About The Author: Dylan Grabowski
Dylan is a reformed urban planner with a passion for covering the Neo ecosystem. His objective as a writer for Neo News Today is to report news in an objective, fact-based, non-sensational manner. When not behind a computer screen, he can be found in the mountains rock climbing. Find Dylan on Twitter (@GrabowskiDylan).
More posts by Dylan Grabowski