In December, we held the first Flat Money Testnet Competition. Our community tested an early iteration of the protocol, provided valuable feedback on the protocol and user interface, and earned Flat Money Points (FMP) for their participation in the competition. The competition winners took home additional prizes for out-trading their fellow competitors as well!
In late January we announced that we would be holding a second testnet competition, which we have referred to as our Phase 2 testnet competition. Our main focus with these competitions has been to get feedback from early adopters, improve the Flat Money protocol and user interface to meet the community’s needs and expectations and provide the best experience for our users. We’ve been heads down as we finalize our Sherlock audit and prepare for Flat Money’s Base mainnet launch in March 2024.
I Signed Up for the Second Testnet Competition: What Does This Mean For Me?
We know you may be disappointed to hear we’ve decided to cancel the second testnet competition, but we still plan on rewarding those who took the time to sign up for the second testnet competition.
If you signed up for the competition before 21 February 2024 at 12pm UTC, you will receive a proportional share of 647,500 FMP.
We want to reward Flat Money’s early participants regardless of the second testnet competition status. We hope the FMP allocation makes up for any disappointment or inconvenience.
Update on Flat Money’s Sherlock Audit
Currently, the Flat Money engineering team is finalizing our Sherlock audit. We saw an incredible turnout for our Sherlock audit competition: more than 250 independent smart contract auditors participated in the competition and helped us secure the Flat Money codebase! We’re thrilled with the results and we’ll be working with the Sherlock team to finalize the audit report. Once it’s available, we’ll update our documentation and share it with the community.
Update on Flat Money’s Launch
We’re still on track to launch the Flat Money protocol in March on Base mainnet. The feedback from the first testnet competition has been instrumental in refining both the protocol and the user interface (UI). Notably, we've introduced stop losses for Leverage Traders in the Perpetual Future Market, and we’ve made updates to the UI based on users’ feedback as well.
For users interested in being among the first to hold Flat Money (UNIT), the first decentralized delta-neutral flatcoin backed by Rocket Pool ETH (rETH) and built on Base, you can check out the Flat Money Early Depositors Vault on Toros Finance.
As a participant in the Flat Money Early Depositor Vault, you can commit USDC to earn Flat Money (UNIT) yield ahead of the Flat Money launch on Base mainnet. The Early Depositor Vault will have a $5M maximum capacity. Once deposits reach $5M, or the countdown is reached, no further deposits will be accepted. By depositing, you will be allocated an FMP airdrop in addition to the normal UNIT yield. To learn more about FMP, see this section in the Flat Money documentation.
Questions?
If you have questions about any information shared in this post, please reach out to us in the Flat Money Discord server. We’re happy to answer any questions you have!