Dear $ASH Community,
In collaboration with Pak, Manifold developed the smart contract and custom website for $ASH Drops Chapter II: Metamorphosis.
Unfortunately the drop did not go as planned. We take full responsibility and below, we explain what happened, detail our plan for the community, and offer a technical analysis for those interested to learn more about nuances of web3 development.
Shortly after launch on Monday, March 28th at 4:30pm GMT, we observed a number of issues including:
- Collectors experienced
out of gas transaction errors due to gas estimation problems. This resulted in lost ETH.
- Bots purchasing ~6% of total supply, contributing to an increase in gas price and removing tokens from supply that could have gone to true collectors. These bots exploited the use of throwaway smart contracts to bypass the single transaction limit and ended up minting many tokens in one transaction.
- Metadata issues for some NFTs in the collection.
- Page load issues (page would load, but sale page metadata would not show)
Sadly, this was not the experience we had in mind. We know we can do better. To make things right to the $ASH community and those who participated fairly in the drop, we will be doing the following immediately:
- A new v2 contract will be deployed to fix the token metadata issue.
- All v1 contract tokens will be forever locked, and metadata will be cleared out.
- All participants, except for botters, will be airdopped NFTs from the new v2 contract.
- A botter is a user that circumvented the 1 per transaction mint limit. There were 430 such users identified.
- For botters, Pak will deploy an $ASH claim smart contract where you can re-claim your $ASH using your current token holder address over the next 365 days. This will be linked to from burn.art. Only the current token holder who has ownership of the v1 NFT and the rights to the claim.
- Status: The smart contract was provided to Pak in March 2022. Please contact Pak for details of the deployment.
- Accounts of the top 430 transactions, by gas fees, attempting to purchase and experienced
out of gas errors due to gas estimation issues will be sent an additional token from the new collection. We are treating this as if those transactions were successful, so they get the token (but didn’t have to pay ASH)!