Launch Update
Earlier this month, Morpheus Swap formed a 2/3 multi-sig and increased the time-lock on all contracts from 7-hours to 12-hours to enhance security and transparency. We have never had access to user funds and all funds are SAFU — there are absolutely no concerns related to user funds at this time.
As many of you know, we have been diligently working to expedite the release of our DEX for today, October 30th at 10pm PST.
We released this news on October 28th, in advance of launching the DEX on the 30th, to provide prior notice to users, given user behavior was required in migrating LP tokens to our DEX, and because reward emissions of $MORPH would end on currently active pools and farms. When we released the announcement on October 28th, we were confident we would be ready to release today, October 30th, at 10pm PST.
However, in preparing for launch this morning, we discovered a minor, non-critical issue in how fees generated from the DEX are dispersed, vs how our model allocations are designed. A typical DEX allocates a portion of transaction fees directly to LP providers and a portion of transaction fees to the Protocol.
In our model, LP providers are rewarded entirely with $MORPH emissions, and transaction fees are sent directly to multi-sig, then dispersed based on our allocation model, which has been detailed in prior Medium articles.
We are already actively working on correcting this, but as part of our due diligence, we will submit our contracts through the peer-review process once more, after we have fixed this minor issue. Despite moving at lightning speed, we are committed to ensuring not only the safety of our contracts, but the accuracy.
While this is not a security or safety issue, it is an accuracy issue, one that we feel requires delaying the launch of our DEX for. We believe we will be prepared to launch within 72-hours, but will provide an additional update regarding the date/time of launch when we are prepared to. At this time, all $MORPH rewards will continue as normal for all active pools and farms.
We apologize for the inconvenience and sincerely thank you for your patience.
-Morpheus Swap team
TLDR: Non-security or safety issue; all funds have been and are SAFU. Delay of ~72-hours due to minor non-critical accuracy issue in fee disbursement between LP and multi-sig found.
