Fail from the Optimism development team

malcovi2

member

Activity: 1355

Merit: 67

Quote from: Yatsan on October 16, 2022, 11:04:58 AM

But I'm a bit curious of how will OP team be able to control the inflation rate and using it as an advantage, annually. I mean, adding token supply could put the value at risk right? (correct me if I'm wrong). I do get the point that low inflation rate could stimulate a balance and healthy economy for a token but I guess it would be better if they will be focusing more on the aspect of attracting investors to theur project first.

I think the smart contract is not immutable which enables them to change anything if they want to. Also Optimism isn't being runned by professionals their codes are prone to bugs or exploits they should just abandon the project they clearly haven't learned their lesson

https://cointelegraph.com/news/ios-jailbreak-dev-wins-2m-bounty-for-finding-critical-optimism-bug
https://decrypt.co/102541/optimism-hacker-returns-17-million-tokens-airdrop

I wouldn't want to trust them with any money.

Yatsan

legendary

Activity: 2422

Merit: 1232

Leading Crypto Sports Betting & Casino Platform

Good thing if the team managed to cope with the mistake. It simply shows how professional they are with their project. But I hope this won't mess their project in general 'coz for sure there will be impressions especially to those who are really meticulous with their prospects.

But I'm a bit curious of how will OP team be able to control the inflation rate and using it as an advantage, annually. I mean, adding token supply could put the value at risk right? (correct me if I'm wrong). I do get the point that low inflation rate could stimulate a balance and healthy economy for a token but I guess it would be better if they will be focusing more on the aspect of attracting investors to theur project first.

Cee2

copper member

Activity: 97

Merit: 2

quite a big screw up.

In business unfortunately spotting the screw up before it happens isn't always a good thing.

People will ask the question why did this screw up even happen and this is a challenge to the competency of the whole organisation.

zasad@

legendary

Activity: 1736

Merit: 4270

https://twitter.com/OptimismGov/status/1579515114071302145
"When we first launched the OP token, we announced that the total supply would inflate at a rate of 2% per year. However, when we deployed the contract, the rate was mistakenly set to 20%. Later today, we’ll be updating the contract logic to the intended 2%."

https://twitter.com/OptimismGov/status/1579515115631968260
"There was, and will be, zero impact to the planned token supply as a result of this fix. Inflation of OP does not begin until next year. No new tokens have been minted or moved, and no tokens were ever at risk."

Topic: Fail from the Optimism development team (Read 67 times)